Electric Vehicle Hub Motor Market - Forecasts from 2024 to 2029

Electric Vehicle Hub Motor Market - Forecasts from 2024 to 2029

The Electric Vehicle Hub Motor market is projected to grow at a CAGR of 7.69% from estimated value of US$17.665 billion in 2024 to US$25.585 billion in 2029.

An in-wheel hub motor or an electric vehicle (EV) hub motor is specifically designed and produced for electric vehicles to improve the overall flexibility and efficiency of the EV to provide the driver with absolute comfort and relaxation. The electric vehicle hub motor is attached to the wheel of the EV to power the wheel to rotate and works as an electric motor for the wheels of the EVs.

The EV hub motor helps to reduce the overall weight of the electric vehicle because this vehicle needs to be lightweight to reduce harmful emissions due to high weight, and it has a huge battery which adds a lot of weight. Hence, other components used in electric vehicles, like hub motor, are designed specifically to reduce the overall weight of the vehicle for its smooth and efficient operation.

There are two types of hub motors available: gear hub motors and gearless hub motors. The electric vehicle hub motor can be characterized by the transmission, braking device used, and integration of power that simplifies the mechanical parts of an EV. The electric vehicle hub motor works on the principle of a switching circuit or electronic phase changer as it generates the rotating magnetic field and drives the rotor to rotate by controlling the sequence and time of energizing the stator winding according to the position sensor signal.

INTRODUCTION:

The electric vehicle hub motor market is driven by the growing demand for electric vehicles globally among the general public coupled with several governments promoting by making stringent laws for reduced emissions, providing subsidies, and making significant steps to improve the overall infrastructure needed for electric vehicles like charging stations across the globe.

The electric vehicle is the perfect alternative to the internal combustion engine vehicle to create a sustainable and eco-friendly environment for the future as these electric vehicles save a lot of energy, resources, and harmful emissions into the environment. For instance, the EV market in India is predicted to grow at a CAGR of 49% from 2022 to 2030. Also, the annual sales of electric vehicles in 2030 may cross one crore units in India.

Moreover, the increase in technological advancements across the automotive industry, including hub motors, makes them cost-efficient and reliable to use. This leads major vehicle manufacturers to adopt these hub motors into new vehicle models they produce to reduce the overall cost of electric vehicles for customers. Different types of hub motors are available in the market that cater to different needs of several types of electric vehicles like passenger cars or heavy-duty vehicles such as trucks.

These electric vehicle hub motors can improve the overall performance of EVs by providing better traction and torque, which improves the driving experience of the driver. Hence, these factors are anticipated to fuel the electric vehicle hub motor market over the forecast period.

MARKET DRIVERS:

Growth in electric vehicle sales across the globe is predicted to propel the market:

The electric vehicle hub motor market is driven by the growth in sales for electric vehicles across the globe with rapid industrialization and urbanization in several regions across the globe that are improving the infrastructure for electric vehicles like EV charging stations. The GDP growth, employment rates, consumer confidence, and subsidies on EVs by the government significantly impact the sales of EVs globally and, in turn, grow the demand for hub motors in the market. Governments are providing subsidies on EVs which is making it easy for consumers to buy EVs. For instance, the Japanese government provided a maximum of 800,000 Japanese Yen or 7,200 US Dollars for CEV or clean energy vehicles subsidies given per vehicle in 2021.

These electric vehicle hub motors play a significant role in the vehicle's production process as they are attached to the wheels, provide torque and traction to the wheels, and smooth and efficient operation of the tires in EVs. These electric vehicle hub motors are also easy to install for manufacturers and need no type of gear or transmission, which leads to their wide adoption in the automotive industry.
The growing technological advancements in hub motor technology are projected to drive the electric vehicle hub motor market.

The growing technological advancements in hub motor technology are a contributing factor to growing the demand for them in the automotive industry and to be adopted by major automakers that are manufacturing newer models of electric vehicles. These technological advancements lead to hub motors being more cost-efficient and reliable to be used in electric vehicles that can be used for reducing the overall production cost for the manufacturer and lead to affordable EV segment for the consumers and drivers.

These motors also improve the overall performance of the vehicle by providing high torque and traction to the wheels of the EVs and improving the driver’s experience. Hence, the growing technological advancements in hub motor technology are expected to fuel the electric vehicle hub motor market.

MARKET RESTRAINT:

Electric vehicle hub motors, despite having an important role in improving the overall performance and driving experience of the electric vehicle and providing efficient torque and traction to the wheels of electric vehicles with significant technological advancements, can lead to various challenges that manufacturers can face that may negatively impact this market over the forecast period.

For instance, the complex structure of hub motors coupled with high-cost requirements due to significant technological advancements in hub motor devices may lead manufacturers of vehicles to adopt other options in the market and hinder the growth of the electric vehicle hub motor market.

The growth is projected to be prominent in the Asia Pacific region.

Asia Pacific region is expected to show major growth in the electric vehicle hub motor market due to the rapid growth in production and demand of the electric vehicle industry in countries like Japan, South Korea, and China. With the government providing subsidies for purchasing electric vehicles, the sales for them are growing, and with that, the demand for hub motors is growing as they are needed for the manufacturing of EVs and the smooth functioning of their wheels. Rising demand for eco-friendly vehicles is also driving growth in this region with key players like Toyota, Honda, and others.

Moreover, developing infrastructure related to electric vehicles and governments are promoting the use of EVs for commercial and personal use in these regions, with various technological advancements related to these vehicles taking place, owing to government initiatives. This further propels the electric vehicles hub motor market growth in the forecast period in the Asia Pacific region.

Key Developments:

In September 2023, YASA announced that they received £21.2 million in funding with partners Domin and Cranfield University to develop an in-wheel motor design that can enhance EV architecture and overall performance.

Segmentation:

By Drive Type
All-wheel Drive
Front Wheel Drive
Rear Wheel Drive
By Cooling Type
Water Cooled
Air Cooled
By Vehicle Type
Passenger Cars
Commercial Vehicles
By Geography
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Italy
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
Japan
China
India
South Korea
Taiwan
Thailand
Indonesia
Others