PUBLISHER: Grand View Research | PRODUCT CODE: 1376183
PUBLISHER: Grand View Research | PRODUCT CODE: 1376183
The global hub motor market size is expected to reach USD 17.50 billion by 2030, growing at a CAGR of 4.8% from 2023 to 2030, according to a new report by Grand View Research, Inc.. The market is experiencing substantial growth due to the rising demand for electric vehicles (EVs) with strong driving capabilities. According to a study by the International Energy Agency (IEA), global electric car sales exceeded 10 million units in 2022. Notably, electric cars' market share has shown remarkable growth in the last three years, more than tripling from around 4% in 2020 to a significant 14% in 2022. Hub motors possess advantages such as compactness, high torque, and enhanced traction compared to other motor types, making them an optimal choice for EV manufacturers.
Governments across the globe are implementing stringent policies and regulations to reduce carbon emissions and promote electric vehicle adoption. Their approach toward providing subsidies and incentives to EV manufacturers, such as tax credits and rebates, is expected to aid them in manufacturing more affordable electric vehicles. Thus, the growing demand for affordable electric vehicles from consumers is expected to increase the adoption of hub motors from auto manufacturers, further supporting the growth of the target market.
Hub motors find wide applicability apart from the automotive industry. They are extensively used in various industry verticals for applications such as electric wheelchairs, mobility scooters, and robotic platforms. Their compact design and high efficiency are benefits that help in the easy integration of these motors into electrical products. Thus, increasing demand for hub motors from the electronics, robotics, and aerospace industries is anticipated to impact the growth of the target market positively.