The global hub motor market is anticipated to reach a value of USD 12.5 billion by 2028. The hub motor engine are used to increase the efficiency of electric vehicles in the market. The hub motor helps supply the related tyre with torque and produces more power to boost a vehicle's performance. The other advantages of hub motor technology are that it gives a fun and quick ride, such as when a passenger doesn't feel like pedaling in the case of bicycles. The hub motor is an electric motor which is built into the wheel hub assembly of the car.
The growing gearless motor sector provides a global CAGR of above 5.0% with a huge demand for the hub motor in the market over the forecast period. Through translating it into rotary motion, the engine uses the electric energy contained in the battery, thereby moving the drivetrain of the car. In electric vehicles, these Installations of engines are generally used. The growing perception of global warming, along with the changing consumer demand for different applications for the adoption of zero-emission vehicles is projected to fuel market growth. Favorable government policies, such as tight pollution control rules and discounts for energy suppliers and end consumers
Key Segments of the Global Hub Motor Market
Installation Overview, 2018-2028 (USD Billion, Million Units)
- Front Hub motor
- Rear Hub motor
Vehicle Overview, 2018-2028 (USD Billion, Million Units)
Motor Overview, 2018-2028 (USD Billion, Million Units)
- Gearless Hub Motor
- Geared Hub Motor
Regional Overview, 2018-2028 (USD Billion, Million Units)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global hub motor market.
- Hub motor is widely used for various end uses in gearless hub motor, geared hub motor, owing to their excellent properties and the market is expected to gain traction over the coming years
- With the growing front and rear hub motor industry, there is a rise in the demand for hub motor which is further expected to have a positive impact on the overall market growth
What does the report include?
- The study on the global hub motor market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the hub motor industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on Installation and Vehicle and Motor Type. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global hub motor market. The report will benefit: Every stakeholder involved in the hub motor market.
- Managers within the hub motor industry looking to publish recent and forecasted statistics about the global hub motor market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global hub motor market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Some of the advantages of two-wheeler hub motors compared to mid-drive motors are hassle-free installation, cost-effective, and higher performance. Thus, in-wheel and the hub motors are anticipated to emerge as the widely favorable option for electric two-wheeler manufacturers. In addition, several factors that have fostered market growth are amplified capacity, high torque, better vehicle handling, and enhanced vehicle range.
Currently, hub motor is gaining prominence for electric cars, as it helps to minimise maintenance costs and provides enhanced driving experience because of its benefits such as lightweight, flexibility, high power performance, elasticity, and small sizes. Furthermore, by replacing the primary powertrain in electric cars, two-wheeler hub motors remove the need for axles, steering, and driveline. It thus tends to minimise major mechanical losses in all components between the wheel and the motor.
In addition, many conventional car manufactures have announced their strategic plans for two to three years to launch new high-powered electric two-wheelers. HARLEY-DAVIDSON, for instance, launched e-motorcycle LiveWire in 2019 and is available for sale at Harley-Davidson dealerships in Canada, the United States, and European countries. Similarly, Okinawa Autotech Pvt., in October 2019. Ltd. announced that a luxury electric motorcycle will be launched by 2020, and would be a direct counterpart to the Revolt RV400.
Based on the Installation, the market is segmented into E-bikes and E-Scooters/Mopeds hub motor and E-Motorcycles. The Electric bikes hub motor segment has the largest share in the market in 2019 and the market is forecasted to grow with the significant rate of above 5% CAGR over the forecast period. Factors such as high torque, improved power and the availability of enhanced vehicle handling for new and current vehicles can be attributed to the demand growth of hub engines. Growing funding from policymakers in France and Norway and the efforts of the OEM to develop current two-wheeler electric models are projected to fuel electric bicycle sales during the forecast period, which in turn will raise demand for electric bicycle hub engines.
In terms of the Motor segment, the market is segmented into Gearless Hub motor, and Geared Hub Motor. In 2019, the geared hub motor segment has the fastest growth in the market in 2019 and the market is forecasted to grow with the significant rate of above 6% CAGR over the forecast period. The product is highly in demand as it is used to regulate a vehicle's pace thereby providing a high-performance vehicle in the industry. Geared hub motors help to provide high torque that helps to drive the vehicles in mountains or hills. The Asia Pacific demand for geared hub motors is the highest. The engines of the geared hub are and smaller in size and lighter in weight thereby they are used to fulfill the primary applications in e-bikes. Growing e-bike purchases in the Asia Pacific region would fuel the region 's market for geared hub engines.
Asia Pacific region has the largest share in market with a CAGR of more than 35.2% in 2019 and is anticipated to continue with the same position during the forecast years 2018-2028. China is Asia Pacific's biggest market since it encourages the use of electric two-wheelers to reduce the country's growing congestion and automobile emissions. It is the biggest manufacturer of e-bikes in the world. The growth in electric two-wheeler sales would lead to an increase in hub motor sales. For eg, NTN has created and concluded with FSAT, a Chinese automotive design and manufacturing firm, the air-cooled in-wheel motor drive system and vehicle motion control system.
North America region is anticipated to provide a high CAGR of over 6% during the forecast period. This is attributed to automakers' growing emphasis on producing high-performance, safer, and quicker electric vehicles. In the U.S., electric two-wheelers were introduced by leading OEMs such as LUNA CYCLE, Zero Bikes, Harley-Davidson, Xiaomi (United States), and Victory Bikes, resulting in a massive market for hub engines. In addition, advantages such as better torque control, good acceleration, and increased stability are expected to further increase demand for two-wheeler hub engines.
The major players of the global hub motor market are QS Motor, Michelin, Jiashan Neopower International Trade, Schaeffler Technologies, and Elaphe. Moreover, the market comprises several other prominent players in the hub motor market as NTN, Tajima EV, TDCM Corporation, Go Swissdrive, and MAC Motor. The hub motor market consists of top, medium level and a number of domestic players in the global market. In addition to this, the well-established players in the industry have made various strategies and research & developments to compete with other players in the regional and global market.