MarketsandMarkets’ recent report – “Hub Motor Market by Installation, Vehicle, Motor, Sales Channel, Power Output, and Region - Global Forecast to 2025” - the global Hub Motor Market is projected to grow at a CAGR of 5.03% from $7.92 billion in 2018 to reach $11.17 billion by 2025. Growth factors include improved vehicle performance, powerful acceleration, and high torque. A hub motor helps supply torque to its associated tire and generates more power to improve the efficiency of a vehicle.
- Electric Bike Segment: Increased power and better vehicle handling is expected to drive the Hub Motor Market
- Rear Hub Motor: Better traction and high flexibility fuels the Hub Motor Market
- Asia Pacific: China is expected to lead the Asia Pacific market
- Top players in the hub motor market include QS Motor (China), Schaeffler Technologies (Germany), Michelin (France), Jiashan Neopower International Trade (China), and Elaphe (Slovenia)
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