Press release
Hub Motor Market is Anticipated to Expand upto $16.97 Billion in 2029
Hub Motor
What Is the Forecasted Market Growth Rate of the Hub Motor Industry?
There has been consistent expansion in the size of the hub motor market in the past few years. The market valuation is set to increase from $13.34 billion in 2024 to an estimated $13.97 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.7%. The noticeable growth during the previous period can be linked to a surge in electric vehicle demand, governmental financial support and incentives, increased environmental consciousness, rapid urbanization, and the preference of consumers for environmentally friendly modes of transportation.
How Will the Hub Motor Market Size Evolve From 2025 to 2029?
The market for hub motors is predicted to experience consistent expansion in the upcoming years, with its value projected to reach $16.97 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.0%. This growth over the forecast period can be credited to the increased acceptance of intelligent transportation solutions, government backing for electric vehicles, the evolution of swift-charging infrastructure, escalating emphasis on sustainable travel, and a surge in disposable income levels. Main trends anticipated during the forecast period encompass a shift towards shared transportation, the creation of streamlined electric vehicles, improvements in energy conservation, options for customization and personalization, and the integration of mobility and digital technology.
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What Are the Main Growth Drivers in the Hub Motor Market Today?
The hub motor market's expansion is anticipated to be driven by the rising preference for electric vehicles (EVs). These vehicles, which are either entirely or partially powered by rechargeable batteries rather than conventional internal combustion engines, are gaining popularity due to technological advancements, government incentives, growing environmental awareness, progressing battery technology, and a shift towards eco-friendly modes of transport among consumers. The hub motor plays a critical role in enhancing the appeal of electric vehicles by enabling the efficient and compact incorporation of electric propulsion systems, optimizing performance and range capabilities, and minimizing space and weight requirements. For example, the International Energy Agency, an independent organization based in France, reported that around 14 million new electric cars were registered globally in April 2024, bringing the total number of EVs on the road to 40 million. The Global EV Outlook's (GEVO-2023) sales projections indicated a jump of 3.5 million from 2022, translating into a 35% year-on-year growth, and electric cars accounted for approximately 18% of all cars sold in 2023, a rise from 14% in 2022. Hence, the mounting demand for electric vehicles is propelling the hub motor market.
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Which Hub Motor Market Segment Is Expected to Lead Through 2029?
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), After market
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
Which Market Trends Are Expected to Dominate Hub Motor Industry Growth?
Leading firms in the hub motor industry are creating inventive products such as electric bike (e-bike) hub motor systems, offering high performance on diverse terrains with improved and effective options. The electric bike hub motor systems are integrated propulsion units nested within the bike's hub that offer electric support for pedal-driven bicycles. For example, in June 2024, a Spanish eBike organization named MAHLE SmartBike Systems introduced the MAHLE X30 drive system. The system incorporates a robust 45 Nm torque hub motor that only weighs around 1.9 kg, providing improved efficiency and a range stretching up to 190 km on a single charge. The flawless meld with MAHLE's digital world and AI-driven adaptive assistance denote significant advancements, making it an appealing option for eBike producers looking for high-quality, customizable solutions in the fiercely competitive hub motor industry.
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Which Companies Hold the Largest Market Share in the Hub Motor Sector?
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
Where Is the Hub Motor Market Experiencing the Highest Growth?
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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