Global Electric Vehicle Hub Motor Market to Grow at a 4.8% CAGR from 2023 to 2031, Reaching US$ 9.8 billion: TMR Report

Transparency Market Research

Transparency Market Research

Increasing demand for fuel-efficient vehicles and rising adoption of battery-operated e-vehicles is expected to drive the demand for electric vehicle hub motors

Wilmington, Delaware, United States, May 30, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc.The global electric vehicle hub motor market is expected to grow at a 4.8% CAGR from 2023 to 2031. A market valuation of US$ 9.8 billion is expected by end of the forecast period.

The market growth is expected to be driven by the shifting preferences of end users towards zero-emission vehicles, as they become more aware of the impact of global warming. Additionally, government policies that include strict regulations to reduce CO2 emissions and provide subsidies for electric two-wheeler manufacturers and users are also expected to contribute to the growth of the market in the foreseeable future.

The advantages of two-wheeler hub motors, such as hassle-free installation, cost-effectiveness, and superior performance, make them a preferred choice for electric two-wheeler manufacturers. In addition, factors such as increased power, high torque, improved vehicle handling, and enhanced vehicle range have contributed to the growth of the industry.

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Market Snapshot:

 Report Coverage

 Details

Market Revenue

US$ 6.4 Bn

Estimated Value

US$ 9.8 Bn

Growth Rate – CAGR

4.8%

 

Forecast Period

2023-2031

No. of Pages

280 Pages

Market Segmentation

Drive Type, Electric Vehicle Type, Cooling Type, Vehicle Type, Brake Type, Sales Channel

Regions Covered

North America, Europe, Asia Pacific, Middle East & Africa, South America

Companies Covered

ZIEHL-ABEGG, Schaeffler Technologies AG & Co., KG, Protean Electric, Bonfiglioli Riduttori S.p.A., ZF Friedrichshafen AG, Elaphe AG, Evans Electric, TM4, Siemens AG, Kolektor, Printed Motor Works, NSK Ltd., NTN Corporation, GEM Motors d.o.o., Magnetic Systems Technology, e-Traction B.V., Hyundai Mobis, YASA Limited, ECOmove GmbH, Tajima Motor Corporation

Key Takeaways from the Market Report

  • The global electric vehicle hub motor market is expected to be worth US$ 6.71 billion as of 2023.

  • From 2023 to 2031, the market is expected to grow with a CAGR of 4.8%.

  • By vehicle type, the passenger car segment is expected to dominate the market in 2023 by growing at a CAGR of 6% during the forecast period.

  • By electric vehicle type, battery electric vehicle segment is expected to grow with a significant CAGR of 5.5% during the forecast period.

  • As per TMR projections, the demand for electric vehicle hub motor in China is projected to grow at a CAGR of 5.1% during the forecast period.

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Electric Vehicle Hub Motor Market: Growth Drivers & Trends

  • The increasing global population and the growing demand for fuel-efficient vehicles are driving the demand for electric vehicles, thereby positively influencing the progress of the market.

  • The growth of smart cities and the increasing urbanization worldwide are contributing to the rising demand for electric vehicles, which is expected to further boost the hub motor market for electric vehicles in the forecast period.

  • Increase in production of passenger cars is expected to fuel the electric vehicle hub motor market during the forecast period.

  • The surge in crude oil prices has made vehicle rides costlier and less efficient. To enhance vehicle efficiency, automakers are increasingly drawn towards lightweight vehicles, which in turn, serves as a vital driver for the adoption of electric vehicles and hub motors.

  • An increasing adoption of battery electric vehicles across the globe, is a key growth driving factor positively influencing market dynamics.

Electric Vehicle Hub Motor Market: Regional Analysis

  • Asia Pacific is expected to dominate the market by accumulating over 42% market share by end of 2033. The market in this region is expected to grow with a CAGR of 5% during the forecast period. The rising penetration of e-vehicles and increasing pollution in the region is driving the sales of electric vehicles which is positively influencing market growth.

  • North America is projected to grow with a CAGR of 4.7% in the e-vehicle hub motor market during the forecast period. The growth can be attributed to manufacturers’ increasing emphasis on developing high-performance, cleaner, and faster electric vehicles.

  • In the United States, leading OEMs such as LUNA CYCLE, Zero Motorcycles, Harley-Davidson, Xiaomi (United States), and Victory Motorcycles have introduced electric two-wheelers, leading to a significant demand for two-wheeler hub motors. Furthermore, the advantages of better torque control, powerful acceleration, and enhanced stability are anticipated drive the demand for e-wheeler hub motors in the region.

Electric Vehicle Hub Motor Market: Prominent Players

The global market for electric vehicle hub motor is characterized by several regional and global entities. Some key electric vehicle hub motor providers profiled by TMR include:

  • ZIEHL-ABEGG

  • Schaeffler Technologies AG & Co., KG

  • Protean Electric

  • Bonfiglioli Riduttori S.p.A.

  • ZF Friedrichshafen AG

  • Elaphe AG

  • Evans Electric

  • TM4

  • Siemens AG

  • Kolektor

  • Printed Motor Works

  • NSK Ltd.

  • NTN Corporation

  • GEM Motors d.o.o.

  • Magnetic Systems Technology

  • e-Traction B.V.

  • Hyundai Mobis

  • YASA Limited

  • ECOmove GmbH

  • Tajima Motor Corporation

Prominent developments in the electric vehicle hub motor market domain by key players are as follows:

  • In March 2023, Schaeffler Technologies AG & Co., KG introduced in-wheel electric drives for municipal utility vehicles. These fully electric wheel hub motors were provided to customers and offer versatile applications in utility and service vehicles across various urban areas, logistics centers, airports, large parking facilities, and ports. The motors consolidate braking and propulsion components directly into the wheel rim, eliminating the need for central positioning or mounting on drive axles.

  • In February 2023, FLASH expanded its electric vehicle portfolio through a collaboration with GEM Motors, focusing on advanced modular multiphase hub motor technology. This partnership allowed FLASH to become the pioneering company in India to offer innovative electric vehicle motors, ranging from 1 kW to 540 kW.

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Electric Vehicle Hub Motor Market- Key Segments

  • Drive Type

    • All-wheel Drive

    • Front Wheel Drive

    • Rear Wheel Drive

  • Electric Vehicle Type

    • Battery Electric Vehicle (BEV)

    • Plug-in Hybrid Electric Vehicle (PHEV)

    • Hybrid Electric Vehicle (HEV)

  • Cooling Type

  • Vehicle Type

    • Two Wheeler

      • E-Bike/Motorcycle

      • E-scooter/Moped

    • Three Wheeler

    • Passenger Car

      • Hatchback

      • Sedan

      • Utility Vehicle

    • Light Commercial Vehicle

    • Heavy Truck

    • Bus and Coach

    • Others

  • Brake Type

    • Regenerative Brake

    • Conventional Brake

  • Sales Channel

  • Regions Covered

    • North America

    • Europe

    • Asia Pacific

    • Middle East & Africa

    • South America

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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