Growing Adoption of Electric Mobility Solutions Fueling Hub Motor Market Says Future Market Insights, Inc.

The surge in demand for electric vehicles is a key factor propelling the expansion of the global hub motor market, driven by the continual advancement of EV technology which prioritizes enhanced efficiency, increased power, and superior performance. Hub motors, renowned for their direct power transmission to the wheels, present a myriad of benefits such as instantaneous torque delivery, facilitating swift acceleration and agile handling, thereby elevating the overall driving dynamics

NEWARK, Del., Feb. 12, 2024 /PRNewswire/ -- The hub motor market value in 2024 is estimated to be US$ 11.3 billion, increasing from US$ 7.7 billion in 2019. Sales of hub motors are expected to rise at a 6.4% CAGR from 2024 to 2034. By following this promising growth rate, industry value is expected to reach US$ 21 billion by the end of the forecast period.

The higher cost of electric vehicles and two-wheelers has resulted in a profound growth of e-bike hub motors as an affordable alternative. Hub motor technology for electric wheel drive has also emerged as a sustainable urban mobility solution. Ongoing investments in developing charging infrastructure and supportive policies are expected to further drive the demand for vehicles equipped with hub motors.

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"Automotive manufacturers are expected to take advantage of their access to the global supply chain for electric vehicles to sell their hub motors in the consumer market. Meanwhile, industrial equipment and electronic manufacturers entering the hub motor sector are adopting the strategy of collaborating with electric vehicle manufacturers," says an analyst at FMI.

Key Takeaways from the Hub Motor Market Study Report

• The hub motor production in the United States is predicted to rise at a CAGR of 6.7% through 2034.
• The demand for hub motors in the United Kingdom is expected to grow at a rate of 7.5% until 2034.
• China is the leading manufacturer of hub motors in Asia and is likely to progress at a 6.9% CAGR from 2024 to 2034.
• Japan holds a substantial share of the East Asia hub motor market and is expected to grow at a 7.9% CAGR through 2034.
• The widening ecosystem of electric mobility in South Korea is anticipated to drive the market at an 8.5% CAGR through 2034.
• Based on the product type, the pedelecs segment is expected to expand at a lucrative CAGR of 6.2% over the forecast period.
• The OEMs segment is expected to remain the top sellers of hub motors, increasing at a 6% CAGR over the next ten years.

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Competitive Landscape in the Hub Motor Market

The competitive landscape for electric hub motors intensified in the last decade with the rise in e-bike and scooter sales. Owing to economical production techniques, leading market players provide competitive pricing that appeals to a wider variety of customers.

Hub Motor Market Report Scope

Recent Developments in the Hub Motor Industry Players

• In October 2022, the Ola Electric Mobility Company introduced the S1 Air e-bike, marking its entry into the mainstream electric two-wheeler industry. With a powerful 2.5 kWh battery pack and a 4.5 km hub motor, this electric scooter reaches an amazing peak speed of 85 mph and an impressive travel range of 100 km in eco mode.
• In March 2023, Schaeffler Group announced the start of the production of its electric wheel hub motors. A unique feature of this hub market is that every component required for acceleration and braking is incorporated straight into the wheel rim. So, in addition to saving space, this design improves the vehicle's agility and maneuverability in urban traffic. Three compact municipal vehicle manufacturers were already in line to integrate Schaeffler's motors into their products.

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Key Segments Covered by Hub Motor Industry Survey Report

By Product Type:

• Pedelecs
• Throttle on Demand
• Scooter or Motorcycle

By Hub Position:

• Front Hub Motor
• Rear Hub Motor

By Sales Channel:

• Original Equipment Manufacturer (OEM)
• Aftermarket

By Region:

• North America Market
• Latin America Market
• Europe Market
• East Asia Market
• South Asia and Pacific Market
• Middle East and Africa (MEA) Market

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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SOURCE Future Market Insights