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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Hub Motor Market Growth
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.
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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