Press release
2025-2034 Hub Motor Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Hub Motor
What Is the Expected CAGR for the Hub Motor Market Through 2025?
In recent times, the market size of the hub motor has experienced robust growth. The market value is projected to expand from $13.34 billion in 2024 to $14.16 billion in the subsequent year, representing a compound annual growth rate (CAGR) of 6.1%. The remarkable growth during the historic period can be linked to factors such as the escalating demand for electric vehicles, government-backed subsidies and incentives, heightened environmental consciousness, rising urbanization, and the increasing preference of consumers for environmentally friendly means of transportation.
What's the Projected Size of the Global Hub Motor Market by 2029?
The market for hub motors is predicted to undergo significant expansion in the coming years, with an anticipation of reaching $17.74 billion by 2029, at a compounded annual growth rate (CAGR) of 5.8%. The upcoming period's growth could be ascribed to the adoption of intelligent transportation systems, regulatory incentives for electric vehicles, the establishment of quick-charging infrastructures, a heightened emphasis on green transportation, and an increase in spendable income. The forecast period will witness notable trends like a transition towards collective transportation, the creation of compact electric vehicles, improvements in energy efficiency, bespoke and individualized options, and the fusion of digital technologies and mobility.
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Top Growth Drivers in the Hub Motor Industry: What's Accelerating the Market?
The surge in the demand for electric vehicles is predicted to stimulate progress in the hub motor market. Automobiles that run partially or entirely on electricity stored in rechargeable batteries, otherwise known as EVs, are becoming increasingly popular due to advancements in technology, government incentives, growing environmental awareness, developments in battery technology, and a rising preference for eco-friendly transportation. The hub motor plays a crucial role in this increased demand by ensuring the efficient and compact integration of electric propulsion systems, enhancing performance and range capabilities, and minimizing space and weight requirements. As an example, the International Energy Agency, a self-governing organization based in France, released data in April 2024 stating that there have been approximately 14 million new registrations for electric cars in 2023, cumulating to a total of 40 million EVs on the roads. The 2023 Global EV Outlook (GEVO-2023) reported an increase in electric car sales by 3.5 million from 2022, indicating a 35% annual growth, with electric cars constituting about 18% of all cars sold in 2023, a rise from the 14% in 2022. Hence, the growing demand for electric cars is expected to rev up the hub motor market.
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What Trends Will Shape the Hub Motor Market Through 2029 and Beyond?
Leading firms in the hub motor industry are pioneering new offerings, such as electric bicycle (e-bike) hub motor mechanisms, designed to deliver superior performance across diverse landscapes with advanced and efficient features. These e-bike hub motor systems are integrated propulsion units situated within the bicycle's hub, providing electric support for pedal-operated bicycles. For instance, MAHLE SmartBike Systems, a Spanish eBike company, unveiled the MAHLE X30 drive system in June 2024. This system boasts a potent 45 Nm torque hub motor weighing just 1.9 kg, enhancing efficiency and range with capabilities up to 190 km per single charge. Its smooth integration with the MAHLE digital ecosystem and the adaptive artificial intelligence-powered assistance it offers render it an attractive proposition for eBike manufacturers pursuing high-performance, tailor-made solutions within 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 Top Companies are Driving Growth in the Hub Motor Market?
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
Which Regions Will Dominate the Hub Motor Market Through 2029?
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.
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