Press release
Global Hub Motor Market to Hit $17.45 Billion by 2026 | Accelerating EV Growth at 4.4% CAGR
Hub Motor Market
The hub motors or in-wheel motors that are installed on the front wheel of the bikes are considered under the front hub motor segment. In addition, the front hub motor segment is anticipated to exhibit lucrative growth during the forecast period. Installation of hub motor on the front wheel offers advantages such as easy installation & less maintenance, cheaper price, and can be fitted on normal bike frame, which in turn is anticipated to boost the growth of the hub motor market for front wheel position. Whereas, the bikes in which the hub motor is installed on the rear wheel are considered under the rear hub motor segment. In addition, rear hub motors are better on dirt roads as compared to front hub motors. They undergo less wear as it is protected by a covering, which in turn is anticipated to propel the growth of the market for rear hub motor segment.
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Prime determinants of growth
Rise in production of vehicles with in-wheel electric motors and enhanced performance of electric vehicle due to hub motor systems drive the global hub motor market. However, less operating speed and complex structure of hub motors restrain the market growth. On the other hand, increase in penetration of electric vehicles offers new opportunities in coming years.
Pedelecs are designed to make driving an e-bike mimic the natural motion that is used while riding a conventional bicycle. For instance, pedaling a bicycle increases the speed, in the same way, a sensor is mounted on the bottom bracket or pedal crank arm that is activated on pedaling. Thus, the motor in the bike generates power while pedaling. The riding range of these pedal assist bikes is longer as compared to other types such as throttle on demand, which in turn is anticipated to propel the growth of market. In addition, throttle on demand bikes consists of small electric motor, which is when activated engages the motor and provides the power on demand and propels the bike forward.
In addition, it provides easy operation, natural grip of bicycle handlebar, and others. The throttle on demand bikes offer features such as ease of use, simplicity in maintenance & installation, customizable grip positioning, and others, which in turn is anticipated to propel the growth of the market for throttle on demand segment. Rise in demand for scooters and motorcycles with hub motors, owing to enhanced performance and extended riding range is anticipated to propel the growth of the market for the scooter or motorcycle segment.
The factor such as rise in production of vehicles with in-wheel electric motors drives the growth of the hub motor market. In addition, enhanced performance of electric vehicle due to hub motor systems propels the growth of the market. However, less operating speed and complex structure of hub motors restrains the growth of the market. Furthermore, increase in penetration of electric vehicle globally is expected to offer remarkable growth opportunity for the players operating in the hub motor market.
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Leading luxury car manufacturers are introducing new range of electric vehicle with hub motor, which in turn is anticipated to propel the growth of hub motor market. For instance, on November 11, 2019, Lexus, a luxury car brand, launched first electric car that features in-wheel electric motor. Electric motor manufacturers are introducing hub motor with innovative and enhanced features, which in turn will boost the growth of market in this region. For instance, on March 5, 2019, Nidec, a Japanese manufacturer of electric motor announced an in-wheel prototype for electric vehicle, which provides high power and high torque density. In addition, factors such as continuous development of hub motor by the electric vehicle manufacturers and improved performance of the electric vehicle due to hub motor is anticipated to drive the growth of market.
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Leading market players
QS Motor
Elaphe Propulsion Technologies Ltd.
NTN Corporation
TDCM
MAC Shanghai Electric Motor Company Ltd.
Accell Group
Schaeffler Technologies AG & CO. KG
Robert Bosch GmbH
Hyundai Mobis
Siemens AG
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