Hub Motor Market Dynamics and Market Insights by 2034Posted by Research23 on February 20th, 2024 The hub motor market value in 2024 is estimated to be US$ 11.3 billion, increasing from US$ 7.7 billion in 2019. Sales of hub motors are expected to rise at a 6.4% CAGR from 2024 to 2034. By following this promising growth rate, industry value is expected to reach US$ 21 billion by the end of the forecast period. The higher cost of electric vehicles and two-wheelers has resulted in a profound growth of e-bike hub motors as an affordable alternative. Hub motor technology for electric wheel drive has also emerged as a sustainable urban mobility solution. Ongoing investments in developing charging infrastructure and supportive policies are expected to further drive the demand for vehicles equipped with hub motors. “Automotive manufacturers are expected to take advantage of their access to the global supply chain for electric vehicles to sell their hub motors in the consumer market. Meanwhile, industrial equipment and electronic manufacturers entering the hub motor sector are adopting the strategy of collaborating with electric vehicle manufacturers,” says an analyst at FMI. Key Takeaways from the Hub Motor Market Study Report
For more info: https://www.futuremarketinsights.com/reports/hub-motor-market Competitive Landscape in the Hub Motor Market The competitive landscape for electric hub motors intensified in the last decade with the rise in e-bike and scooter sales. Owing to economical production techniques, leading market players provide competitive pricing that appeals to a wider variety of customers. Recent Developments in the Hub Motor Industry Players
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