Global Hub Motor Market Report and Forecast 2024-2032

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.

Hub Motor Market Report Snapshots

Hub Motor Market Size

Hub Motor Market Growth

Hub Motor Market Trends

Hub Motor Market Share

Hub Motor Companies

Hub Motor Market Regional Analysis