The hub motor market is on a roll, projected to grow at a healthy 6.4% CAGR, and set to reach a remarkable USD 21 Billion by 2034. This growth is fueled by the increasing adoption of electric vehicles and advancements in motor technology, which make hub motors more efficient and reliable.
As the market expands, we can expect to see even more innovative applications in various sectors, from bicycles and scooters to electric cars and industrial equipment. This promising trajectory highlights the hub motor market’s vital role in the shift towards more sustainable and efficient transportation solutions.
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Key Takeaways from the Hub Motor Market Report:
- The hub motor production in the United States is predicted to rise at a CAGR of 6.7% through 2034.
- The demand for hub motors in the United Kingdom is expected to grow at a rate of 7.5% until 2034.
- China is the leading manufacturer of hub motors in Asia and is likely to progress at a 6.9% CAGR from 2024 to 2034.
- Japan holds a substantial share of the East Asia hub motor market and is expected to grow at a 7.9% CAGR through 2034.
- The widening ecosystem of electric mobility in South Korea is anticipated to drive the market at an 8.5% CAGR through 2034.
- Based on the product type, the pedelecs segment is expected to expand at a lucrative CAGR of 6.2% over the forecast period.
- The OEMs segment is expected to remain the top seller of hub motors, increasing at a 6% CAGR over the next ten years.
Competitive Landscape:
The competitive landscape for electric hub motors intensified in the last decade with the rise in e-bike and scooter sales. Owing to economical production techniques, leading market players provide competitive pricing that appeals to a wider variety of customers.
Leading Key Players:
The hub motor market is led by key players including Elaphe Propulsion Technologies Ltd., QS Motor, TDCM, Robert Bosch GmbH, and MAC Shanghai Electric Motor Company Ltd. These companies are at the forefront of innovation, driving advancements in electric mobility with their cutting-edge hub motor technologies. Elaphe Propulsion Technologies Ltd. and QS Motor are known for their high-performance electric motor solutions, while TDCM specializes in customized motor applications. Robert Bosch GmbH leverages its extensive automotive expertise to enhance hub motor efficiency and integration, and MAC Shanghai Electric Motor Company Ltd. excels in producing reliable, cost-effective motor systems for a global market. Together, these industry leaders are shaping the future of electric propulsion.
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Recent Developments:
- In October 2022, the Ola Electric Mobility Company introduced the S1 Air e-bike, marking its entry into the mainstream electric two-wheeler industry. With a powerful 2.5 kWh battery pack and a 4.5 km hub motor, this electric scooter reaches an amazing peak speed of 85 mph and an impressive travel range of 100 km in eco mode.
- In March 2023, Schaeffler Group announced the start of the production of its electric wheel hub motors. A unique feature of this hub market is that every component required for acceleration and braking is incorporated straight into the wheel rim. So, in addition to saving space, this design improves the vehicle’s agility and maneuverability in urban traffic. Three compact municipal vehicle manufacturers were already in line to integrate Schaeffler’s motors into their products.
Hub Motor Market Segmentation:
By Product Type:
- Pedelecs
- Throttle on Demand
- Scooter or Motorcycle
By Hub Position:
- Front Hub Motor
- Rear Hub Motor
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- Middle East and Africa (MEA) Market
