Rising Penetration Of Electric Vehicles To Spur The Automotive Hub Motors Market
According to a new market research report published by Credence Research “Automotive Hub Motors Market (Type – Direct Drive (Gearless) Hub Motor and Geared Hub Motor; Application – Two-wheelers, Electric Cars and Commercial Vehicles) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025”, the global automotive hub motors market is set to register double digit growth over the forecast period 2017 to 2025.
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The automotive hub motor refers to an electric motor that is equipped in the hub of a wheel which enables it to move. Automotive hub motors are widely used in electric bicycles. They are also often used or applied in industries wherein driving wheels form a part of assembly lines.
Apart from these, automotive hub motors are also found on commercial vehicles such as buses. Moreover, several concept cars including Mitsubishi MIEV, Rimac Concept One, Protean Electric's Mini QED and The Peugeot BB1 among others have been developed using in-wheel motors.
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The automotive hub motor market is expected to be driven by its increasing application across electric bicycles and electric cars. These motors offer significant advantages over the conventional drive system, thereby making them more favorable.
Application of hub motor into the wheels of an electric bicycle enables the riders to have an effortless and pleasant ride whenever they do not want to pedal. In the following years, these motors are expected to be widely used in electric cars. Installing hub motors results in a lighter vehicle, thereby enhancing their energy efficiency.
Furthermore, using hub motor frees up a huge space for passengers and their luggage as these motors helps in eliminating the engine compartment. Subsequently, growing adoption for electric vehicles is bound to create a positive impact on the growth of automotive hub motor market.
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As a result of stringent environmental regulations being implemented across various countries, people are increasingly adopting electric vehicles. This would result in profound growth in the overall automotive hub motor market.
The overall automotive hub motors market is categorized on the basis of motor type, application and geographic regions. Based on type, the market is segmented into direct drive (gearless) hub motor and geared hub motor. In terms of application, the market is categorized into two-wheelers, electric cars and commercial vehicles.
Geographically, the market is bifurcated into North America, Europe, Asia Pacific and Rest of the World (RoW). As of 2016, the market is led by the Asia Pacific region. This is primarily due to the extensive use of electric bicycles and other electric vehicles, especially in China. The country is one of the largest producers as well as consumers of electric hub motors.
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