Global Hub Motor Market Report and Forecast 2024-2032

Global Hub Motor Market Size

The global hub motor market reached approximately USD 9.55 billion in 2023. The market is projected to grow at a CAGR of 5.3% between 2024 and 2032, reaching a value of around USD 15.23 billion by 2032.

Hub Motor Market Outlook

• Continuous innovation in hub motor design and manufacturing is leading to more efficient, powerful, and compact motors.

• There is a growing trend towards offering customisable and intelligent hub motor solutions for enhanced performance monitoring.

• The rising health and fitness trend in North America is fuelling the demand for e-bikes and consequently hub motors.

Hub Motor Market Growth Rate

A hub motor is an electrical motor attached to the wheels of a two-wheeled electronic vehicle. It is also known as wheel hub motor, wheel motor, wheel hub drive, and in-wheel motor, and is installed to achieve a high level of flexibility and efficiency. The integration of hub motors into the wheel hub leads to a simpler and more compact design, reducing the number of parts and potential points of failure.

The hub motor market development can be attributed to the rising number of electric vehicles. The Hub motor is integrated into a vehicle’s wheel hub and uses electric energy stored in the battery by converting it into rotary motion. In addition, the hub motor demand can be associated with favourable factors such as easy installation of a hub motor, cost-effectiveness, and as hub motors are free from gears and transmissions, they increase the overall efficiency of the vehicle. Furthermore, the flexibility, compact and lightweight designs, high power efficiency and elasticity that reduce maintenance costs and provide a smooth driving experience are further aiding the market growth.

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Key Trends and Developments

Advancements in motor efficiency and power; reduction of mechanical loss; smart and connected features; and favourable government policies and investments are the major trends impacting the hub motor market expansion

Oct 27th, 2023

Bajaj announced that it is developing an affordable version of its Chetak electric scooter, which will be equipped with a 2.9kWh battery pack and a new hub-mounted motor.

October 26th, 2023

Essar, an Indian conglomerate, announced that it is set to establish a steel plant of 4 million metric tonnes in Saudi Arabia.

July 13th, 2023

Ola launched S1 Air electric scooter in India which will be equipped with a hub-mounted motor.

February 6th, 2023

Flash, the electronic component provider, announced its collaboration with GEM Motors for the development of hub motors for various electric vehicle segments.

Advancements in motor efficiency and power

Innovations in materials, design, and control systems are enabling these motors to deliver better performance with higher torque and efficiency.

Reduction of mechanical loss

Hub motors in electric vehicles minimise the requirement for axles, transmissions, and drivelines, aiding the reduction of mechanical losses between the components of wheel and engine.

Smart and connected features

With the rise of the Internet of Things (IoT) and smart technologies, hub motors are being integrated into connected systems that offer enhanced user experiences.

Favourable government policies and investments

These policies are aimed at the production of pollution-free electronic vehicles.

Hub Motor Market Trends

Continuous advancements in hub motor technology are pivotal in enhancing the performance, efficiency, and appeal of electric vehicles (EVs). These improvements are driven by innovations in materials, design, and control systems, each contributing to the hub motor market development. For example, the use of rare-earth magnets, such as neodymium magnets, which have high magnetic strength, allows for smaller, lighter motors with higher efficiency and power output. These magnets enable the motors to produce more torque from a compact package, improving the vehicle's acceleration and hill-climbing capabilities.

Market players are developing partnerships to develop high-end hub motors. Flash announced its collaboration with GEM Motors in February 2023 which marks a significant development in the electric vehicle (EV) sector, particularly in the realm of hub motor technology for various electric vehicle segments. This collaboration signifies a strategic partnership aimed at leveraging the strengths of both companies to advance the design, efficiency, and application of hub motors across a range of electric vehicles, including electric bicycles (e-bikes), electric scooters (e-scooters), electric motorcycles, and potentially lightweight electric cars.

