Hub Motor Market

The global hub motor market is projected to experience a compound annual growth rate (CAGR) of 5.01% during the forecast period, reaching a value of USD 10.82 billion by 2030, compared to an estimated USD 7.69 billion in 2018. Hub motors play a crucial role in enhancing the performance of electric vehicles by supplying torque to the associated tire and improving power generation, thereby increasing vehicle efficiency. Additionally, hub motor technology offers benefits such as providing a smooth and effortless ride, especially in applications like bicycles when riders prefer not to pedal.

In 2018, the electric bikes segment accounted for the largest share of the global hub motor market. The growth of hub motors in this segment can be attributed to their ability to deliver high torque, increased power, and improved vehicle handling for both new and existing electric bikes. Furthermore, the support from governments in countries like France and Norway, along with the efforts of original equipment manufacturers (OEMs) to enhance existing electric two-wheeler models, are expected to drive the sales of electric bikes. Consequently, the demand for hub motors for electric bikes is projected to increase.

Regarding installation type, rear hub motors are expected to be the largest contributor to the hub motor market during the forecast period. Rear hub motors are widely used due to their ability to provide powerful acceleration, better traction, and increased flexibility. The rear wheel of e-bikes can better handle higher power, making it suitable for installing powerful hub motors. Major electric two-wheeler manufacturers prefer rear hub motor installation to take advantage of traction control.

In terms of motor type, geared hub motors are expected to exhibit the fastest growth rate during the forecast period. Geared hub motors dominate the global hub motor market and are characterized by their ability to control vehicle speed. These motors provide high torque, making them suitable for driving on mountains or hills. Geared hub motors find significant application in e-bikes due to their lighter weight and smaller size. The Asia Pacific region represents the largest market for geared hub motors, with increasing sales of e-bikes driving demand for these motors in the region.

During the forecast period, Asia Pacific is expected to account for the largest market size in the hub motor market. China, in particular, holds the largest market share in the region due to its promotion of electric two-wheelers as a means to reduce pollution and vehicle emissions. China is also the world's leading producer of e-bikes, and the growing sales of electric two-wheelers in the region will contribute to the increased demand for hub motors. For instance, NTN, a company specializing in hub motors, has collaborated with FSAT, a Chinese automobile manufacturer, to develop lightweight New Energy Vehicles (NEVs) incorporating in-wheel motor driving systems.

Major players such as QS Motor (China), Schaeffler Technologies (Germany), Michelin (France), Jiashan Neopower International Trade (China), and Elaphe (Slovenia) dominate the global hub motor market. These companies possess robust global distribution networks and offer a wide range of products to original equipment manufacturers (OEMs). To maintain their market positions, these companies employ strategies such as continuous product development, collaborations, and entering into contracts and agreements.

Critical Questions:
• What will be the long-term impact of electric two-wheeler sales on the industry?
• Can the industry effectively address the challenge of the high cost associated with the hub motor market?
• How will the additional weight of hub motors impact the industry?