Hub Motor Market Size is projected to reach USD 16.47

New York, United States, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Hub motors are a specific type of motor power generator mounted on vehicles' wheels to improve their performance and efficiency. Electric vehicles have them mounted on wheels to reduce the burden on the engine and enhance performance. In vehicles with in-wheel motors, hub motors are mounted close to the drive wheels, instantly rotating the wheels through a small drive shaft. This technique eliminates any time lag, allowing for instantaneous and precise transmission of motor power to the wheel. The motor is composed of a battery pack, a fuel cell, and a generator. It utilizes the electric energy of the battery by converting it into a rotary motion without gears.

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High-Performance Benefits for Electric Vehicles Drives the Global Market

Due to their superior performance and benefits, in-wheel motor systems are replacing the differentials, transmission, axles, and drive shafts. Without this technology, stability and traction control are provided by slowing down the wheel's excessively rapid rotation. This approach takes longer because it is dependent on and limited to the application of retarding force. However, hub motors significantly improve stability by reducing stopping distance and enhancing vehicle dynamics and safety while significantly increasing traction by precisely controlling motoring torque or braking in a relatively short time. As a result, adding a hub motor enhances the performance of an electric vehicle, which is anticipated to drive the market for hub motors.

Globally Increasing Adoption of Electric Vehicles Creates Tremendous Opportunities

There has been a rise in both demand and manufacturing of electric automobiles due to their many advantages over conventional vehicles. In addition, fuel-powered vehicles are more cost-effective and efficient because they do not require the replacement of components like head gaskets, timing belts, fan belts, oil, air filters, cylinder heads, and spark plugs. This makes electric vehicles the preferred choice, which prevents the market for fossil fuel-powered vehicles from growing. Automobile manufacturers also focus on creating electric vehicles with hub motors because they have better vehicle dynamics and traction control. As a result, as the production of electric cars rises, market participants for hub motors can anticipate a lucrative opportunity for growth.

Report Scope

Report Metric	Details
Market Size	USD 16.47 Billion by 2030
CAGR	4.8% (2022-2030)
Historical Data	2019-2020
Base Year	2021
Forecast Period	2022-2030
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Product, Position, Motor Type, Sales Channel
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	Accell Group N.V., Cutler MAC (Shanghai) Brushless Motor Co. Ltd, Elaphe Propulsion Technologies Ltd., Evans Electric, Heinzmann GmbH & Co. KG, Kolektor, Leaf Motor, NTN Corporation, Printed Motor Works, NSK Ltd., QS Motor, Robert Bosch GmbH, Siemens AG, Schaeffler Technologies AG & CO. KG, Tajima Motor Corporation, and TDCM, ZIEHL-ABEGG.
Key Market Opportunities	Globally Increasing Adoption of Electric Vehicles
Key Market Drivers	Increasing Production of Several Vehicles with In-Wheel Electric Motors

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Regional Analysis

Asia-Pacific is the most significant shareholder in the global hub motor market and is expected to grow at a CAGR of 4.6% during the forecast period. The largest market in the Asia-Pacific is China which is promoting the use of electric two-wheelers to lower the country's rising pollution levels and vehicle emissions. In the entire world, it produces the most electric bikes. Sales of hub motors will increase as more electric two-wheelers are purchased. For instance, the air-cooled in-wheel motor driving system and the vehicle motion control system were developed by NTN in partnership with the Chinese automaker FSAT. These companies have extensive international distribution networks. These companies also offer a vast selection of OEM goods. These businesses have relied on new product development, partnerships, contracts, and agreements as their primary market positioning strategies.

Europe is anticipated to grow at a CAGR of 4.7%, generating USD 3.57 billion during the forecast period. In Italy and the Netherlands, significant growth is anticipated. The adoption of hub motors in electric vehicles enhances the traction control and dynamics of the vehicle, driving up demand for vehicles with hub motors. The segment that contributed most in Europe was pedelecs, and throttle-on-demand and pedelecs are expected to experience significant growth.

Key Highlights

The global hub motor market Size is projected to reach USD 16.47 billion by 2030, growing at a CAGR of 4.8% during the forecast period (2022-2030).
Based on product, the global hub motor market is segmented into pedelecs, throttle on demand, and scooters/ motorcycles. The scooters or motorcycles segment is the highest contributor to the market and is expected to grow at a CAGR of 4.9% during the forecast period.
Based on position, the global hub motor market is segmented into front hub motors and rear hub motors. The rear hub motors segment owns the highest market share and is expected to grow at a CAGR of 5% during the forecast period.
Based on motor type, the global hub motor market is segmented into gearless hub motors and geared hub motors. The geared hub motors segment is the highest contributor to the market and is expected to grow at a CAGR of 4.7% during the forecast period.
Based on sales channels, the global hub motor market is segmented into the aftermarket and original equipment manufacturer market. The aftermarket segment owns the highest market share and is expected to grow at a CAGR of 4.5% during the forecast period.
Asia-Pacific is the most significant shareholder in the global hub motor market and is expected to grow at a CAGR of 4.6% during the forecast period.

