Portland, OR, April 06, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hub motor market garnered $12.25 billion in 2018, and is projected to reach $17.45 billion by 2026, registering a CAGR of 4.4% from 2019 to 2026. . The report offers a comprehensive analysis of the Industry dynamics, key market segments, market trends and estimations, top investment pockets, and competitive landscape.
Increase in production of vehicles with in-wheel electric motors and improved performance of electric vehicle due to hub motor systems propel the growth of the global hub motor market. Whereas, less operating speed and complex structure of hub motors impede the market growth. On the other hand, rise in penetration of electric vehicles offers new opportunities in coming years.
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The global hub motor market is segmented on the basis of product, sales channel, position, and region. Based on product, the market is divided into Pedelecs, throttle on demand, and scooter or motorcycle. The pedelecs segment account for nearly two-thirds of the total market share. On the other hand, the throttle on demand segment is expected to witness the highest CAGR of 5.5% from 2019 to 2026.
Based on sales channel, the market is segmented into OEM and aftermarket. The aftermarket segment held the highest market share of the global hub motor market, accounting for nearly three-fourths of the total market share in 2018, and is estimated to continue its dominant position in terms of revenue by 2026. However, the OEM segment is expected to register the fastest CAGR of 5.5% from 2019 to 2026.
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Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest market share on the basis of revenue, contributing to more than two-thirds of the global hub motor market in 2018, and is expected to continue its highest share during the forecast period. However, Europe region is anticipated to register the fastest CAGR of 5.6% from 2019 to 2026.
The key players analyzed in the report include Robert Bosch GmbH, Siemens AG, QS Motor, Elaphe Propulsion Technologies Ltd., NTN Corporation, TDCM, Hyundai Mobis, MAC Shanghai Electric Motor Company Ltd, Accell Group, and Schaeffler technologies AG & CO. KG.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.