Automotive Hub Motor Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.15 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Hub Motor Market Analysis
The automotive hub motors market is valued at USD 12.2 billion and is expected to reach USD 17.7 billion by registering a CAGR of about 6.15% during the forecast period.
The penetration of electric vehicles is witnessing strong growth, especially in Europe and Asia Pacific regions, with rising penetration of electric bicycles across the different developed and developing countries such as China, Germany, Japan, Belgium, Norway, France, the United Kingdom, and the Netherlands.
- For instance, according to the International Energy Agency, more than 10 million electric cars were to be sold worldwide in 2022, and sales are expected to grow by another 35% in 2023.
Moreover, other factors, such as the superior advantages of automotive hub motors over conventional drives and government initiatives to boost electric vehicle sales, are fueling the market growth. Several significant automotive manufacturers showed interest in entering into electric vehicle segments, considering its huge potential. Therefore, the automotive hub motor market can capitalize on this growth of electric vehicles, resulting in new product innovation for electric vehicles, which will result in market expansion in the future.
For example, in January 2022, Saietta's new axial-flux motor hub technology offered packaging benefits across a broad scale of vehicle applications.
Thus, the above factors, combined with technological advancement, drive the market growth.
Automotive Hub Motor Market Trends
Increasing Demand for Hub Motors from E-bike Segment
With the growing concerns and awareness to protect and preserve the environment for future generations, the need for zero-emission mobility has tremendously increased the demand for electric vehicles across the world. Also, the increased awareness about the health benefits of using E-Bikes has increased their production and usage. Consequently, the need for hub motors that are majorly used in E-bikes has also increased.
The primary benefit of using a hub motor in e-bikes is that it requires less maintenance; this is due to the fact that all the parts are located inside the motor casing, and this motor is entirely independent. Sometimes, the use of electric motors attached to gears might not be ideal due to the chance of gear tooth wear and eventually rendering the motor useless. Hence, the hub motors are usually preferred for light-duty applications like E-Bikes.
In September 2023, Indian automobile company Bajaj announced to launch of its scooter in an electric version with a more cost-effective hub motor, which was previously available in the market mid-mounted motor.
On the other hand, the gearless hub motor has no significant losses as there are no moving parts except for bearings. Apart from the benefits, an e-bike is noiseless, generates no carbon emissions, offers a low-cost mode of transportation, saves space, and ensures good health. Thus, owing to the advantages above, e-bikes are expected to become the future mode of transportation for short distances. Also, with the projected increase in E-Bike usage, especially in European and Asian regions, the usage of hub motors is expected to increase during the forecast period.
For example, according to Plugin India Electric Vehicles, the Indian electric two-wheeler market noted a significant 206% year-over-year increase in September 2022.
This factor, in turn, is expected to increase the demand for e-bikes and, consequently, the hub motors.
Asia-Pacific Leads the Market Share
Asia-Pacific is leading the hub motors market. The automotive hub motors market in this region is primarily driven by the demand from countries such as China, Japan, and some of the Southeast Asia countries. These countries have strong penetration of electric vehicles, making them the most prominent markets for the related components.
China has made a major contribution to hold the highest share of the Asia-Pacific hub motors market, owing to its high consumption of electric bikes, in order to tackle heavy traffic conditions as well as growing vehicle pollution in the country.
- According to the World Economic Forum, China remains the world's largest EV market, with 59% of global sales.
During the forecast period, the consumption of e-bikes is likely to continue to grow due to the decreasing purchase cost of e-bikes in the Chinese market.
In addition, India, in the past few years, experienced the exponential rise of e-bikes, with the sales rising double every year. The market also experienced higher sales with rising demand for e-bikes in last-mile deliveries.
- For example, in June 2023, Trigo Electric announced to buy 10,000 e-bikes from AMO Mobility for last-mile delivery options.
Japan also has a considerably high adoption of electric mobility. The country is a pioneer in the field of electric and hybrid vehicles, with companies like Toyota and Nissan being active in this field. This transition toward electric vehicles is another factor driving the growth of hub motors in the country.
