Press release
Hub Motor Market Poised for 5.8 % Growth, Set to Hit $65.66 Billion by 2029
Hub Motor
The increasing demand for electric vehicles (EVs) is expected to fuel the growth of the hub motor market. This demand is driven by technological advancements, government incentives, and the push for environmentally friendly transport. Hub motors play a crucial role in EVs by offering efficient integration of electric propulsion systems, enhancing vehicle performance and range. For instance, global registrations of electric cars rose to nearly 14 million in 2023, marking a 35% year-on-year increase, according to the International Energy Agency. Therefore, the growing EV demand is propelling the hub motor market.
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How will the growth rate of the hub motor market shape industry trends by 2034?
The hub motor market is expected to grow from $13.34 billion in 2024 to $14.16 billion in 2025 at a CAGR of 6.1%. Growth is driven by electric vehicle demand, government incentives, environmental awareness, urbanization, and eco-friendly transport preferences.
The Hub Motor Market is projected to expand to $17.74 billion by 2029, at a CAGR of 5.8%. Growth is driven by smart transportation adoption, regulatory support for electric vehicles, fast-charging infrastructure development, and a focus on sustainable mobility. Key trends include shared mobility, compact electric vehicles, improved energy efficiency, customization, and the integration of digital technologies.
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What trends are poised to drive the future success of the hub motor market?
In the hub motor market, companies are innovating by creating products like electric bicycle (e-bike) hub motor systems, offering exceptional performance for various terrains. For instance, in June 2024, MAHLE SmartBike Systems, a Spain-based company, introduced the MAHLE X30 drive system. This system includes a 45 Nm torque hub motor weighing 1.9 kg, providing a range of up to 190 km on a single charge. The system integrates seamlessly with MAHLE's digital ecosystem and offers adaptive AI-driven assistance, making it an attractive solution for eBike manufacturers seeking high-performance, customizable hub motor systems.
Which primary segments of the hub motor market are driving growth and industry transformations?
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 geographical regions are pioneering growth in 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.
Who are the influential players reshaping the hub motor market landscape?
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
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What Is Covered In The Hub Motor Global Market Report?
•Market Size Forecast: Examine the hub motor market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the hub motor market for a structured understanding.
•Key Players Overview: Analyze major players in the hub motor market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the hub motor market.
•Segment Contributions: Evaluate how different segments drive overall growth in the hub motor market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the hub motor market.
•Industry Challenges: Identify potential risks and obstacles affecting the hub motor market.
•Competitive Landscape: Review strategic developments in the hub motor market, including expansions, agreements, and new product launches.
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