Two Wheeler Hub Motor Market To Reach $25.39 Billion By 2030

Two Wheeler Hub Motor Market Growth & Trends

The global two wheeler hub motor market size is expected to reach USD 25.39 billion by 2030, registering a CAGR of 12.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for electric two-wheelers and stringent government regulations for reducing the carbon footprint is projected to market growth. Furthermore, improved vehicle performance, reliability, and driving range are some factors that are projected to influence the demand for hub motors over the next seven years.

The increasing rate of environmental degradation through vehicular emissions has become a key concern for governments across the globe. Therefore, several governments are taking steps to promote the shift from traditional vehicles to eco-friendly transportation. Hence, the government has announced incentives on road tax, purchase tax, import tax, and low or zero registration fee for electric two-wheelers for both manufacturers and end-users. Moreover, substantial investments from automakers are estimated to cater to the increasing demand for electric two-wheelers. This, in turn, is expected to play a crucial role in the evolution of the market.

Asia Pacific dominated the two wheeler hub motor market in 2022 and is expected to continue its dominance over the forecast period. The region is majorly driven owing to the presence of electric two-wheeler and motor manufacturers in China. The country accounts for over 70.0% of the overall electric two-wheeler market in the region. Moreover, the growth in the electric two-wheeler industry in India, South Korea, and Japan is anticipated to trigger the demand for in-wheel motors.

Furthermore, several government regulations to promote the adoption for electric two-wheelers is one of the vital factor influencing the regional market growth. For instance, in 2018, the government of India increased financial support valued at USD 1.3 billion for electric vehicles under its FAME II program. The step was aimed at providing the demand-side incentives for electric two-wheelers, three-wheelers, cars, and buses. Such initiatives are anticipated to fuel the growth of the market from 2023 to 2030.

The market is fragmented in nature owing to the presence of several key manufacturers. However, the prominent electric two-wheeler manufacturers usually undergo strategic agreements with their suppliers to bridge the demand and supply gap of the industry. Some of the significant manufacturers in the market are NTN Corporation; Robert Bosch GmbH; QS Motors; and Schaeffler Technologies AG & Co. KG.

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Two Wheeler Hub Motor Market Report Highlights

• The electric bike segment held the largest market share of 56.3% in 2022. Two-wheeler hub motors are prominently used in electric bikes due to their increased power/speed, high torque, and extended range per single charge.

• The rear hub motor segment dominated the market with a market share of 91.5% in 2022 and is anticipated to witness the fastest CAGR of 12.6% over the forecast period. The manufacturers prefer to install two-wheeler hub motors on the rear wheel as it offers better traction, improved stability, and higher vehicle performance.

• The below 1 KW segment dominated the market with a revenue share of 54.4% in 2022. Electric bikes, electric skateboards, and electric kick scooters generally prefer motors with a power output below 1 kW.

• Asia Pacific accounted for the largest market share of 56.8% in 2022. The market growth in this region is also mainly driven by China, Japan, India, and South Korea. China is the largest market for two-wheeler hub motors in the Asia Pacific due to the presence of major two-wheeler hub motor manufacturers

Two Wheeler Hub Motor Market Segmentation

Grand View Research has segmented the global two wheeler hub motor market on the basis of on vehicle, installation, motor, sales channel, power output, and region:

Two Wheeler Hub Motor Vehicle Outlook (Revenue, USD Million, 2017 - 2030)

• Electric Scooter/Moped

• Electric Bike

• Electric Motorcycle

• Others

Two Wheeler Hub Motor Installation Outlook (Revenue, USD Million, 2017 - 2030)

• Front Hub Motor

• Rear Hub Motor

Two Wheeler Hub Motor Outlook (Revenue, USD Million, 2017 - 2030)

• Geared Hub Motor

• Gearless Hub Motor

Two Wheeler Hub Motor Sales Channel Outlook (Revenue, USD Million, 2017 - 2030)

• OEM

• Aftermarket

Two Wheeler Hub Motor Power Output Outlook (Revenue, USD Million, 2017 - 2030)

• Below 1 kW

• (1-3) kW

• Above 3 kW

Two Wheeler Hub Motor Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • Saudi Arabia

  • South Africa

  • UAE

List of Key Players in the Two Wheeler Hub Motor Market

• Blinkfire Analytics, Inc.

• Gumgum, Inc.

• Kairos AR, Inc.

• SparkTrendz

• Cloudsight, Inc.

• Chooch.com

• Google LLC

• Attrasoft, Inc.

• Catchroom

• Hitachi, Ltd.

• Honeywell International Inc.

• LTU Tech

• NEC Corporation

• Qualcomm Technologies, Inc.

• Slyce Acquisition Inc.