Press release
Key Hub Motor Market Trend for 2025-2034: MAHLE Smartbike's Hub Motor System Enhances ebike Performance Innovatively
Hub Motor Market Forecast
The market for hub motors has witnessed substantial expansion in the previous years. The market's valuation is projected to escalate from $13.34 billion in 2024 to $14.16 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.1%. The significant surge throughout the historical phase is credited to the heightened demand for electric vehicles, government financial aid and incentives, elevated consciousness about the environment, accelerating urban growth, and customer inclination towards environmentally friendly transport.
The market size of the hub motor is anticipated to witness a substantial increase in the coming years, reaching $17.74 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. This progression in the projected timeframe can be ascribed to the uptake of intelligent transport systems, governmental backing for electric automobiles, the creation of rapid charging facilities, a heightened focus on eco-friendly commuting, and an escalation in discretionary income. Key trends for the forecast period encompass a move towards shared commuting, the fabrication of compact electric vehicles, advancements in energy effectiveness, the provision for customization and personalization, and the fusion of mobility and digital technologies.
What Is Stimulating Growth in the Hub Motor Market?
The uptick in electric vehicle (EV) demand is slated to spur the expansion of the hub motor market. EVs are automobiles that are solely or partly run on electricity stored in rechargeable batteries, as opposed to internal combustion engines. Factors feeding into the growing demand include technological advancements, governmental incentives, greater environmental awareness, battery technology progress, and a rising consumer predilection for eco-friendly transport. The hub motor notably bolsters the rising EV demand by allowing for a compact and efficient way to incorporate electric propulsion systems, enhancing performance and range abilities, and lowering weight and space necessities. As per the information presented by the International Energy Agency, an autonomous organization based in France, in April 2024, approximately 14 million new electric cars were registered globally in 2023, elevating the total number of EVs on the roads to 40 million. The predictions for electric car sales from the Global EV Outlook's (GEVO-2023) 2023 edition witnessed an increase of 3.5 million from 2022, indicating a 35% annual growth, with electric cars making up nearly 18% of all car sales in 2023, rising from 14% in 2022. Therefore, the escalating demand for electric vehicles is fuelling the growth of the hub motor market.
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Which Key Market Leaders Are Driving Hub Motor Industry Growth?
Major companies operating in the hub motor market are 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
What Are the Emerging Trends in the Hub Motor Industry?
In the hub motor market, top-tier companies are enhancing their product range with intricate devices like the electric bicycle (e-bike) hub motor systems. These systems deliver robust performance across all terrains, combining powerful and effective options. They are designed as integrated drive units placed within the bike's hub, which assists pedal-powered bicycles with electric support. In June 2024, for example, a ground-breaking product was launched by MAHLE SmartBike Systems, an eBike enterprise based in Spain. Named the MAHLE X30 drive system, it combines a potent 45 Nm torque hub motor with a weight of just 1.9 kg and can cover up to 190km on a lone charge, enhancing efficiency and coverage. The system's perfect blend with MAHLE's digital setting and flexible AI-driven support shows considerable progress, making it an appealing option for eBike producers requiring top-tier, adaptable solutions in the competitive hub motor marketplace.
What Are the Main Segments in the Hub Motor Market?
The hub motor market covered in this report is segmented -
1) By Motor: Geared Hub Motor, Gearless Hub Motor
2) By Power Output: Below 1000 W, 1000-3000 W, Above 3000 W
3) By Vehicle Type: Electric Bike (E-Bike), Electric Motorcycle (E-Motorcycle), Electric Scooter (E-Scooter), Electric Passenger Vehicles, Electric Utility Vehicles, Electric Heavy-Duty Vehicles, Other Vehicles
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Subsegments:
1) By Geared Hub Motor: Internal Geared Hub Motor, External Geared Hub Motor, Dual Gear Hub Motor, High Torque Geared Hub Motor
2) By Gearless Hub Motor: Direct Drive Hub Motor, Brushless Gearless Hub Motor, High-Speed Gearless Hub Motor, Low Power Gearless Hub Motor
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Which Geographic Area Leads the Hub Motor Market?
Asia-Pacific was the largest region in the hub motor market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hub motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Hub Motor Global Market Report?
- Market Size Analysis: Analyze the Hub Motor Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Hub Motor Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Hub Motor Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Hub Motor Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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