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Growth Foreseen by Hub Motor
Market during 2030 March 17, 2022
According to the report, the global hub motor market for electric vehicles is projected to reach US$ 27.4 Bn by 2030, expanding at a CAGR of 22.5% during the forecast period. The rise in demand for fuel-efficient and lightweight vehicles across the globe, which provide comfort and noiseless driving, is likely to propel the hub motor market for electric vehicles. An increase in vehicle electrification across the globe due to the enactment of vehicle emission standards is likely to boost the demand for electric vehicles across the globe. Moreover, the rise in technological development, including wireless hub motors, is projected to lead to the development of advanced electric vehicles including those, which receive electricity wirelessly through transmitting coils that are embedded in road surfaces. This is anticipated to augment the hub motor market for electric vehicles across the globe.
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Expansion of Hub Motor Market for Electric Vehicle
Surge in trade volume, owing to rising bilateral trade among countries is projected to boost the hub motor market for electric vehicle during the forecast period. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Exports of China to the U.S. further rose by 15.2% year-on-year. Based on vehicle type, the global hub motor market for electric vehicle has been segmented into passenger vehicle and commercial vehicle. Passenger vehicle is likely to be a highly lucrative segment during the forecast period. This is primarily due to a rise in the production of passenger vehicles across the globe. Rise in adoption of electric vehicles in major developing countries, including the U.S., China, Germany, and Japan, is expected to propel the hub motor market for electric vehicle across the globe.
In terms of electric vehicle type, the battery electric vehicle segment dominated the market, as increase in the demand for electric vehicles due to enactment of emission