An automotive hub motor also called a wheel motor, in-wheel motor, or wheel hub drive is an electric motor fitted in the hub of the wheel. These motors are primarily used in electric bicycles and are witnessing a steady rise across other applications such as electric cars and commercial vehicles. The most prominent factor driving the market growth is the consistently rising penetration of electric bicycles as well as vehicles across different countries including China, Germany, Japan, Belgium, Norway, France, the U.K., and the Netherlands. The penetration of electric vehicles is witnessing strong growth, especially in Europe. Subsequently, the demand for hub motors would continue expanding over the forecast period.
Another prominent factor fueling the market growth is the superior advantages of automotive hub motors over conventional drives. Several hub motor manufacturers are putting in efforts to develop viable hub motor designs that can cater to a wide range of vehicles. In the near future, many major automotive manufacturers have expressed their desire to venture into the electric vehicle segments considering its huge potential. Thus, the automotive hub motor market can capitalize on this growth of electric vehicles. Nevertheless, major concerns for the automotive hub motors market is the strict necessity of electric supply onboard the vehicle. Similarly, unsprung weight is another major concern affecting the design of vehicles equipped with hub motors.
The report titled “Global Automotive Hub Motors Market – Growth, Future Prospects, and Competitive Analysis, 2023 – 2030” offers strategic insights into the global automotive hub motors market along with the market size and estimates for the duration 2020 to 2030. The said research study covers an in-depth analysis of market segments based on motor type, application, and cross-sectional study across different geographies and sub-geographical regions. The study covers the comparative analysis of different segments for the years 2021 & 2030. The report also provides a prolific view on market dynamics such as market drivers, restraints, and opportunities. In addition, the report includes a section providing insights on the key trends followed in the market.
In order to help strategic decision-makers, the report also includes competitive profiling of the leading automotive hub motor vendors, their business strategy analysis, market positioning, and key developments. Some of the major players profiled in the report are Heinzmann GmbH & Co. KG, Protean Electric Ltd., Elaphe Ltd., Taizhou Quanshun Motor Co., Ltd, Mitsubishi Motors, Schaeffler Technologies AG & Co. KG, TDCM Corporation Ltd., Michelin Group, Magnetic Systems Technology Ltd., SIM-Drive Corporation, GO SwissDrive AG, QS Motor Co., Ltd. and several others. Apart from the company profiles, the report includes a section covering the competitive landscape wherein the market positioning of the companies has been discussed. The section also provides a view of key business strategies adopted by the leading market players. Other in-depth analysis provided in the report includes:
Current and future market trends to justify the forthcoming attractive markets within the automotive hub motors industry
In 2021, the overall automotive hub motors market worldwide is led by the two-wheelers segment. The segment contributes to more than 40% of the global market revenue, in 2020. Electric bicycles, scooters, and bikes have witnessed fairly high penetration across different countries worldwide. Countries such as China, Japan, South Korea, Germany, the Netherlands, and few others have strong penetration of electric two-wheelers. With the continually rising adoption of electric two-wheelers from countries such as the U.S., India, and other European countries, the segment would continue experiencing strong growth over the forecast period.
The electric cars segment is yet to pick up due to relatively less commercialization of these vehicles. Although there are several production electric cars currently available, electric cars are yet to become popular, as compared to the two-wheelers segment. With the consistently growing efforts towards the betterment of electric car design and affordability, the segment is set to witness high growth in the following years. This would generate a high demand for related components such as a hub motor. Subsequently, electric cars would register the highest growth during the forecast period.
The global automotive hub motors market is led by the Asia Pacific region. In 2020, the region contributes to more than 40% of the overall market revenue generated worldwide. The automotive hub motors market here is primarily governed by countries such as China, Japan, and some of the Southeast Asia countries. These countries have strong penetration of electric two-wheelers, making them the most prominent markets for the related components. In addition, China is one of the largest producers of electric two-wheelers and related components. This makes the country one of the largest markets for hub motors.
With the anticipated strong growth in the electric vehicles segment, Asia Pacific is set to maintain its dominant position in the global market in the following years. Europe and North America followed the Asia Pacific, in terms of revenue, in the market. The market here is primarily governed by the strong penetration of electric vehicles in the Western Europe region. Countries including Norway, Germany, the U.K., France, and several others are generating strong demand for electric vehicles. As a result, the region would exhibit strong growth in the automotive hub motor market in the following years.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Hub Motors market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