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Hub Motor Industry Segmentation

“Hub Motor Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Vehicle Type

• E-Bike

• E-Scooter

• E-Motorcycles

Market Breakup by Installation Type

• Front Hub Motor

• Rear Hub Motor

Market Breakup by Output

• Below 1000W

• 1000-3000W

• Above 3000W

Market Breakup by Distribution Channel

• Original equipment manufacturer (OEM)

• Aftermarket

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Hub Motor Market Share

E-bikes maintain their dominance in the market due to their cost-effective nature as well as rising usage as an urban transport solution

E-bikes hold the highest share in the hub motor market. First, the global demand for e-bikes has surged significantly in recent years, driven by factors such as growing environmental concerns, increasing awareness about health and fitness, and the rising need for efficient, cost-effective urban mobility solutions. E-bikes offer an accessible entry point into electric mobility, appealing to a wide demographic due to their affordability, ease of use, and the fact that they often don't require a driver's license or registration in many jurisdictions. Additionally, many countries have implemented policies and incentives to promote the use of e-bikes, further bolstering their adoption.

E-scooters are anticipated to gain sizeable growth in the market in the coming years. Their popularity has grown rapidly, particularly in urban areas, as they offer a convenient and agile mode of transportation for short to medium distances. E-scooters are widely used for daily commutes, leisure activities, and increasingly, in shared mobility platforms (e-scooter sharing services).

OEM (original equipment manufacturer) accounts for a major hub motor market share due to the rising sales of EVs already equipped with electric motors

The OEM (original equipment manufacturer) segment typically holds the highest share. OEMs are companies that manufacture parts and equipment that may be marketed by another manufacturer. The growth in electric mobility has led to an increase in the production of new electric vehicles, each equipped with one or more hub motors. Many consumers prefer purchasing new EVs that come with warranties and the latest technology, contributing to higher sales volumes for OEM hub motors. The integration of hub motors during the manufacturing process ensures optimal performance, reliability, and compatibility with the vehicle's design.

Aftermarket is anticipated to grow significantly in the hub motor market in the forecast period. Aftermarket refers to the manufacturing, distribution, and retailing of parts and accessories that are not sourced from the vehicle's original manufacturer. They provide replacement motors for out-of-warranty repairs or when the original hub motor fails as well as options for enthusiasts and consumers looking to upgrade their EVs for better performance, range, or features.

Leading Companies in Hub Motor Market

The players are forming partnerships with EV manufacturers to become their preferred or exclusive suppliers of hub motors

Schaeffler Technologies AG & Co. KG, founded in 1946 and headquartered in Herzogenaurach, Germany, specializes in electric motors, power electronics, and components, along with e-axles and wheel hub motors.

Accell Group N.V., established in 1998 in Heerenveen, Netherlands, offers a wide range of bicycles including mountain bikes, road bikes, e-bikes, city bikes, trekking bikes, children's bikes, and various cycling accessories and components.

Elaphe Propulsion Technologies Ltd., founded in 2006 in Ljubljana, Slovenia, focuses on direct-drive in-wheel motors, power electronics, and software for vehicle control and integration.

Robert Bosch GmbH, with a founding year of 1886 in Gerlingen, Germany, specialises in electrical drives, control units, electric motors, battery systems, and regenerative braking systems.

Companies such as QS Motor Ltd in the hub motor market are engaging in a variety of strategies to enhance their competitive position, cater to the evolving demands of consumers, and capitalise on the growth opportunities presented by the expanding electric vehicle (EV) sector. For instance, they are developing more efficient and powerful hub motors that offer better performance, including higher torque for improved acceleration and climbing capabilities.

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Hub Motor Market Analysis by Region

The demand for hub motors in the Asia Pacific region is notably high and continues to grow. Rapid urbanisation in many Asia Pacific countries has led to increased traffic congestion and pollution in urban centres. Electric vehicles, especially e-bikes and e-scooters, offer a convenient and efficient solution for short to medium-distance urban commutes, helping to alleviate these issues. Governments across the Asia Pacific region are implementing policies and incentives to promote the adoption of electric vehicles as part of their efforts to reduce carbon emissions and combat air pollution. These measures include subsidies for EV purchases, investment in charging infrastructure, and restrictions on the use of fossil fuel-powered vehicles in certain areas.

The hub motor market in North America is expected to be on an upward trajectory in the coming years. There is a growing trend in North America towards health and fitness, with more people looking for active modes of transportation. E-bikes, in particular, offer a way to combine exercise with commuting, appealing to individuals seeking to incorporate more physical activity into their daily routines.

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Hub Motor Market Report Snapshots

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