Albany, NY -- (SBWIRE) -- 11/06/2018 -- The study on the global hub motor for electric vehicles (EVs) market offers in-depth insights into key technology developments, prominent end-user trends, lucrative avenues in various regions, overall competitive dynamics, and key drivers and restraints.

The global hub motor for EVs market is projected to rise at a phenomenal, double-digit CAGR from 2018 to 2026. The spectacular growth is in large part underpinned by the rising integration of wheel hub motors with passenger and commercial vehicles all over the world. The drive for hub motor for EVs, also called electric in-wheel hub motor, stems from the rapidly rising number of electric car conversion projects in various parts of the world for dramatically improving the performance of transmission system and motor in vehicles of all types.

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The hub motor for EVs market in recent years has been witnessing giant strides from the growing efforts of automakers to launch EVs with in-wheel hub motors. Several prominent automotive manufacturers and car makers including names such as Mitsubishi, Hyundai, Ford, Nissan-Renault, and Volkswagen has been capitalizing on all-electric vehicles rising demand across the globe. They are intensely engaged in testing the integration of electric hubs with automotive of passenger vehicles. Companies such as Eletra, Solaris Bus & Coach Company, and BYD Company have in recent years developed automotive with hub motors for commercial automobile segment. These trends are fueling the rapid expansion of the hub motor for EVs market.

The hub motor for EVs market is also reaping lucrative gains from the incorporation of in-wheel hub motors in electric buses. The rising adoption of air cooling type hub motor in small passenger vehicles is substantially bolstering the growth of the market. The growing incorporation of hub motor for EVs in the public transport system in Europe is a notable factor expected to generate sizeable revenue in the global market.

A growing number of automakers that are startups have made a foray in the hub motor for EVs market and intend to launch EVs with in-wheel hub motors in the not-so-distant future. This is expected to catalyze the rapid growth of the global market. The rising awareness about reducing vehicular emissions in developing and developed nations has reinforced the demand for in-wheel hub motors for battery-operated electric vehicle (BEV).

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Advancements in key components of hub motor for EVs, such as water cooled system, will create large, lucrative prospect in the market. Furthermore, the hub motor for EVs market is also to benefit substantially from growing volumes of export of EVs from several developing economies such as China and Japan.

Some of the key players operating in the hub motor for EVs market are YASA Limited, Hyundai Mobis, NSK Ltd., Printed Motor Works, Bonfiglioli Riduttori S.p.A., ZIEHL- ABEGG, and Protean Electric.

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