The Global Hub Motor Market was worth US$ 11.12 billion in 2022 and is anticipated to reach a valuation of US$ 15.06 billion by 2028 and is predicted to register a CAGR of 5.45% during 2023-2028.
Vehicle hub motors are usually utilized in an electric motorcycle to produce traction by changing the hold on electric energy to mobility. Motorbike hub motors are integrated into the wheel hub to produce traction, it's primarily 2 kinds of arrangements or prospects of fitting in an electric bike that is direct affiliation and wheel hub with an extra case. Through direct affiliation, low-speed with high force is earned but the incorporation of wheel hub with an extra gearbox facilitates speed and torque in line with demand. This motorbike hub motor helps reduce fuel consumption and additionally reduces maintenance prices of the motorcycle that successively, extend the motorbike's life. The vehicle hub motor arrangement could be a vital step toward transport emission management. Moreover, the compact size, flexibility, energy efficiency, and lightweight are the benefits of traction throughout the global hub motor market.
Hub motor improves the performance of electric vehicles. It helps offer force to its associated tire and generates additional power to boost the potency of a vehicle. The opposite advantage of hub motor technology is that it provides a pleasing and easy ride, e.g. just in case of bicycles once a rider doesn't want to pedal.
Market Drivers:
High performance is acting as a serious driver towards the market growth of hub motors, making vast dominance in the automotive trade. The lightweight and compact style of hub motors with enhanced braking capabilities eventually helps in giving high flexibility compared to the recent motors used. The adoption of hub motors in numerous cars is increasing because of high force and power generation, therefore inflicting higher potency and up the performance of the put-in vehicle. Moreover, rising demand for electrical vehicles is acting as a major driver towards the expansion of the hub motor market across the world. So as to scale back the usage of fossil fuels, electrical vehicles are seen capturing the car market. Electrical vehicles are put in with hub motors that are directly influencing the hub motors market growth as they improve vehicle performance. Government initiatives towards promoting the expansion of electric vehicles within the market will facilitate the hub motor market to own a major rise in the close to future.
Market Restraints:
The major drawback faced by the global Hub Motor market is the high prices related to its installation. Technology advancements like up structural styles, enhancing improved braking capabilities and plenty of others towards hub motors are eventually inflicting higher prices, therefore hampering the market demand. UN-sprung weight problems in hub motors are also answerable for increasing costs because they create the requirement to take a position in alloy wheels. Unsprung weight may be a major issue that affects the price issue of hub motors because the motor designers need the adopt recent alternatives to up the handling and steering facilities of the vehicles.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
5.45% |
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Segments Covered |
By Product, Sales Channel, Position, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Schaeffler Technologies AG & CO. KG, Robert Bosch GmbH, Hyundai Mobis, Siemens AG, QS Motor, Elaphe Propulsion Technologies Ltd., NTN Corporation, TDCM, MAC Shanghai Electric Motor Company Ltd., Accell Group, and Others. |
Market Segmentation:
Rear hub motors are preponderantly utilized in the global hub motor market. This kind of installation provides powerful acceleration, higher traction, and high flexibility. The powerful hub motors are employed in rear installation as an outcome of higher power will be handled within the rear wheel of the e-bikes. Major electrical 2-wheeler makers like putting in hub motors within the rear wheel to require advantage of the traction management.
Market Reginal Analysis:
The Global Hub Motor Marke Report includes the segmentation of regions:
North America is projected to be a major customer of motorbike hub motors due to the intensive production and sales of electric motorcycles with in-wheel hub motors. The growing sales of the electrical motorbike are because of dynamic preference and growing awareness of the final population towards environmental aspects. Asia Pacific is the largest hub motor market. China is the most substantial market in the Asia Pacific as a result of its promoting the utilization of electrical 2-wheelers to lower the rising pollution and vehicle emissions within the country. It’s the world’s largest producer of e-bikes. An increase in sales of electrical 2-wheelers can result in a rise in sales of hub motors. As an example, NTN can give technical support to FSAT for manufacturing lightweight New Energy Vehicles (NEVs) that adopt in-wheel motor driving systems.
Market Key Players:
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