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Two Wheeler Hub Motor Global Market Report 2022: Ukraine-Russia War Impact
Major players in the two wheeler hub motor market are Robert Bosch GmbH, Electric Bike Ltd, Evans Electric, GoGoA1, Heinzmann GmbH & Co. KG, Ziehl-Abegg SE, Elaphe Propulsion Technologies Ltd. , Siemens AG, Schaeffler Technologies AG & Co.
New York, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Two Wheeler Hub Motor Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06368682/?utm_source=GNW
KG, Saietta Europe B.V., Hyundai Mobis, Dana TM4, Kolektor, Printed Motor Works Limited, Kelly Controls, and YASA Limited.
The global two-wheeler hub motor market is expected to grow from $9.58 billion in 2021 to $10.81 billion in 2022 at a compound annual growth rate (CAGR) of 12.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The two-wheeler hub motor market is expected to grow to $16.06 billion in 2026 at a CAGR of 10.4%.
The two-wheeler hub motor market consists of sales of two-wheeler hub motors by entities (organizations, sole traders, and partnerships) that are used to power rear-wheel drive vehicles.A hub motor is an electrical motor that is attached to the wheels and converts electric power to motive power to provide traction.
It helps in reducing the weight of the vehicle, reduces fuel consumption, extends the life of a two-wheeler, and lowers maintenance costs.
The main types of two-wheeler hub motor market vehicle types are electric bikes, electric scooters, and electric motorcycles.An electric bike refers to the two-wheeler hub motor used in electric bikes for providing pedaling assistance.
In hub motors, the shaft becomes the axle and does not spin.The rotor spins and lets the whole motor spin and generate torque to rotate the front or rear wheel.
The various types of installation are front and rear. The various motors include gearless and geared models that are distributed through several channels such as original equipment manufacturer (OEM), and aftermarket.
Asia Pacific was the largest region in the two-wheeler hub motor market in 2021. The regions covered in the two wheeler hub motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rise in demand for electric vehicles is significantly contributing to the growth of the two-wheeler hub motor market going forward.Electric vehicles refer to vehicles that work on electricity that is stored in batteries.
Hub motors help electric two-wheelers achieve better drivability and efficiency and improve electric vehicle performance.For instance, according to a report by the Society of Manufacturers of Electric Vehicles (SMEV), an India-based electric vehicle association, in 2021, the sales of electric two-wheelers increased by 132% in India.
In addition, unit sales of two-wheelers reached 100,736 units in 2020, which had increased to 233,971 units in 2021. Therefore, the rise in demand for electric vehicles is driving the growth of the two-wheeler hub motor market.
Product innovation is the key trend gaining popularity in the two-wheeler hub motor market.Major companies operating in the two-wheeler hub motor sector are focused on developing technologically advanced products to sustain their position in the market.
For instance, in September 2020, Saietta, a UK-based manufacturer of light-duty and heavy-duty electric drive systems, introduced an in-hub advanced axial flux traction (AFT) electric motor with axial flux technology.The AFT motor offers a lower overall weight and provides a more compact design.
It can also produce more torque than other motors while generating less heat.
In September 2021, Fazua, a Germany-based company that develops e-bike drive systems acquired Innotorq for an undisclosed amount.This acquisition will help Fazua position itself as the leading provider of lightweight e-bike systems.
Innotorq is a Germany-based provider of sensor and drive systems.
The countries covered in the two wheeler hub motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The two-wheeler hub motor market research report is one of a series of new reports that provides two-wheeler hub motor market statistics, including two-wheeler hub motor industry global market size, regional shares, competitors with a two-wheeler hub motor market share, detailed two-wheeler hub motor market segments, market trends and opportunities, and any further data you may need to thrive in the two-wheeler hub motor industry. This two-wheeler hub motor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06368682/?utm_source=GNW
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