The global automobile wheel hub motor market is anticipated to grow at a CAGR of 4.2% during the forecast period (2022-2028). Electric bike demand has risen at an astonishing rate around the globe as a result of growing environmental concerns. The global hub motor market is expected to increase significantly due to rising customer interest in electric vehicles. During the forecast period, hub motor adoption in the electric vehicle industry is likely to be one of the key drivers of market growth. Electric unicycles have grown in popularity in the personal transportation market during the last few years.
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The use of hub motors in the production of electric unicycles has risen steadily in recent years, and this trend is anticipated to continue over the forecast period. While hub motors for developing electric unicycles are in high demand, hub motors for manufacturing electric bikes are also on the rise. Since China currently leads the world in electric bike production, it is projected to be an important market for companies in the electric vehicle hub motor industry. For instance, according to NABSA, the percentage of bike-share systems using electric bikes has increased from 28% in 2019 to 44% in 2020.
As the regulatory framework around the automotive industry continues to evolve at a rapid pace, innovations and technological advancements are expected to keep pace. The increased demand for hub motors, particularly in the hybrid vehicle category, is likely to give the global automotive hub motor market for electric vehicles a significant boost. Companies in the electric vehicle hub motor industry are largely focused on improving the efficiency and performance of their hub motors to maintain their market position.
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Due to the improved performance and advantages afforded by this system, the transmission, axles, differentials, and driveshaft are being replaced with in-wheel motor systems. Several market competitors are considering employing magnets made from non-rare-earth and low-cost materials. Automobile manufacturers are also actively working to improve motor speeds. Other drivers that are likely to provide a strong foundation for the growth of the automotive wheel hub motor market for electric vehicles throughout the period include a strong focus on improving thermal management, the development of novel motor designs, and demand for ultra-lightweight in-wheel hub motors.
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The growing need for smart cities and urbanization around the globe has boosted the use of electric vehicles, which is expected to boost the hub motor market for electric vehicles during the forecast period. The price of crude oil has risen significantly in recent years, making travel more expensive and inefficient. Lightweight vehicles have a lot of promise to improve vehicle efficiency. This is a major element driving automakers to convert to electric vehicles to provide vehicles that are both efficient and low-emission. This is expected to improve the global automotive wheel hub motor market for electric vehicles.
Some major players in the market include Evans Electric LTD., Hyundai Mobis Co. Ltd., Schaeffler AG, Siemens AG, ZF Friedrichshafen AG., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in October 2021, the hub motor will be available for two major electric two-wheeler manufacturers in the original equipment market. The Center/Mid-Drive Motor will be the next product to be released in mid-2022, followed by a slew of variants.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Position
- By Sales Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Evans Electric LTD., Hyundai Mobis Co. Ltd., Schaeffler AG, Siemens AG, ZF Friedrichshafen AG., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Automobile Wheel Hub Motor Market Report by Segment
By Type
- Pedelecs
- Throttle on Demand
- Scooter or Motorcycle
By Position
- Front Hub Motor
- Rear Hub Motor
By Sales Channel
- Original Equipment Manufacturer
- Aftermarket
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