Asia-Pacific holds the largest share of the global market due to a rush in the adoption of electric vehicles in emerging economies of this region.
Automotive Hub Motor Industry Overview
The Automotive Hub Motors Market is dominated by several players such as Mitsubishi Motors Corporation, Schaeffler Technologies AG & Co. KG, Taizhou Quanshun Electric Drive Technology Co., Ltd. (QS Motor), Heinzmann GmbH & Co. KG, Michelin. These companies are expanding their business with new innovative products so that they can have an edge over their competitors.
In February 2023, Electronic component maker Flash collaborated with GEM Motors to manufacture hub motors.
Automotive Hub Motor Market Leaders
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Schaeffler Technologies AG & Co. KG
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Taizhou Quanshun Electric Drive Technology Co., Ltd. (QS Motor)
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Heinzmann GmbH & Co. KG
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Mitsubishi Electric
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Protean Electric Limited
*Disclaimer: Major Players sorted in no particular order
Automotive Hub Motor Market News
August 2023: Automotive supplier partnered with Biketec's FIT system to launch hub motor.
January 2023: e-bikes accounted for the launch of the e-bike Transil, which has a hub motor with BLDC, to launch in the Indian Market.
September 2022: Honda company patented a hub motor design in India, which could be used for electric scooters in the future.
Automotive Hub Motor Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increase in sales of E-bike will fuel the market growth.
4.2 Market Restraints
4.2.1 Limited Performance in Some Applications such as Heavy-Duty Vehicles
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value USD)
5.1 Motor Type
5.1.1 Gearless
5.1.2 Geared
5.2 Vehicle Type
5.2.1 E-bikes
5.2.2 Electric Two-wheelers
5.2.3 Passenger Cars
5.2.4 Commercial Vehicles
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Mitsubishi Motors Corporation
6.2.2 Schaeffler Technologies AG & Co. KG
6.2.3 Taizhou Quanshun Electric Drive Technology Co., Ltd. (QS Motor)
6.2.4 Heinzmann GmbH & Co. KG
6.2.5 Michelin
6.2.6 Protean Electric Ltd.
6.2.7 Elaphe Ltd.
6.2.8 TDCM Corporation Ltd.
6.2.9 Magnetic Systems Technology Ltd.
6.2.10 SIM-Drive Corporation
6.2.11 GO SwissDrive AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Automotive Hub Motor Industry Segmentation
The automotive hub motor is an electrical motor attached to the wheels of automotive vehicles, either 2- or 4-wheelers, that drives the vehicle with flexibility and high efficiency. The Automotive Hub Motors market is segmented by motor type, vehicle type, and geography. By motor type, the market is segmented into gearless and geared. By vehicle type, the market is segmented into e-bikes, electric two-wheelers, passenger cars, and commercial vehicles. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The report offers market size and forecasts for Automotive Hub Motors in value (USD) and volume (units) for all the above segments.
| Motor Type | |
| Gearless | |
| Geared |
| Vehicle Type | |
| E-bikes | |
| Electric Two-wheelers | |
| Passenger Cars | |
| Commercial Vehicles |
| Geography | |||||||
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Automotive Hub Motor Market Research FAQs
What is the current Automotive Hub Motors Market size?
The Automotive Hub Motors Market is projected to register a CAGR of 6.15% during the forecast period (2024-2029)
Who are the key players in Automotive Hub Motors Market?
Schaeffler Technologies AG & Co. KG, Taizhou Quanshun Electric Drive Technology Co., Ltd. (QS Motor), Heinzmann GmbH & Co. KG, Mitsubishi Electric and Protean Electric Limited are the major companies operating in the Automotive Hub Motors Market.
Which is the fastest growing region in Automotive Hub Motors Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Automotive Hub Motors Market?
In 2024, the Asia Pacific accounts for the largest market share in Automotive Hub Motors Market.
What years does this Automotive Hub Motors Market cover?
The report covers the Automotive Hub Motors Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Hub Motors Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hub Motor Industry Report
Statistics for the 2024 Hub Motor market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hub Motor analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
