Hub Motor Market

Hub Motor Market Outlook for 2024 to 2034

The Hub Motor Market value is estimated to be USD 11.3 billion in 2024. The popularity of electric vehicles (EVs) is rising steadily and is also encouraging the adoption of DIY hub motors for converting conventional bicycles into electric ones.

Sales of electric hub motors are predicted to grow at a CAGR of 6.4% during the forecast period. The global hub motor industry size is estimated to reach a value of USD 21 billion by 2034.

Hub Motor Market Trends & Analysis

• In keeping with the growing need for convenient and sustainable urban transportation, motorized wheel hubs have become essential components of electric scooters, bicycles, and many other micro-mobility solutions.
• The demand for portable and lightweight electric mobility is increasing, fueling sales of brushless hub motors, which are built into bicycle wheels and are considered a small and room-saving option.
• The development of hub motor conversion kits, including linked and intelligent features, is expected to further popularize the market in the coming days.

Report Attribute	Details
Hub Motor Market Size (2024)	USD 11.3 billion
Anticipated Market Value (2034)	USD 21 billion
Projected Growth Rate (2024 to 2034)	6.4% CAGR

Historical Analysis of the Hub Motor Market Vs Forecast Outlook

The hub motor market was valued at USD 7.7 billion in 2019. In the following five years, sales of hub motors increased at a CAGR of 8.1% annually.

EV incentives provided by governments in many developing economies also played a significant role in the development of the two-wheeler hub motor market during the historical period. By 2023, the net worth of total hub motors sold globally was USD 10.5 billion.

Attributes	Details
Hub Motor Market Value (2019)	USD 7.7 billion
Historical Market Revenue (2023)	USD 10.5 billion
Historical CAGR (2019 to 2023)	8.1% CAGR

Prominent Factors Influencing the Global Hub Motor Market Growth

To fulfill the rising demand for electric mobility, automotive manufacturers are encouraged by national and international organizations. A significant share of this aid is earmarked to be invested in hub motor technology with supportive regulations and incentives in progressive countries.

Constant improvements in hub motor efficiency due to high power density battery technology are expected to popularize the in-hub electric propulsion systems. However, limited sources of lithium and the rising cost of lead-acid batteries are anticipated to be a possible hindrance in the coming days.

Country-wise Insights

The table below lists five countries that are expected to be frontrunners in sales of hub motors for mobility scooters.

Regional Market Comparison	CAGR (2024 to 2034)
United States	6.7%
Japan	7.9%
United Kingdom	7.5%
South Korea	8.5%
China	6.9%

Higher Research and Development Investments by Manufacturers of Hub Motors in the United States

The United States hub motor market is likely to advance at a rate of 6.7% from 2024 to 2034. The net worth of this regional market is forecasted to reach USD 3.7 billion by 2034.

Some of the prominent reasons that are expected to retain the dominance of the United States in the global market include:

• Technological progress in geared hub motors and battery materials by market players.
• Technological developments in the market have helped in the creation of more effective and long-range electric cars.
• Powerful hub motors with smart features improve the entire user experience and are anticipated to meet the expectations of consumers in the United States.

Strong Environmental Laws Driving Hub Motor Sales in the United Kingdom

Sales of hub motors in the United Kingdom are likely to rise at a 7.5% CAGR from 2024 to 2034. The net worth of the United Kingdom market is expected to reach USD 835.8 million by 2034.

Key factors that are propelling sales of hub motors in the country include:

• The popularity of e-scooters and e-bikes is growing rapidly in many European countries after the fuel price hike.
• Environmental sustainability objectives incorporates and educational institute campuses have increased the adoption of hub motors for electric skateboards.
• Growing demand for connected and intelligent electric personal mobility solutions drives hub motor e-scooter sales.

Expanding Electronics Sector Bolstering Motorcycle Hub Motor Market in China

The production of hub motors in China is expected to surge at a CAGR of 6.9% through 2034. The net worth of the hub motor industry in the country is forecasted to reach USD 3.3 billion by 2034.

Key reasons for the dominance of China in the Asian market include:

• The quest for economical and efficient mobility is driving up the demand for electric scooter hub motors as average incomes are on the rise in China.
• Financial incentives for the rural people from the government to buy electric mobility solutions.
• Chinese manufacturers are focusing on the creation of hub motors with built-in electronics to improve communication and control.

Focus of Japanese Manufacturers on Reducing the Price of Hub Motors

The demand for e-bike hub motors in Japan is expected to rise at a CAGR of 7.9% over the forecast period. The market value is anticipated to reach USD 2.3 billion by 2034.

Prominent factors fueling hub motor sales and supply in Japan include:

• A greater focus on electric hub motors and motorized wheel hub drive solutions for urban mobility.
• High-torque hub motors are more popular as they require less maintenance with fewer moving gears.
• By using innovative and lightweight materials, Japanese manufacturers are increasing the appeal of hub motors in the country.

