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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 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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