Electric Vehicle (EV) Hub Motor Market
Industry: Automotive
Published Date: December-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 188
Report ID: PMRREP35006
The global electric vehicle hub motor market is estimated to reach a size of US$ 28.9 Bn in 2024. It is predicted to rise at a CAGR of 14.1% through the assessment period to reach a value of US$ 72.54 Bn by 2031. The customer base for electric vehicle hub motors is broadening due to the growing need for fuel-efficient, noiseless, and effective automobiles as well as the growing adoption of EVs globally.
In an effort to lower carbon emissions, governments everywhere are encouraging the use of electric vehicles through policies and incentives, such as the EU's enhanced subsidies in February 2024. Leading manufacturers, such as Protean Electric and Ziehl-Abegg are improving in-wheel hub motor performance to increase dependability, safety, and energy economy.
Companies like Nidec Corporation is collaborating with foreign firms to broaden its EV portfolio, which ranges from modest two-wheelers to huge electric buses. Modern electronics and AI-powered control systems are enhancing hub motor performance, influencing EV development, and transforming intercity and urban mobility.
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Key Highlights of the Market
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Market Attributes |
Key Insights |
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Electric Vehicle (EV) Hub Motor Market Size (2024E) |
US$ 28.9 Bn |
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Projected Market Value (2031F) |
US$ 72.54 Bn |
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Global Market Growth Rate (CAGR 2024 to 2031) |
14.1% |
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Historical Market Growth Rate (CAGR 2019 to 2023) |
10.7% |
The global automobile industry expects North America to account for 35% of the market in 2024, owing to mounting sales of battery electric vehicle (BEV) in U.S. and Canada. The region is estimated to record a CAGR of 6.7% by 2031.
Customer interest has increased due to the U.S. government's Inflation Reduction Act of 2022, which extended tax credits of up to US$ 7,500 for BEV purchases. In September 2024, General Motors added the Chevrolet Equinox EV to its roster of all-electric vehicles in response to the growing demand for BEVs. Tesla's Model Y and Model 3 dominate BEV sales in North America, promoting sustainability and energy efficiency in the automotive industry.
The Asia Pacific region is growing, with a 36.5% market share in 2024, due to fast urbanization and supportive government policies that encourage the use of EVs. Countries like China, India, and South Korea are leading the charge due to extensive investments in EV infrastructure and incentives for manufacturers and consumers.
A key component of the global EV ecosystem, Asia Pacific is distinguished by its cost-effective manufacturing capabilities, hub motor technological developments, and international collaborations with regional manufacturers such as BYD and Tata Motors.
Micro-mobility solutions and urbanization are driving up demand for electric bikes. Small hub motors for two wheelers are predicted to hold a market share of 40% in 2024. Electric bikes and scooters are gaining popularity as sustainable, eco-friendly alternatives for short-distance urban commuting, addressing environmental concerns and providing cost-efficient mobility. For instance,
In August 2024, Gogoro introduced its advanced electric scooter with a lightweight hub motor for enhanced efficiency and performance. Two-wheelers are now positioned as a crucial sector in the global electric vehicle hub motor market as a result of the necessity for urban mobility and the creation of new models.
The below 1000W hub motor segment is expected to obtain a 48% of the market share in 2024 since it is mostly utilized for short-distance travel and urban commuting in densely populated locations. The growing popularity of electric bikes and scooters can be attributed to their affordability and energy efficiency, which meet the demand for sustainable transportation options worldwide.
The demand for motors under 1000W is rising in cities like Tokyo and Amsterdam owing to urbanization and environmental concerns. In August 2024, Yamaha launched a new range of electric scooters with improved hub motors below 1000W. These scooters are designed for better performance in city commuting. As governments keep encouraging eco-friendly transportation, this market is expected to grow steadily, making it ideal for urban travel.
The global electric vehicle hub motor market is expanding fueled by the global push for electrification and carbon reduction. Government incentives, such as India’s FAME II scheme, which saw an extension in June 2024, continue to drive consumer adoption of efficient, compact, and high-performance EV powertrain solutions.
The use of lightweight materials and energy-efficient designs is revolutionizing hub motor technologies, thereby reducing vehicle weight and enhancing efficiency. The unveiling of hub motor-equipped prototypes by automakers Tesla and Toyota underscores the commitment of industry to innovation.
The efficiency and energy consumption of EVs, such as Tesla and BYD models, are expected to propel the magnet category to a 55% market share in 2024. The user experience is being enhanced by developments in battery technology, such as increased range and quick charging, as well as the growth of the global EV charging network. Growing consumer awareness about environmental sustainability and long-term cost savings accelerates market further.
