How Has the Hub Motor Market Size Evolved in Recent Years?
The hub motor market has seen considerable growth due to a variety of factors.
• The hub motor market has seen significant growth in recent years. It will rise from $13.34 billion in 2024 to $14.16 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%.
The growth is attributed to the rising demand for electric vehicles, government subsidies and incentives, growing environmental awareness, increased urbanization, and a growing preference for eco-friendly transportation.
What are the Market Size and Expected Growth Rates for the Hub Motor Market?
The hub motor market is expected to maintain its strong growth trajectory in upcoming years.
• The hub motor market is expected to grow to $17.74 billion by 2029, with a CAGR of 5.8%.
Growth is driven by the adoption of smart transportation solutions, regulatory support for electric vehicles, the development of fast-charging infrastructure, increasing focus on sustainable mobility, and rising disposable incomes. Key trends include shared mobility, compact electric vehicles, enhanced energy efficiency, customization options, and the integration of mobility and digital technologies.
Which Key Drivers Are Propelling The Hub Motor Market's Growth?
The demand for electric vehicles (EVs) is expected to drive the growth of the hub motor market. The rise in EV adoption is spurred by advancements in battery technology, government incentives, and growing environmental awareness. Hub motors improve the performance and efficiency of EVs by providing compact and efficient electric propulsion. According to the International Energy Agency, global EV registrations reached nearly 14 million in 2023, marking a 35% increase in sales from the previous year.
What Are The Key Segments Within The Global 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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How Are New Trends Impacting The Size Of The Hub Motor Market?
The hub motor market is seeing significant developments by leading businesses, with creation of novel products focussing on electric bicycle (e-bike) hub motor systems. These systems offer superior performance across all terrains as they comprise integrated propulsion units housed in the bicycle's hub, enhancing the efficiency of pedal-powered bikes with electric support. For example, in June 2024, the Spain-based eBike company, MAHLE SmartBike Systems introduced the MAHLE X30 drive version, incorporating a sturdy 45 Nm torque hub motor that weighs merely 1.9 kg. The system, capable of providing increased efficiency and range of up to 190 km on one charge, smoothly integrates with MAHLE's digital network and sophisticated AI-driven support. These remarkable features make it an attractive option for eBike manufacturers looking for high-performance, flexible solutions in the competitive hub motor market.
Who Are the Key Players 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
What Are The Regional Insights Into The Hub Motor Market?
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.
