Hub Motor Market Forecasts to 2028 – Global Analysis By Motor (Geared, Gearless), Product (Pedelecs, Throttle on Demand), Torque (< 700 Nm, > 700 Nm), Sales Channel (OEM, Aftermarket) and By Geography
According to Stratistics MRC, the Global Hub Motor Market is accounted for $8.48 billion in 2020 and is expected to reach $14.58 billion by 2028 growing at a CAGR of 7.01% during the forecast period. Increasing government purchase incentives for electric two wheelers, enhanced performance of electric vehicle and rise in production of vehicles are driving the market growth. However, lack of awareness and less operating speed are hampering the growth of the market.
Hub Motor is an electric motor that is installed in the wheels that drives the wheels directly and is used for the improvement in effectiveness and performance of the vehicles. They are installed on the wheels of the electric vehicles so that the load on the engine can be reduced and the performance of the vehicle is enhanced.
Based on the installation, the rear hub motor segment is going to have lucrative growth during the forecast period as rear hub motor provides high power handling, powerful acceleration, and high flexibility. These motors are now widely used in modern electric and hybrid vehicle especially electric scooters and electric bike kits.
By geography, Asia Pacific is going to have high growth during the forecast period due to the rush in adoption of electric buses in emerging economies of this region. In addition, rising imports and exports of electric vehicles due to rise in pollution and to find alternative to gasoline vehicles that emit huge pollutants in the atmosphere is another factor responsible for the growth of this market in this region.
Some of the key players profiled in the Hub Motor Market include Accell Group, Elaphe Ltd, Enertrac Corporation, Jiashan Neopower International Trade Co, Ltd,Leaf Motor, Luna Cycle, Michelin Group, NTN Corporation, QS Motor, Robert Bosch, Schaeffler technologies AG & CO. KG, Siemens AG, TDCM Corporation and Zero Motorcycles.
Estimated Market Size in 2020:
USD 8.48 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 14.58 billion
Tables, Graphs & Figures
Motor, Braking, Product, Vehicle Type,
Installation, Torque, Drive, Method of Cooling, Electric Vehicle Type, Power Output, Sales Channel and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Geared Hub Motor
• Gearless Hub Motor
• Regenerative Braking
• Conventional Braking
• Throttle on Demand
Vehicle Types Covered:
• Three Wheelers
• Four Wheelers
• Front Hub Motor
• Rear Hub Motor
• Less than 700 Nm
• More than 700 Nm
• Front Wheel Drive
• All-Wheel Drive
• Rear Wheel Drive
Method of Cooling’s Covered:
• Water Cooled
• Air Cooled
Electric Vehicle Types Covered:
• Battery Electric Vehicle (BEV)
• Plug in Hybrid Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)
Power Outputs Covered:
• Below 1000 W
• 1000–3000 W
• Above 3000 W
Sales Channels Covered:
• Original Equipment Manufacturer (OEM)
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Hub Motor Market is majorly driven by government purchase incentives for electric two wheelers, enhanced performance of electric vehicle and rise in production of vehicles.
The rear hub motor segment is growing at a highest CAGR as rear hub motor provides high power handling, powerful acceleration, and high flexibility.
North America dominated with a significant market share due to the growing focus of the manufacturers in the region for faster, cleaner and high-performance electric vehicles in the market.
Asia Pacific market is growing at a highest CAGR due to the rush in adoption of electric buses in emerging economies of this region. In addition, to find alternative to gasoline vehicles that emit huge pollutants in the atmosphere is another factor responsible for the growth of this market in this region.
Key players in Hub Motor Market includeAccell Group, Elaphe Ltd, Enertrac Corporation, Jiashan Neopower International Trade Co, Ltd,Leaf Motor, Luna Cycle, Michelin Group, NTN Corporation, QS Motor, Robert Bosch, Schaeffler technologies AG & CO. KG, Siemens AG, TDCM Corporation and Zero Motorcycles.
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