According to the research report titled ‘Global Two-wheeler hub motor Market Size study, by Torque (Below 10 Nm and others), By braking (Conventional braking and regenerative braking), By Sales channel (OEM and aftermarket), and Regional Forecasts 2020-2027’, available with Market Study Report, global two-wheeler hub motor market was assessed at USD 8.20 billion in 2019 and is speculated reach USD 17.20 billion by 2027, augmenting at an annual rate of 9.7% between 2020-2027.
 

Presence of strict government norms to reduce carbon emissions, and utilization of product in electric vehicles along with their rising sales worldwide are key factors stimulating global two-wheeler hub motor market growth.
 

According to the International Energy Agency, 2.1 million units of electric cars were sold in 2019 worldwide, taking the overall count to 7.2 million units on road. Electric cars formed 2.6% of the global car sales and 1% of the total car stock in the same year.
 

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For the unversed, two wheeler hub motor is a machine attached to the wheels of a two-wheel drive which uses electric energy stored in a battery by converting it into rotary motion. This enables the motor to drive directly with higher flexibility and efficiency. It functions as a generator instead of a motor which helps it work like a brake as well. Moreover, two wheeler hub motor reduces the weight of vehicle, resulting in high torque at low rpm.
 

On the other hand, high cost of product will hinder global two-wheeler hub motor market expansion between 2020-2027.
 

Based on torque, worldwide two-wheeler hub motor industry is bifurcated into below 10 Nm, and others. Speaking of braking, the market sphere is fragmented into conventional braking, and regenerative braking. Moving on to sales channel, the industry is divided into OEM, and aftermarket.
 

From the regional frame of reference, North America captured majority of the global two-wheeler hub motor industry share in the past year, owing to surging production and sales of electric vehicles in the region.
 

Meanwhile, Asia Pacific industry is slated to grow significantly through 2027, on account of promotion of electric vehicles by government to decrease carbon emissions.
 

Leading players influencing worldwide two-wheeler hub motor market dynamics are QS Motor Ltd., TDCM Corporation Limited, Robert Bosch GmbH, NTN Corporation, Elaphe Propulsion Technologies Ltd., MAC (Shanghai) Brushless Motor Co. Ltd., Schaeffler Technologies AG & Co. KG, and Heinzmann GmbH & Co. KG.