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