The global hub motor market’s major key players are

Accell Group N.V.
Cutler MAC (Shanghai) Brushless Motor Co. Ltd
Elaphe Propulsion Technologies Ltd.
Evans Electric
Heinzmann GmbH & Co. KG
Kolektor
Leaf Motor
NTN Corporation
Printed Motor Works
NSK Ltd.
QS Motor
Robert Bosch GmbH
Siemens AG
Schaeffler Technologies AG & CO. KG
Tajima Motor Corporation
TDCM
ZIEHL-ABEGG

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Global Hub Motor Market: Segmentation

By Product

Pedelecs
Throttle on demand
Scooters or Motorcycles

By Position

Front Hub Motor
Rear Hub Motor

By Motor Type

Gearless Hub Motor
Geared Hub Motor

By Sales Channel

Aftermarket
Original Equipment Manufacturer

By Regions

North America
Europe
Asia-Pacific
LAMEA

TABLE OF CONTENT

Introduction
1. Market Definition
2. Market Scope
Research Methodology
1. Primary Research
2. Research Methodology
3. Assumptions & Exclusions
4. Secondary Data Sources
Market Overview
1. Report Segmentation & Scope
2. Value Chain Analysis: Hub Motor Market
3. Key Market Trends
  1. Drivers
  2. Restraints
  3. Opportunities
4. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of Substitution
  4. Threat of New Entrants
  5. Competitive Rivalry
5. Market Share Analysis
Product Overview
1. Introduction
  1. Market Size & Forecast
2. Pedelecs
  1. Market Size & Forecast
3. Scooter or Motorcycle
  1. Market Size & Forecast
Position Overview
1. Introduction
  1. Market Size & Forecast
2. Front Hub Motor
  1. Market Size & Forecast
3. Rear Hub Motor
  1. Market Size & Forecast
Regional Overview
1. Introduction
  1. Market Size & Forecast
2. America
  1. North America
  2. U.S.
    1. By Product
    2. By Position
  3. Canada
    1. By Product
    2. By Position
  4. Mexico
    1. By Product
    2. By Position
  5. Latin America
    1. By Product
    2. By Position
3. Europe
  1. Market Size & Forecast
  2. Germany
    1. By Product
    2. By Position
  3. France
    1. By Product
    2. By Position
  4. U.K.
    1. By Product
    2. By Position
  5. Italy
    1. By Product
    2. By Position
  6. Spain
    1. By Product
    2. By Position
  7. Rest of Europe
    1. By Product
    2. By Position
4. Asia Pacific
  1. Market Size & Forecast
  2. Japan
    1. By Product
    2. By Position
  3. China
    1. By Product
    2. By Position
  4. Australia
    1. By Product
    2. By Position
  5. India
    1. By Product
    2. By Position
  6. South Korea
    1. By Product
    2. By Position
  7. Rest of Asia-Pacific
    1. By Product
    2. By Position
5. Middle East & Africa
  1. Market Size & Forecast
  2. Saudi Arabia
    1. By Product
    2. By Position
  3. South Africa
    1. By Product
    2. By Position
  4. Kuwait
    1. By Product
    2. By Position
  5. Rest of Middle East & Africa
    1. By Product
    2. By Position
Company Profile
1. Accell Group N V
  1. Company Overview
  2. Financial Performance
  3. Recent Developments
  4. Product Portfolio
2. Cutler MAC (Shanghai) Brushless Motor Co Ltd
  1. Company Overview
  2. Financial Performance
  3. Recent Developments
  4. Product Portfolio
3. Elaphe Propulsion Technologies Ltd
  1. Company Overview
  2. Financial Performance
  3. Recent Developments
  4. Product Portfolio
Conclusion & Recommendation
Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/hub-motor-market/toc

Market News

In June 2022, Lightyear developed the most efficient production powertrain in the world with the collaboration of Elaphe. Lightyear's partnership with Elaphe on the in-wheel motor platform was made public with the introduction of the Lightyear 0 vehicle, the first solar car in the world that is ready for mass production.
In July 2022, HEINZMANN established itself as a reputable producer of electric hub motors. The product line includes a variety of permanent magnet disc-type motors, synchronous generators, wheel hubs, and e-bike drives, all of which have shown to be incredibly efficient in various applications.

News Media

North America to be the Fastest Growing Region in the In-Wheel Motor Market During the Forecast Period

Demand for Eco-Friendly Transportation Pumps Global Electric Bicycle Market to Grow at 13.2% CAGR by 2030

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Hub Motor Market Size is projected to reach USD 16.47 Billion by 2030, growing at a CAGR of 4.8%: Straits Research

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Hub Motor Market Size is projected to reach USD 16.47 Billion by 2030, growing at a CAGR of 4.8%: Straits Research

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