Popularity of Hub Motors Designed for Noise Reduction in South Korea

The demand for hub motors in South Korea is expected to rise at a lucrative rate of 8.5% through 2034. This regional industry value is projected to reach USD 1.4 billion by 2034.

Key factors driving sales of in-wheel hub motors in South Korea include:

• South Korean government is promoting greater personal mobility solutions like two-wheelers and three wheelers with hub motor systems.
• Because of their high performance and compact design, hub motors are the favored alternative for many electric vehicle enthusiasts.
• The increasing acceptance of micro-mobility solutions as a noise reduction method in Korean cities.

Category-wise Insights

Higher Demand for Pedelecs than Electric Scooters and Motorcycles

Attributes	Details
Top Product Type	Pedelecs
CAGR (2024 to 2034)	6.2%
CAGR (2019 to 2023)	7.9%

Based on the product type, the pedelecs segment is more popular than other types of direct-drive hub motors. This segment is likely to grow at a CAGR of 6.2% from 2024 to 2034. Key reasons driving the segment’s growth are:

• The dominance of electric two-wheelers is driving sales of hub motors for bicycles or pedelecs.
• Growing knowledge of practicality as well as the health advantages of hub motor-based pedelecs.

OEMs Drive Higher Sales of Hub Motors

Attributes	Details
Top Sales Channel Type	Original Equipment Manufacturer (OEM)
CAGR from 2024 to 2034	6%
CAGR from 2019 to 2023	7.7%

Based on the sales channel, original equipment manufacturers currently achieve more sales of in-wheel motors than other segments. Sales of in-wheel hub motors through OEMs are expected to register a CAGR of 6% from 2024 to 2034.

• Customers mostly prefer original equipment manufacturers who concentrate on providing hub motor kits and warranty time periods.
• E-bike companies that maintain the hub motor specifications and performance also go with OEMS to retain their competitiveness in the market.

Competitive Landscape

The overall competition in the wheel hub motor market intensified only in the last few years. The rising number of industrial equipment manufacturers entering this sector can be attributed to the vital role that hub motors play in electric bikes and scooters.

On the other hand, exclusive hub motor manufacturers can benefit from partnerships with electric vehicle makers, having the potential for mass manufacturing and distribution.

Recent Developments

• In February 2023, FLASH established a technological partnership with the European electric vehicle (EV) manufacturing company GEM Motors. Flash is a technology provider and producer of electronic components and aims to strengthen its electric vehicle production capabilities even further with this collaboration. The two firms also aim to produce hub motors for several categories of electric cars, and FLASH hopes to provide customization choices with a power range of 1 kW to 15 kW.
• In August 2023, Biketec's FIT system and German car supplier Hirschvogel Holding GmbH, better known as Hirschvogel Automotive Group, collaborated to introduce hub motor technology. This partnership is anticipated to strengthen the European e-bike hub motor market through the forecast years.

Key Players

• Elaphe Propulsion Technologies Ltd.
• QS Motor
• TDCM
• Robert Bosch GmbH
• MAC Shanghai Electric Motor Company Ltd.

Hub Motor Market Report Scope

Attribute	Details
Estimated Market Size (2024)	USD 11.3 billion
Projected Market Size (2034)	USD 21 billion
Anticipated Growth Rate (2024 to 2034)	6.4%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	USD million or billion for Value and Units for Volume
Key Regions Covered	North America; Latin America; Europe; Middle East & Africa (MEA); East Asia; South Asia and Oceania
Key Countries Covered	United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa
Key Segments Covered	By Product Type, By Hub Position, By Sales Channel, and By Region
Key Companies Profiled	Elaphe Propulsion Technologies Ltd.; QS Motor; TDCM; Robert Bosch GmbH; MAC Shanghai Electric Motor Company Ltd.
Report Coverage	Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing	Available upon Request

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type
  • 5.1. Pedelecs
  • 5.2. Throttle on Demand
  • 5.3. Scooter or Motorcycle
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel
  • 6.1. Original equipment manufacturer (OEM)
  • 6.2. Aftermarket
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Position
  • 7.1. Front Hub Motor
  • 7.2. Rear Hub Motor
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 8.1. North America
  • 8.2. Latin America
  • 8.3. Europe
  • 8.4. East Asia
  • 8.5. South Asia
  • 8.6. Oceania
  • 8.7. MEA
• 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 11. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 12. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 15. MEA Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 16. Key Countries Market Analysis
• 17. Market Structure Analysis
• 18. Competition Analysis
  • 18.1. Elaphe Propulsion Technologies Ltd
  • 18.2. QS Motor
  • 18.3. TDCM
  • 18.4. Robert Bosch GmbH
  • 18.5. MAC Shanghai Electric Motor Company Ltd
  • 18.6. HYUNDAI MOBIS
  • 18.7. Schaeffler Technologies AG & CO. KG
  • 18.8. NTN Corporation
  • 18.9. Accell Group
  • 18.10. Siemens AG
• 19. Assumptions & Acronyms Used
• 20. Research Methodology