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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
Hub Motor Market Report Snapshots
Hub Motor Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global hub motor market attained a value of nearly USD 9.55 billion in 2023.
The market is projected to grow at a CAGR of 5.3% in the forecast period of 2024-2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 15.23 billion by 2032.
The rising demand for hub motors due to their favourable features and the growing popularity of electric vehicles are the major market drivers.
Technological advancements and innovations, the introduction of favourable government policies aimed at fuelling the use of environmentally friendly vehicles, and the growing awareness regarding the benefits of electric vehicles are the key trends propelling the market.
The major regional markets for hub motor are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
E-bike, e-scooter, and e-motorcycle are the different vehicle types considered in the market report.
The major installation types of hub motor are front hub motor and rear hub motor.
The various outputs of hub motor are below 1000W, 1000-3000W, and above 3000W.
The significant distribution channels of hub motor are original equipment manufacturer (OEM) and aftermarket.
The major players in the market are Schaeffler Technologies AG & Co. KG, QS Motor Ltd, Elaphe Propulsion Technologies Ltd., Robert Bosch GmbH, and Accell Group N.V., among others.
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