Hub Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Hub Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global hub motor market size reached US$ 9,317 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 12,344 Million by 2028, exhibiting a growth rate (CAGR) of 4.80% during 2022-2028.

Hub motor is an electric motor power generator installed in the wheels to power rear, front-wheel or all-wheel drive vehicles. The motor consists of a battery pack, fuel cell and a generator. It functions independently of the gears and operates using the electric energy stored in the battery by converting it into a rotary motion. It minimizes the contact between the stator and the rotor, thereby enhancing the overall life of the motor. Hub motors facilitate electronic commutation and eliminate the requirement for heavy transmissions, drivelines, differentials and axles. They can be used to power internal combustion engines (ICEs) and are convenient to install and cost-effective with minimal mechanical losses.

Hub Motor Market Trends:
Significant growth in the automotive industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the increasing demand for electric vehicles (EVs) is providing a thrust to the market growth. Hub motors are widely used in e-bikes, e-motorcycles and electric cars, along with light, heavy, commercial and passenger vehicles. They provide increased torque, power, acceleration and handling to electric vehicles. In line with this, the widespread adoption of rear hub motors for enhanced traction control is also contributing to the growth of the market. Automobile manufacturers are developing lightweight and compact geared variants that can be used for driving on mountains, hills and rugged terrains. Additionally, various product innovations, such as the launch of hub motors with improved thermal management and ultra-lightweight features, are also favoring the growth of the market. Other factors, including rising expenditure capacities of the consumers, along with the implementation of favorable government policies promoting the adoption of EVs, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hub motor market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on installation, vehicle type, motor type, power output and sales channel.

Breakup by Installation:

Front Hub Motor
Rear Hub Motor

Breakup by Vehicle Type:

E-bikes
Electric Two-wheelers
Passenger Cars
Others

Breakup by Motor Type:

Geared
Gearless

Breakup by Power Output:

Below 1000 W
1000–3000 W
Above 3000 W

Breakup by Sales Channel:

OEM
Aftermarket

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Accell Group N.V., Cutler MAC (Shanghai) Brushless Motor Co. Ltd, Elaphe Propulsion Technologies Ltd., Heinzmann GmbH & Co. KG, Leaf Motor, NTN Corporation, QS Motor, Schaeffler technologies AG & CO. KG, Tajima Motor Corporation and TDCM.

Key Questions Answered in This Report
1. What was the size of the global hub motor market in 2022?
2. What is the expected growth rate of the global hub motor market during 2023-2028?
3. What are the key factors driving the global hub motor market?
4. What has been the impact of COVID-19 on the global hub motor market?
5. What is the breakup of the global hub motor market based on the installation?
6. What is the breakup of the global hub motor market based on the vehicle type?
7. What is the breakup of the global hub motor market based on the motor type?
8. What is the breakup of the global hub motor market based on the power output?
9. What is the breakup of the global hub motor market based on the sales channel?
10. What are the key regions in the global hub motor market?
11. Who are the key players/companies in the global hub motor market?