According to the latest report by IMARC Group, titled “Hub Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global hub motor market reached a value of US$ 9,317 Million in 2022. A hub motor refers to an electric motor integrated into the wheels of a vehicle. It is an independent drive system consisting of a fuel cell, generator, and battery pack. The system converts electric energy into rotatory motion, which minimizes the contact between the stator and rotor. This mechanism facilitates electronic commutation, reduces engine load, and enhances the operational efficiency of the vehicle. In addition, a hub motor offers easy installation, generates more power, requires minimal maintenance, and eliminates the need for gears and transmissions.
Global Hub Motor Market Trends:
One of the key factors driving the hub motor market growth is the widespread product utilization in the manufacturing of and improving the performance of electric vehicles (EVs). Due to the increasing environmental consciousness, there has been a significant rise in the demand for EVs, which, in turn, is inflating the sales of hub motor across the globe. The rising need for efficient and lightweight vehicles is acting as another growth-inducing factor. Additionally, large-scale investments in research and development (R&D) activities to integrate next-generation technologies, such as brushless direct current (BLDC), are fueling the market growth. Continuous product innovations, including the integration of thermal management and enhanced traction control, are some of the other factors creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 4.9% during 2023-2028.
- Based on the installation, the market has been bifurcated into front and rear hub motors.
- On the basis of the vehicle type, the market has been divided into e-bikes, electric two-wheelers, passenger cars, and others.
- Based on the motor type, the market has been segmented into geared and gearless.
- On the basis of the power output, the market has been classified into below 1000 W, 1000-3000 W, and above 3000 W.
- Based on the sales channel, the market has been bifurcated into original equipment manufacturers (OEM) and aftermarket.
- Region-wise, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some 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.
|Base Year of the Analysis
||Installation, Vehicle Type, Motor Type, Power Output, Sales Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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
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