Hub Motor Market

Global Hub Motor Market:

The global hub motor market size reached US$ 9,764.5 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 14,287.6 Million by 2032, exhibiting a growth rate (CAGR) of 4.2% during 2024-2032. The increasing shift towards electric vehicles, ongoing technological advancements, and continuous government efforts to promote EVs are primarily driving the market growth.

Hub Motor Market Analysis:

• Major Market Drivers: Significant growth in the automotive industry coupled with the increasing demand for electric vehicles (EVs) is providing a thrust to the market growth. Moreover, the widespread adoption of rear hub motors for enhanced traction control is also contributing to the hub motor market demand.
• Key Market Trends: 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. Moreover, the 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.
• Competitive Landscape: Some of the prominent hub motor market companies include 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, among many others.
• Geographical Trends: According to the hub motor market dynamics, the Asia-Pacific region currently dominates the global market. The increasing adoption of electric vehicles (EVs) in the Asia-Pacific region is a significant driver for the hub motor market. Hub motors are commonly used in electric bicycles (e-bikes), electric scooters, and other small electric vehicles due to their compact size, efficiency, and direct drive capabilities.
• Challenges and Opportunities: The high initial cost of hub motors, integration complexity, and regulatory and safety standards are some of the challenges that the market is facing. However, the rapid growth in electric vehicle adoption globally presents a significant opportunity for hub motor manufacturers. Hub motors are integral to the propulsion systems of electric bicycles, scooters, and other small electric vehicles, which are experiencing strong demand.
   

Hub Motor Market Trends:

Rising Demand for Electric Vehicles

The surging demand for electric vehicles is one of the key factors propelling the electric vehicles market growth. For instance, according to an article published by the IEA, over three million electric cars were sold in the 1st quarter of 2024, about 25% more than in the same period last year. Moreover, the sales of electric cars are expected to reach 17 million by the end of 2024, representing a more than 20% year-on-year increase with new purchases. As the automotive industry shifts towards electric vehicles, the demand for efficient and compact propulsion systems like hub motors has increased. Hub motors provide a direct drive solution, eliminating the need for complex transmission systems. These factors are further contributing to the hub motor market share.

Numerous Government Initiatives

Governments around the world are implementing strict emission standards to reduce pollution from vehicles. For instance, in March 2023, the European Union approved the regulation that would prohibit the sales of new cars that generate greenhouse gases by 2035. Moreover, according to the EU legislation, starting in 2035, all newly marketed automobiles must have zero CO₂ emissions and, starting in 2030, CO₂ emissions must be 55% lower than in 2021. Electric vehicles (EVs), which often utilize hub motors due to their efficiency and direct drive capabilities, help automakers meet these standards. Apart from this, many governments offer financial incentives to encourage consumers to purchase electric vehicles. These factors are further bolstering the hub motor market revenue.

Technological Advancements

Technological advancements are propelling the hub motor market growth. Advances in motor design, including improved magnet materials and lightweight motors have significantly enhanced the efficiency of hub motors. This allows manufacturers to create more compact and lightweight motors without compromising on performance, which is crucial for electric bicycles, scooters, and small electric vehicles. For instance, in June 2024, Mahle launched its X30, the latest hub-drive motor. This innovative hub motor is designed to deliver excellent performance on any terrain, with a torque of 45 Nm (compared to a mid-drive motor) and a weight of only 1.9kg. The design of this rear hub motor provides for complete system synergy as a result of fewer energy losses, increasing energy efficiency by 15% when compared to a mid-drive motor, allowing the user's activity to be prolonged in an environmentally responsible manner up to nearly 190 kilometers. These factors are further positively impacting the hub motor market forecast.

Global Hub Motor Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global hub motor market report, along with forecasts at the global, regional and country levels from 2024-2032. 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
   

Rear hub Motor represented the largest segment

The report has provided a detailed breakup and analysis of the hub motor market based on the installation. This includes front hub motor, and rear hub motor. According to the report, rear hub motor represented the largest segment.

According to the hub motor market outlook, rear hub motors are commonly used in electric bicycles due to their simplicity, ease of installation, and cost-effectiveness. The growing popularity of e-bikes as a sustainable and convenient mode of transportation in urban areas contributes significantly to the demand for rear hub motors. For instance, in April 2024, Hexlox, a German manufacturer, launched an e-bike anti-theft wheel nut. The locking device is specifically designed for e-bikes equipped with a rear hub motor.

