Expanding Hub Motor Market Anticipated to Achieve USD 20.8 Billion by 2034, Projected Growth Rate of 4.5% annually
In the dynamic world of electric mobility, the hub motor market continues to flourish, driven by the increasing adoption of Electric Vehicles (EVs) across the globe.
According to recent reports, the hub motor market was valued at an impressive USD 13.4 billion in 2024 and is projected to reach USD 20.8 billion by 2034, with a CAGR of 4.5% during the forecast period. The Asia Pacific region holds the largest market share of 36.4%, primarily due to the growing adoption of electric vehicles in countries such as China, India, Japan, and South Korea.
The region's largest automotive manufacturing hub, China, continues to spearhead market growth in Asia Pacific, supported by favourable government policies and incentives for electric mobility. In 2024, the hub motor market in Asia Pacific was valued at USD 4.88 billion.
Original Equipment Manufacturers (OEMs) dominated the sales channel segment with an 82.7% share in 2024. Notable companies that developed significant innovations in hub motor technology for electric vehicles in 2020 and 2021 include Robert Bosch GmbH, QS Motors, and GEM Motors. Bosch, in particular, invested heavily in expanding its electromobility drivetrain segment during this period.
Rear Hub Motors led the installation type segment in 2024 with a share of 71.5%. Companies like Elaphe Propulsion Technologies Ltd. and Schaeffler Technologies AG & Co. KG continue to innovate in the hub motor space, delivering high-quality electric mobility solutions.
The 3-5 kW power output category was the most prominent in 2024, holding 51.4% of the market share. Innovations in motor design, such as the development of lightweight and efficient motors, are enhancing performance and driving market growth.
Electric Two-Wheelers represented 29.7% of the vehicle type segment in 2024. Key players in the e-bike and e-scooter segments, such as QS Motor and MAC Motor, deliver cost-effective and performance-oriented solutions.
The incorporation of smart technologies, including connectivity and data analytics, is becoming prevalent in hub motor systems. Companies like YASA Limited contribute to the high-performance EV segment with its axial-flux electric motors.
In addition, companies like NSK Ltd. and NTN Corporation leverage their experience in automotive components to develop robust and reliable hub motor systems. Ziehl-Abegg SE, with its expertise in electric drive technology, remains influential, particularly in electric buses and commercial vehicles.
The Michelin Group has integrated hub motor technology into its tire solutions, enhancing the electric vehicle ecosystem. GO SwissDrive AG specializes in hub motor systems for e-bikes, emphasizing user-friendly and reliable designs.
In 2024, Spiro, Africa's largest electric vehicle manufacturer, secured a US$50 million debt facility from the African Export-Import Bank (Afreximbank). Heinzmann GmbH & Co. KG is recognized for its advanced electric drive systems, serving various industrial and mobility applications.
Notable developments also include Sir Chris Hoy endorsing Skarper, a UK-based startup focused on electric bike innovation, and BorgWarner Inc. announcing the successful spin-off of its Fuel Systems and Aftermarket segments into PHINIA in July 2023.
In 2023, Archer Aviation Inc. and Stellantis N.V. made significant strides in their strategic partnership, highlighted at the 2023 Paris Air Show. GEM Motors d.o.o. provides compact and efficient hub motors suitable for light electric vehicles, while Protean Electric is a key player known for its efficient in-wheel motor solutions for electric and hybrid vehicles.
As the electric vehicle revolution continues to gather pace, the hub motor market is set to play a crucial role in driving this transformation, offering innovative, efficient, and reliable solutions for the future of mobility.
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