The global electric vehicle hub motor market recorded a CAGR of 10.7% during the period from 2019 to 2023. The two-wheeler hub motor industry was greatly influenced by government subsidies for electric vehicles in developing nations.
The global market was positively affected by the COVID-19 epidemic, which resulted in a rise in EV production and sales. The market expansion aided by government regulations and sunsidies.
The introduction of stimulus packages during and after the epidemic raised demand for electric bikes, supporting market growth. Demand for e-vehicle hub motor is estimated to record a considerable CAGR of 14.1% during the forecast period between 2024 and 2031.
Emphasis on Reducing Vehicle Weight through Innovative Motor Design
The automotive industry is placing a high priority on lowering vehicle weight and increasing energy efficiency. This is particularly true for the electric vehicle sector, which is being pushed by lightweight motor design solutions.
Manufacturers of electric motors, particularly in North America and Europe, are using cutting-edge materials like carbon fiber and aluminum alloys in 2024 to decrease weight without sacrificing performance.
Advancements in hub motor design are enhancing vehicle power density, reducing bulky components, and boosting efficiency, promoting a sustainable approach to EV design. Consequently, ensuring automakers remain competitive in the eco-conscious market.
Push Toward Electrification of Transportation Drive EV Technology Innovations
The world is moving toward electric vehicles to reduce carbon emissions and improve transportation. Governments in Europe and North America are setting strict targets to cut emissions, which has increased the demand for clean transportation options.
New technologies in EVs, like better battery efficiency, quicker charging, and improved motors, are making electric cars more appealing and practical for buyers. improvements in battery technology, such as solid-state batteries and quicker charging choices, are expected to increase EV adoption in 2024 and lower transportation-related carbon emissions.
Hefty Manufacturing Price to Limit the Production
Potential customers are discouraged from purchasing electric scooters, mopeds, and e-bikes due to the expensive cost of hub motors and electric bikes, which is a key obstacle to market expansion.
Although India's FAME II program seeks to lower the initial cost of electric two-wheelers, buyers are still wary. Cost-effective materials and mass manufacturing techniques are being investigated by manufactures.
Improvements in Battery Technology Enable Powerful Motor Configurations
The performance and range of electric vehicle hub motors have been enhanced by developments in battery technology. More efficient power supply and greater driving ranges have been made possible by the use of lithium-ion, solid-state, and lithium-sulfur batteries.
As consumers desire more powerful, small automobiles with great range, EV trend is essential. In 2024, the demand for EV hub motors is anticipated to continue to expand due to the move towards larger-capacity batteries with better thermal management systems.
Enhancing Performance via Technological Innovations is a Continuous Trends
Manufacturers in the electric vehicle hub motor market are focusing on improving power density to create lightweight motors with superior performance and reduced weight. Modern materials like lightweight aluminum alloys and carbon composites have drastically decreased motor weight, increasing electric vehicle operating range and energy efficiency. For example, in October 2024, Elaphe Propulsion Technologies, a leading EV hub motor manufacturer, introduced an ultra-lightweight in-wheel motor prototype, demonstrating a 15% improvement in energy efficiency.
Key players in the market are working together to speed up innovation. In May 2024, Nidec Corporation teamed up with General Motors to improve powertrain designs for different electric vehicle (EV) types. The demand for sustainable urban mobility solutions necessitates the use of lightweight and high-power hub motors in the next generation of EVs.
An increasing number of industrial equipment manufacturers are entering this dynamic industry, particularly in the electric bike and scooter sectors, which has contributed to a spike in competition in the electric vehicle hub motor market in recent years. The competition to innovate and gain market share has gotten fierce due to this inflow of competitors.
Developing strategic alliances with producers of electric vehicles would greatly benefit exclusive hub motors. Large-scale production and efficient distribution procedures may be made possible by such partnerships, expanding the availability of premium electric car options to customers.
Recent Industry Developments
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled in the Report |
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Report Coverage |
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Customization and Pricing |
Available upon request |
By Vehicle Type
By Power Output
By Technology
By Position
By Region
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The market size is set to reach US$ 72.54 Bn by 2031.
Hub motors are easy to maintain due to minimal dirt and debris exposure, and offer direct drive efficiency without affecting the bike's drivetrain.
North America is set to attain a market share of 35% in 2024.
The market is estimated to be valued at US$ 28.9 Bn in 2024.
A few of the key players in the market are ZIEHL-ABEGG, Schaeffler Technologies AG & Co., KG, and Protean Electric.
