Global Hub Motor Market Worth USD USD 16.47 Billion By 2030 | CAGR of 4.8%

Introduction

Hub motors are a specific type of motor power generator mounted on vehicles' wheels to improve their performance and efficiency. Electric vehicles have them mounted on wheels to reduce the burden on the engine and enhance performance. In vehicles with in-wheel motors, hub motors are mounted close to the drive wheels, instantly rotating the wheels through a small drive shaft. This technique eliminates any time lag, allowing for instantaneous and precise transmission of motor power to the wheel. The motor is composed of a battery pack, a fuel cell, and a generator. It utilizes the electric energy of the battery by converting it into a rotary motion without gears.

Market Dynamics

High-Performance Benefits for Electric Vehicles Drives the Global Market

Due to their superior performance and benefits, in-wheel motor systems are replacing the differentials, transmission, axles, and drive shafts. Without this technology, stability and traction control are provided by slowing down the wheel's excessively rapid rotation. This approach takes longer because it is dependent on and limited to the application of retarding force. However, hub motors significantly improve stability by reducing stopping distance and enhancing vehicle dynamics and safety while significantly increasing traction by precisely controlling motoring torque or braking in a relatively short time. As a result, adding a hub motor enhances the performance of an electric vehicle, which is anticipated to drive the market for hub motors.

Globally Increasing Adoption of Electric Vehicles Creates Tremendous Opportunities

There has been a rise in both demand and manufacturing of electric automobiles due to their many advantages over conventional vehicles. In addition, fuel-powered vehicles are more cost-effective and efficient because they do not require the replacement of components like head gaskets, timing belts, fan belts, oil, air filters, cylinder heads, and spark plugs. This makes electric vehicles the preferred choice, which prevents the market for fossil fuel-powered vehicles from growing. Automobile manufacturers also focus on creating electric vehicles with hub motors because they have better vehicle dynamics and traction control. As a result, as the production of electric cars rises, market participants for hub motors can anticipate a lucrative opportunity for growth.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global hub motor market and is expected to grow at a CAGR of 4.6% during the forecast period. The largest market in the Asia-Pacific is China which is promoting the use of electric two-wheelers to lower the country's rising pollution levels and vehicle emissions. In the entire world, it produces the most electric bikes. Sales of hub motors will increase as more electric two-wheelers are purchased. For instance, the air-cooled in-wheel motor driving system and the vehicle motion control system were developed by NTN in partnership with the Chinese automaker FSAT. These companies have extensive international distribution networks. These companies also offer a vast selection of OEM goods. These businesses have relied on new product development, partnerships, contracts, and agreements as their primary market positioning strategies.

Europe is anticipated to grow at a CAGR of 4.7%, generating USD 3.57 billion during the forecast period. In Italy and the Netherlands, significant growth is anticipated. The adoption of hub motors in electric vehicles enhances the traction control and dynamics of the vehicle, driving up demand for vehicles with hub motors. The segment that contributed most in Europe was pedelecs, and throttle-on-demand and pedelecs are expected to experience significant growth.

Key Highlights

• The global hub motor market was valued at USD 10.8 billion in 2021. It is projected to reach USD 16.47 billion by 2030, growing at a CAGR of 4.8% during the forecast period (2022-2030).
• Based on product, the global hub motor market is segmented into pedelecs, throttle on demand, and scooters/ motorcycles. The scooters or motorcycles segment is the highest contributor to the market and is expected to grow at a CAGR of 4.9% during the forecast period.
• Based on position, the global hub motor market is segmented into front hub motors and rear hub motors. The rear hub motors segment owns the highest market share and is expected to grow at a CAGR of 5% during the forecast period.
• Based on motor type, the global hub motor market is segmented into gearless hub motors and geared hub motors. The geared hub motors segment is the highest contributor to the market and is expected to grow at a CAGR of 4.7% during the forecast period.
• Based on sales channels, the global hub motor market is segmented into the aftermarket and original equipment manufacturer The aftermarket segment owns the highest market share and is expected to grow at a CAGR of 4.5% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global hub motor market and is expected to grow at a CAGR of 4.6% during the forecast period.

Competitive Players

1. Accell Group N.V.
2. Cutler MAC (Shanghai) Brushless Motor Co. Ltd
3. Elaphe Propulsion Technologies Ltd.
4. Evans Electric
5. Heinzmann GmbH & Co. KG
6. Kolektor
7. Leaf Motor
8. NTN Corporation
9. Printed Motor Works
10. NSK Ltd.
11. QS Motor
12. Robert Bosch GmbH
13. Siemens AG
14. Schaeffler Technologies AG & CO. KG
15. Tajima Motor Corporation
16. TDCM
17. ZIEHL-ABEGG

Recent Developments

• June 2024 - The X30 e-bike hub motor, released by Mahle SmartBike Systems, uses the same software and ecosystem as the X20 flagship model. Its robust and adaptable design makes it appropriate for various riding situations, including children's bikes, gravel and road riding, and urban riding.
• April 2024 - In response to the changing needs of Tier-I and Tier-II cities, as well as the last-mile delivery market, AMO Electric Bikes introduced the Jaunty i Pro, a high-speed electric two-wheeler model. The Jaunty i Pro can be charged in around 3.5 hours with its quick charger and Smart Battery Management System.

Segmentation

1. By Product
   1. Pedelecs
   2. Throttle on demand
   3. Scooters or Motorcycles
2. By Position
   1. Front Hub Motor
   2. Rear Hub Motor
3. By Motor Type
   1. Gearless Hub Motor
   2. Geared Hub Motor
4. By Vehicle Type
   1. E-bike
   2. E-motorcycle
   3. E-scooter
   4. Electric Passenger Vehicles
   5. Electric Utility Vehicles (incl. LCV)
   6. Electric Heavy-duty Vehicles
   7. Others
5. By Sales Channel
   1. Aftermarket
   2. Original Equipment Manufacturer