Hub motor market is anticipated to grow at a moderate CAGR of 4.9% during the forecast period (2023-2030). The market is driven by the increasing demand for electric vehicles. As the electric vehicles sector is growing significantly, there is a growing focus on enhancing their efficiency, power, and overall performance. Hub motors which are primarily used for direct power delivery to the wheels bring several advantages. These include instantaneous torque, facilitating rapid acceleration, and responsive handling, thereby enhancing the overall driving experience.
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The global hub motor market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among regions, the Asia-Pacific region is the largest market for the global hub motor market. The sizable populations of countries within the region, notably India and China, contribute significantly to the robust demand for two-wheeler electric vehicles (EVs) featuring hub motors. As per the data from the Society of Manufacturers of Electric Vehicles (SMEV), the total sales of 2-wheelers in India have grown from 44.8 thousand to 252 thousand from FY2021 to FY2022 and has reached 728 thousand till November 2023. These vehicles are in high demand due to their cost-effectiveness and efficiency, making them a widely favored means of transportation. Furthermore, the region experiences significant urbanization, coupled with congested city streets, creating a demand for compact and environmentally friendly personal mobility solutions. Hub motors align seamlessly with these requirements, presenting a compelling solution. Apart from this, the implementation of government policies, subsidies, and incentives to promote electric mobility has also contributed to driving both production and consumer adoption of hub motor technology. This approach has effectively stimulated market growth. Apart from this, the Asia Pacific economies benefit from extensive manufacturing infrastructure, enabling cost-effective production. This, in turn, enhances accessibility to hub motor-equipped vehicles across a broad spectrum of consumers.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Hub Motor Market By Motor Type
- Geared
- Gearless
Global Hub Motor Market By Position
- Front Hub motor
- Rear Hub motor
- Both Front and rear Hub Motor
Global Hub Motor Market By Sales Channel
- OEM
- Aftermarket
Global Hub Motor Market By Vehicle Type
- Electric vehicles (EVs)
- Electric bikes (e-bikes)
- Other applications (scooters, wheelchairs)
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Amirpower Transmission Ltd.
- Ananda Drive Techniques (Shanghai)Co., Ltd.
- Brose Fahrzeugteile SE & Co.
- Changzhou Keling Power Technology Co., Ltd.
- Cutler MAC (Shanghai) Brushless Motor Co., Ltd.
- Dana Inc.
- Elaphe LAB
- Heinzmann GmbH & Co. KG
- JK Fenner
- Johnson Electric Holdings Ltd.
- Leaf Bike Technology Co., Ltd.
- Mitsuba Corp.
- NTN Corp.
- QS MOTOR LTD.
- Robert Bosch GmbH
- Suzhou XiongFeng Motor Co., Ltd.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the hub motor market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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