According to the report, the global hub motor market for electric vehicle is projected to reach US$ 27.4 Bn by 2030, expanding at a CAGR of 22.5% during the forecast period. Rise in demand for fuel-efficient and lightweight vehicles across the globe, which provide comfort and noiseless driving, is likely to propel the hub motor market for electric vehicle. Increase in vehicle electrification across the globe due to enactment of vehicle emission standards is likely to boost the demand for electric vehicles across the globe. Moreover, rise in technological development, including wireless hub motor, is projected to lead to the development of advanced electric vehicles including those, which receive electricity wirelessly through transmitting coils that are embedded in road surfaces. This is anticipated to augment the hub motor market for electric vehicle across the globe.
Expansion of Hub Motor Market for Electric Vehicle
Surge in trade volume, owing to rising bilateral trade among countries is projected to boost the hub motor market for electric vehicle during the forecast period. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Exports of China to the U.S. further rose by 15.2% year-on-year.
Based on vehicle type, the global hub motor market for electric vehicle has been segmented into passenger vehicle and commercial vehicle. Passenger vehicle is likely to be a highly lucrative segment during the forecast period. This is primarily due to a rise in the production of passenger vehicles across the globe. Rise in adoption of electric vehicles in major developing countries, including the U.S., China, Germany, and Japan, is expected to propel the hub motor market for electric vehicle across the globe.
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In terms of electric vehicle type, the battery electric vehicle segment dominated the market, as increase in the demand for electric vehicles due to enactment of emission regulation is fueling the hub motor market for electric vehicle. Moreover, major vehicle manufacturers are emphasizing on investments for the development of battery and trying to reduce the cost of the battery electric vehicle, which is likely to fuel the hub motor market for electric vehicle.
Regional Analysis of Hub Motor Market for Electric Vehicle
In terms of region, the global hub motor market for electric vehicle has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global hub motor market for electric vehicle in 2019. It is anticipated to hold a leading share during the forecast period, due to the rise in the production and sale of vehicles in China and ASEAN. Increased demand for electric vehicle across Asia Pacific is anticipated to boost the hub motor market for electric vehicle across the region.
Prominent players operating in the global hub motor market for electric vehicle include ZIEHL- ABEGG, HEINZMANN GmbH & Co. KG, Protean electric., Bonfiglioli Riduttori S.p.A., ZF Friedrichshafen AG., NSK Limited, Evans Electric, Hyundai Mobis Co. Ltd.., TM4 Inc., e-traction B.V., Kolektor, Elaphe Ltd, NTN Corporation., Magnetic Systems Technologies, GEM Motors d.o.o, Siemens AG, Printed Motor Works, YASA Limited, and Schaeffler AG.