The global hub motor market is anticipated to grow at a moderate CAGR of 4.9% during the forecast period (2024-2031). Globally, with the growth in EV sales and rapid technological advancements such as Advanced Driver Assistance Systems (ADAS), companies are focusing on R&D and portfolio expansion which is driving overall demand for the hub motor market. For instance,In March 2023, Hyundai Mobis announced it successfully developed an in-wheel system, allowing direct motor control for each wheel. The components of the in-wheel system, including the drive motor and controller, were internally developed by Hyundai Mobis. As per the company, key features of the in-wheel system include enhanced drive and power efficiency, extended cruising range, improved driving performance, and distinctive steering modes. Implementing the in-wheel system in vehicles aims to optimize drive efficiency without the necessity of installing a separate power transmission component, such as a drive shaft, leading to enhanced power efficiency.
Apart from this, growing collaboration between market players and R&D and business expansion is also contributing to the overall growth of the hub motor market. For instance, In October 2023, Continental AG collaborated with DeepDrive,to advance core technologies for electric vehicles. As an initial step, the two entities will collaboratively create an integrated unit encompassing drive and brake components designed to be directly mounted on the vehicle wheel. In February 2023, Flash Electronics, headquartered in Pune, expanded its electric vehicle (EV) offerings through a technological partnership with GEM Motors from Slovenia. Through this collaboration, both companies will jointly produce hub motors with power ratings ranging from 1kW to 15kW, catering to diverse categories of electric vehicles.
In March 2023, BMW i Ventures co-led a $16.1 million Series A funding round for the startup DeepDrive, which specializes in a dual-rotor motor designed to enhance the efficiency of electric vehicles. As per the company, this radial flux dual-rotor electric motor, complete with power electronics, offers versatility by being adaptable for use as a central drive or in-wheel drive in any vehicle. The patented technology extends the range of electric vehicles and also delivers high torque density, cost-effectiveness in production, and reduced demand for natural resources, thereby minimizing environmental impact.
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Market Coverage
- The Market Number Available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Motor type
- By Position
- By Sales Channel
- By Vehicle Type
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- Ananda Drive Techniques?Shanghai?Co., Ltd., Amirpower Transmission Limited, Brose Fahrzeugteile SE & Co., and Dana Inc. among others.
Hub Motor Market Report Segment
By Motor type
- Geared
- Gearless
By Position
- Front Hub motor
- Rear Hub motor
- Both Front and rear Hub Motor
By Vehicle Type
- Passenger
- Commercial
- Electric
By Sales Channel
- OEM
- Aftermarket
By Vehicle Type
- Electric vehicles (EVs)
- Electric bikes (e-bikes)
- Other applications (scooters, wheelchairs)
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