Environmental Concerns and High Demand for Lightweight Vehicles to Aid Market Growth
The automotive sector over the past couple of decades has witnessed consistent developments in terms of technology and innovations due to a host of factors. Mounting environmental concerns have compelled regulatory authorities around the world to put forward stringent regulations that safeguard the environment. Automotive companies are increasingly focusing on minimizing air pollution and depletion of conventional fossil fuels to gain a competitive edge in the hub motor market for electric vehicle. In their efforts to attain these objectives, automotive companies are pinning their hopes on electric and hybrid hub motors due to which, the demand for hub motors is expected to scale up during the forecast period.
At present, players operating in the current hub motor market landscape are primarily engaged in addressing the limitations of the hub motor to increase its adoption. The entry of powered-internal combustion engines (ICEs) has gradually replaced hub motors due to which, the market growth could potentially slow down during the assessment period. Continual efforts are being made to reduce price, pollution, and environment-friendly hub motors to attract a larger consumer base. At the back of these factors, along with surging interest for electric vehicles around the world, the global hub motor market for electric vehicle is expected to reach US$ 27.4 Bn mark by the end of 2030.
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Soaring Demand for Efficient and Lightweight Vehicles to Propel Market
As the regulatory landscape pertaining to the automotive sector continues to evolve at a rapid pace, innovations and technological advancements are expected to align with these regulatory changes. The growing demand for hub motors, particularly from the hybrid vehicles segment is expected to provide considerable boost to the global hub motor market for electric vehicle. Companies in the hub motor market for electric vehicle are primarily focusing on improving the efficiency and performance of their hub motors to solidify their position in the market.
Several market players are leaning toward deploying magnets that have been developed using non-rare-earth and low-cost elements. In addition, automotive companies are also actively engaged in enhancing motor speeds. At present, researchers are investing considerable resources to produce motors that can reach 30,000 rpm. High focus on improving thermal management, development of new motor designs, and demand for ultra-lightweight in-wheel hub motors are some of the other factors that are expected to provide a strong foundation for the growth of the hub motor market for electric vehicle during the assessment period.
Growing Adoption of Electric Vehicles Likely to Increase Adoption of Hub Motors
Due to growing environmental concerns, the demand for electric vehicles has increased at an impressive rate worldwide. At the back of rising consumer interest for electric vehicles, the global hub motor market is projected to witness considerable growth. The adoption for hub motors in the electric vehicles space is expected to remain one of the key drivers of market growth during the assessment period. Over the past few years, electric unicycles have garnered considerable popularity across the personal transportation sector. In addition, electric unicycles are increasingly being used as a feasible solution to address last mile transportation challenges. The adoption of hub motors to manufacture electric unicycles has increased at a consistent pace over the past couple of years and the trend is expected to continue during the forecast period– a factor that is likely to boost market growth. While the demand for hub motors to develop electric unicycles is on the rise, the demand for hub motors to manufacture electric bikes is growing. As China currently leads in the production of electric bikes, it is expected to remain one of the key markets for players operating in the hub motor market for electric vehicle.
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Demand to Dip in 2024 amid COVID-19 Pandemic
The COVID-19 pandemic has had a catastrophic effect on the automotive sector around the world. As the COVID-19 infection spreads, government authorities around the world have been largely focusing on restricting the transmission of the novel coronavirus by imposing stringent lockdowns and restrictions on cross-border trade and transportation. Operations across the entire supply chain within the automotive sector have been largely disrupted by the COVID-19 pandemic due to which, the demand and supply for hub motors is likely to remain lower than initial projections.
The industrial lockdown in China in the first quarter of 2020 has put forward several barriers across the supply chain due to which, market growth is expected to remain sluggish in 2020. The demand for electric vehicles is projected to hit a record-low in comparison with the previous years, which, in turn, is likely to have a direct impact on the expansion of the hub motor market for electric vehicle, particularly in the Asia Pacific region.
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