Hub Motor Market Trends, and Forecast, 2020 - 2030

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Automotive companies are increasingly focusing on minimizing air pollution and depletion of conventional fossil fuels to gain a competitive edge in the hub motor market for electric vehicle.

The automotive sector over the past couple of decades has witnessed consistent developments in terms of technology and innovations due to a host of factors. Mounting environmental concerns have compelled regulatory authorities around the world to put forward stringent regulations that safeguard the environment. Automotive companies are increasingly focusing on minimizing air pollution and depletion of conventional fossil fuels to gain a competitive edge in the hub motor market for electric vehicle. In their efforts to attain these objectives, automotive companies are pinning their hopes on electric and hybrid hub motors due to which, the demand for hub motors is expected to scale up during the forecast period.

At present, players operating in the current hub motor market landscape are primarily engaged in addressing the limitations of the hub motor to increase its adoption. The entry of powered-internal combustion engines (ICEs) has gradually replaced hub motors due to which, the market growth could potentially slow down during the assessment period. Continual efforts are being made to reduce price, pollution, and environment-friendly hub motors to attract a larger consumer base. At the back of these factors, along with surging interest for electric vehicles around the world, the global hub motor market for electric vehicle is expected to reach US$ 27.4 Bn mark by the end of 2030.

Get report details- https://www.transparencymarketresearch.com/automotive-hub-motor-market.html 

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