Breakup by Vehicle Type:

• E-bikes
• Electric Two-wheelers
• Passenger Cars
• Others
   

E-bikes accounted for the largest market share

A detailed breakup and analysis of the hub motor market based on the vehicle type has also been provided in the report. This includes e-bikes, electric two-wheelers, passenger cars, and others. According to the report, e-bikes accounted for the largest market share.

According to the hub motor market overview, e-bikes have gained popularity worldwide as an environmentally friendly and convenient mode of transportation. They appeal to a wide range of consumers seeking alternatives to traditional bicycles and cars, particularly in urban areas with congestion and environmental concerns. For instance, in April 2024, VinFast, an automaker based in Vietnam, launched VF DrgnFly electric bike to the American market. The bike is fully equipped with notable performance parts on the specification side. It has a torque sensor connected to a 750W rear hub motor.

Breakup by Motor Type:

• Geared
• Gearless
   

Currently, geared accounts for the majority of the global market share

The report has provided a detailed breakup and analysis of the hub motor market based on the motor type. This includes geared and gearless. According to the report, geared currently accounts for the majority of the global market share.

Hub geared motors are known for their efficiency in converting electrical energy into mechanical power. They offer smooth and responsive power delivery, making them suitable for various riding conditions, including urban commuting and hilly terrains.

Breakup by Power Output:

• Below 1000 W
• 1000–3000 W
• Above 3000 W
   

Below 1000 W currently exhibits a clear dominance in the market

The report has provided a detailed breakup and analysis of the hub motor market based on the power output. This includes below 1000 W, 1000-3000 W, and above 3000 W. According to the report, below 1000 W exhibits a clear dominance in the market.

A hub motor below 1000 W typically refers to an electric motor that is designed to operate with a power output of less than 1000 watts. Hub motors are commonly used in electric bicycles and scooters for propulsion. Hub motors are often integrated into the front or rear wheel of electric bicycles. Motors below 1000 W are typically used for pedal-assist bicycles (where the motor assists the rider's pedaling) or throttle-controlled bikes.

Breakup by Sales Channel:

• OEM
• Aftermarket
   

OEM holds the largest market share

The report has provided a detailed breakup and analysis of the hub motor market based on the sales channel. This includes OEM and aftermarket. According to the hub motor market report, OEM holds the largest market share.

OEM hub motor manufacturers specialize in designing and producing electric motors specifically for integration into various types of vehicles, such as electric bicycles, scooters, and small electric vehicles. Moreover, these suppliers supply their products to other companies that assemble these motors into their own branded products. For example, a company manufacturing electric bicycles may purchase OEM hub motors from a specialized manufacturer to integrate into their bicycle designs.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia-Pacific currently dominates the global market

The report has also provided a comprehensive analysis of all the major regional markets, which include 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 the Middle East and Africa. According to the report, Asia-Pacific currently dominates the global market.

According to the hub motor market statistics, the increasing adoption of electric vehicles, including electric bicycles, scooters, and motorcycles, has been a major driver of the hub motor market in the Asia-Pacific region. Countries like China, India, Japan, and South Korea are witnessing rapid urbanization and increasing environmental concerns, leading to a shift towards electric mobility solutions. For instance, according to the World Economic Forum, China remains the world's largest EV market, with 59% of global sales.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global hub motor market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered are:

• 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
• TDCM
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Hub Motor Market Recent Developments:

• June 2024: Mahle launched its the X30, latest hub-drive motor. This innovative hub motor is designed to deliver excellent performance on any terrain, with a torque of 45 Nm.
• April 2024: VinFast, an automaker based in Vietnam, launched VF DrgnFly electric bike to the American market. The bike is fully equipped with notable performance parts on the specification side. It has a torque sensor connected to a 750W rear hub motor.
• April 2024: Hexlox, a German manufacturer, launched an e-bike anti-theft wheel nut. The locking device is specifically designed for e-bikes equipped with a rear hub motor.

Hub Motor Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the hub motor market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global hub motor market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the hub motor industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.