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Hub Motor Global Market Key Drivers, Insights, Outlook, Overview And Market Research Report 2024-2033 | Robert Bosch GmbH, Siemens AG, Schaeffler AG, NSK Ltd., NTN Corporation
Hub Motor Global Market
According to The Business Research Company's, the hub motor market size has grown strongly in recent years. It will grow from $12.61 billion in 2023 to $13.34 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to rising demand for electric vehicles, government subsidies and incentives, environmental awareness, increasing urbanization, and consumer preference for eco-friendly transportation.
The hub motor market size is expected to see strong growth in the next few years. It will grow to $16.77 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to the adoption of smart transportation solutions, regulatory support for electric vehicles, the development of fast-charging infrastructure, an increasing focus on sustainable mobility, and a rise in disposable incomes. Major trends in the forecast period include a shift towards shared mobility, the development of compact electric vehicles, enhancements in energy efficiency, customization and personalization options, and the convergence of mobility and digital technologies.
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Market Drivers and Trends:
The increasing demand for electric vehicles is expected to propel the growth of the hub motor market going forward. Electric vehicles (EVs) refer to automobiles that are powered either entirely or partially by electricity stored in rechargeable batteries rather than by internal combustion engines. Increased demand is supported by advancements in technology, government incentives, environmental consciousness, progress in battery technology, and growing consumer preference for environmentally friendly transportation. The hub motor significantly contributes to the increased demand for electric vehicles by facilitating efficient and compact integration of electric propulsion systems, improving performance and range capabilities, and reducing space and weight requirements. For instance, in April 2024, according to the data shared by the International Energy Agency, a France-based autonomous organization, the global registration of nearly 14 million new electric cars in 2023 that totalled on the roads to EVs to 40 million. The sales forecast from the 2023 edition of the Global EV Outlook (GEVO-2023) for electric car saw a 3.5 million increase from 2022, marking a 35% year-on-year rise, with electric cars accounting for around 18% of all cars sold in 2023, up from 14% in 2022. Therefore, increasing demand for electric vehicles is boosting demand in the hub motor market.
Major companies operating in the hub motor market are developing innovative products, such as electric bicycle (e-bike) hub motor systems, to provide great performance on any terrain with advanced and efficient options. Electric bicycle (e-bike) hub motor systems refer to integrated propulsion units located within the bicycle's hub, enabling electric assistance for pedal-powered bicycles. For instance, in June 2024, MAHLE SmartBike Systems, a Spain-based eBike company, launched the MAHLE X30 drive system. This integrates a powerful 45 Nm torque hub motor that weighs only 1.9 kg, offering enhanced efficiency and range with up to 190 km on a single charge. Its seamless integration with MAHLE's digital ecosystem and adaptive AI-driven assistance represent significant advancements, making it a compelling choice for eBike manufacturers seeking high-performance, customizable solutions in the competitive hub motor market.
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Major Key Players of the Market:
Robert Bosch GmbH, Siemens AG, Schaeffler AG, NSK Ltd., NTN Corporation, Accell Group, ZIEHL-ABEGG, Kolektor, Elaphe Propulsion Technologies Ltd., Heinzmann GmbH & Co. KG, TDCM, Evans Electric, Leaf Motor, Printed Motor Works, QS MOTOR LTD, Tajima Motor Corporation, Auto Forest, Boom Motors, VR ENGINEERS, CHANGZHOU MXUS IMP& EXP CO. LTD, Leaf Bike
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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