Market Size of Automotive Hub Motors Industry
| 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 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 |
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Automotive Hub Motors Market Size Summary
The automotive hub motors market is experiencing significant growth, driven by the increasing adoption of electric vehicles, particularly in Europe and the Asia-Pacific regions. The market is benefiting from the rising popularity of electric bicycles in both developed and developing countries, such as China, Germany, and Japan. The superior advantages of hub motors over conventional drives, coupled with government initiatives to promote electric vehicle sales, are further propelling market expansion. Major automotive manufacturers are showing interest in the electric vehicle segment, recognizing its vast potential. This trend is expected to lead to new product innovations in electric vehicles, contributing to market growth. Technological advancements, such as Saietta's axial-flux motor hub technology, are also playing a crucial role in enhancing the capabilities and applications of hub motors.
The Asia-Pacific region holds the largest share of the global automotive hub motors market, driven by strong demand from countries like China and Japan, which have high penetration of electric vehicles. China, in particular, is a significant contributor due to its large consumption of electric bikes, aimed at addressing traffic congestion and vehicle pollution. The market in India is also witnessing rapid growth, with a substantial increase in e-bike sales for last-mile deliveries. The region's dominance is supported by the decreasing purchase costs of e-bikes and the high adoption of electric mobility in Japan. Key players in the market, such as Mitsubishi Motors Corporation and Schaeffler Technologies AG & Co. KG, are expanding their offerings with innovative products to maintain a competitive edge. Collaborations and partnerships, like those between Flash and GEM Motors, are further driving the development and manufacturing of hub motors, indicating a robust growth trajectory for the market.
Automotive Hub Motors Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increase in sales of E-bike will fuel the market growth.
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1.2 Market Restraints
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1.2.1 Limited Performance in Some Applications such as Heavy-Duty Vehicles
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value USD)
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2.1 Motor Type
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2.1.1 Gearless
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2.1.2 Geared
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2.2 Vehicle Type
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2.2.1 E-bikes
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2.2.2 Electric Two-wheelers
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2.2.3 Passenger Cars
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2.2.4 Commercial Vehicles
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Russia
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2.3.2.5 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Rest of the World
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2.3.4.1 South America
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2.3.4.2 Middle-East and Africa
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Automotive Hub Motors Market Size 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.
