The global hub motor market size reached US$ 8,823.2 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 11,823.2 Million by 2027, exhibiting a growth rate (CAGR) of 5.1% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Hub motor is an electric motor power generator installed in the wheels to power rear, front-wheel or all-wheel drive vehicles. The motor consists of a battery pack, fuel cell and a generator. It functions independently of the gears and operates using the electric energy stored in the battery by converting it into a rotary motion. It minimizes the contact between the stator and the rotor, thereby enhancing the overall life of the motor. Hub motors facilitate electronic commutation and eliminate the requirement for heavy transmissions, drivelines, differentials and axles. They can be used to power internal combustion engines (ICEs) and are convenient to install and cost-effective with minimal mechanical losses.
Hub Motor Market Trends:
- Significant growth in the automotive industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the increasing demand for electric vehicles (EVs) is providing a thrust to the market growth. Hub motors are widely used in e-bikes, e-motorcycles and electric cars, along with light, heavy, commercial and passenger vehicles. They provide increased torque, power, acceleration and handling to electric vehicles. In line with this, the widespread adoption of rear hub motors for enhanced traction control is also contributing to the growth of the market. Automobile manufacturers are developing lightweight and compact geared variants that can be used for driving on mountains, hills and rugged terrains. Additionally, various product innovations, such as the launch of hub motors with improved thermal management and ultra-lightweight features, are also favoring the growth of the market. Other factors, including rising expenditure capacities of the consumers, along with the implementation of favorable government policies promoting the adoption of EVs, are anticipated to drive the market toward growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global hub motor market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on installation, vehicle type, motor type, power output and sales channel.
Breakup by Installation:
- Front Hub Motor
- Rear Hub Motor
Breakup by Vehicle Type:
- Electric Two-wheelers
- Passenger Cars
Breakup by Motor Type:
Breakup by Power Output:
- Below 1000 W
- 1000-3000 W
- Above 3000 W
Breakup by Sales Channel:
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Accell Group N.V., Cutler MAC (Shanghai) Brushless Motor Co. Ltd, Elaphe Propulsion Technologies Ltd., Heinzmann GmbH & Co. KG, Leaf Motor, NTN Corporation, QS Motor, Schaeffler technologies AG & CO. KG, Tajima Motor Corporation and TDCM.
Key Questions Answered in This Report:
- How has the global hub motor market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global hub motor market?
- What are the key regional markets?
- What is the breakup of the market based on the installation?
- What is the breakup of the market based on the vehicle type?
- What is the breakup of the market based on the motor type?
- What is the breakup of the market based on the power output?
- What is the breakup of the market based on the sales channel?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global hub motor market and who are the key players?
- What is the degree of competition in the industry?