Global Hub Motor For Electric Vehicles (EVs) Market Size, Statistics, Segments, Forecast 2024-2032

Hub Motor For Electric Vehicles (EVs) Market Size And Forecast

Hub Motor For Electric Vehicles (EVs) Market size is growing at a moderate pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2023 to 2030.

Rising adoption of electric vehicles is likely to increase the adoption of hub motors during forecasted years. Rise in demand for smart cities and growing urbanization across the globe have boosted the usage of electric vehicles significantly, which is expected to boost the hub motor market for the electric vehicle during the forecast period. The Global Hub Motor For Electric Vehicles (EVs) Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Hub Motor For Electric Vehicles (EVs) Market Definition

The hub motor is also known as a wheel hub motor, a wheel motor, a wheel hub drive, or an in-wheel motor. It’s an electric motor that’s incorporated into the wheel’s hub and drives it directly. Brushless dc technology is the motor technology used in this motor. Brushless DC (BLDC) motors are the next generation of DC motors, with electronic commutation replacing mechanical commutation. This removes all contacts between the rotor and the stator, extending the motor’s life. The use of BLDC motor technology improves a motor’s power density.

BLDC Motors are smaller than DC Motors with the same power rating. The use of Neodymium Iron Boron magnets allows for this scaling up of the power density. Hub motors provide several advantages, including easy installation, do not need differential, and are free from any kind of gears and transmission, which in turn increase the operating efficiency of the vehicle as compared to its counterparts. China is the largest producer of electric bikes because of its technological expertise in BLDC, permanent magnet, and manufacturing technology. Hub motors for electric bikes range from 250W to 7000W.

The hub motors are die-cast aluminum parts with neodymium iron boron magnets. A power electronic controller, which acts as the electronic commutator, is always present with the motor. Whether it’s for an electric scooter or an electric cycle, the die-cast cover design is determined by the vehicle model. If it’s for an electric cycle, the cover should also allow for the insertion of spokes.

Global Hub Motor For Electric Vehicles (EVs) Market Overview

The rising adoption of electric vehicles is likely to increase the adoption of hub motors during forecasted years. Electric vehicle demand has risen at an impressive rate around the world as a result of rising environmental concerns. The Global Hub Motor For Electric Vehicles (EVs) Market is expected to increase significantly due to growing consumer interest in electric vehicles. During the assessment period, hub motor adoption in the electric vehicle area is likely to be one of the key drivers of market development. Electric unicycles have increased in popularity in the Market during the last few years.

Furthermore, electric unicycles are becoming more popular as a viable solution to last-mile transportation issues. The use of hub motors in the production of electric unicycles has risen steadily in recent years, and this trend is expected to continue over the forecast period– a factor that will likely boost the market growth. While hub motors for creating electric unicycles are in high demand, hub motors for manufacturing electric bikes are also on the rise.

Because China currently leads the world in electric bike manufacturing, it is expected to be a key market for players in the Hub Motor For Electric Vehicles (EVs) Market. The rise in demand for smart cities and growing urbanization across the globe have boosted the usage of electric vehicles significantly, which is expected to boost the market during the forecast period. The price of crude oil has risen significantly in recent years, making vehicle rides more expensive and inefficient. Vehicles that are lightweight have a lot of potential to improve vehicle economy. This is a major element driving automakers to switch to electric vehicles in order to provide vehicles that are both efficient and reduce emissions vehicles.

This is expected to boost the market for electric vehicles. However, the market of hub motors for electric vehicles though has certain limitations which can restrain the potential growth of the market such as the easy availability of mid-drive motors as an alternative option, while the increase in unsprung weight of the wheel and high cost can challenge the growth of the market. Furthermore, in the forecast period of 2021 to 2028, the rapid increase in sales of electric two-wheelers around the world, as well as the rise in demand for smart cities and rapid urbanization around the world, are expected to provide lucrative growth opportunities for the Hub Motor For Electric Vehicles (EVs) Market.

Global Hub Motor For Electric Vehicles (EVs) Market: Segmentation Analysis

The Global Hub Motor For Electric Vehicles (EVs) Market is Segmented on the basis of Product, Application, And Geography.

Hub Motor For Electric Vehicles (EVs) Market, By Product

• Water Cooled• Air Cooled

Based on Product, The market is segmented into Water Cooled, and Air Cooled. In the water-cooled hub motor, the water is simply pumped through the motor and cooled down repeatedly by a cooling unit. The motor will not overheat and will be able to deliver optimal output. The general rule is that the more current fed to the motor, the more it heats up and needs cooling.

Hub Motor For Electric Vehicles (EVs) Market, By Application

• Passenger Vehicles• Commercial Vehicles

Based on Application, The market is segmented into Passenger Vehicles and Commercial Vehicles. The passenger vehicle segment dominated the market for electric vehicles. This is owing to a rise in the production of passenger vehicles across the globe. The rise in penetration of electric vehicles is expected to further boost the Hub Motor For Electric Vehicles (EVs) Market across the globe.

Hub Motor For Electric Vehicles (EVs) Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Geography, The Hub Motor For Electric Vehicles (EVs) Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific and Europe are expected to be highly lucrative markets during the forecast period. The presence of a significant automobile sector in China, Japan, and India is the primary reason for this. During the forecast period, the Hub Motor For Electric Vehicles (EVs) Market is expected to be driven by a large presence of original equipment manufacturers and tier-1 suppliers across the region.

Key Players

The “Global Hub Motor For Electric Vehicles (EVs) Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Protean Electric, Ziehl-Abegg, Schaeffler Technologies, ZF Friedrichshafen, Elaphe, Heinzmann GmbH, TM4, Evans Electric, Siemens, Kolektor, Printed Motor Works, NSK, NTN Corporation, GEM Motors, e-Traction, Hyundai Mobis, and YASA Limited.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• June 2021: Protean Electric, a supplier of in-wheel motors, and Local Motors, a maker of autonomous vehicle solutions, have extended their strategic partnership with a new three-year deal worth US$7.3 million, in which Protean Electric will supply thousands of Protean Drive in-wheel motors to power Local Motors’ Olli 2.0 electric autonomous shuttle.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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