The hub motor market value is estimated to be US$ 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 US$ 21 billion by 2034.
Hub Motor Market Trends & Analysis
| Report Attribute | Details |
|---|---|
| Hub Motor Market Size (2024) | US$ 11.3 billion |
| Anticipated Market Value (2034) | US$ 21 billion |
| Projected Growth Rate (2024 to 2034) | 6.4% CAGR |
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The hub motor market was valued at US$ 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 US$ 10.5 billion.
| Attributes | Details |
|---|---|
| Hub Motor Market Value (2019) | US$ 7.7 billion |
| Historical Market Revenue (2023) | US$ 10.5 billion |
| Historical CAGR (2019 to 2023) | 8.1% CAGR |
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.
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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% |
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 US$ 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:
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 US$ 835.8 million by 2034.
Key factors that are propelling sales of hub motors in the country include:
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 US$ 3.3 billion by 2034.
Key reasons for the dominance of China in the Asian market include:
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 US$ 2.3 billion by 2034.
Prominent factors fueling hub motor sales and supply in Japan include:
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 US$ 1.4 billion by 2034.
Key factors driving sales of in-wheel hub motors in South Korea include:
| 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:
| 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.
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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
| Attribute | Details |
|---|---|
| Estimated Market Size (2024) | US$ 11.3 billion |
| Projected Market Size (2034) | US$ 21 billion |
| Anticipated Growth Rate (2024 to 2034) | 6.4% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | US$ 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 |
|
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The hub motor market is estimated to be around US$ 11.3 billion in 2024.
The market is set to grow at a 6.4% CAGR over the forecast period.
The market is predicted to be valued at US$ 21 billion by 2034.
The market was valued at US$ 7.7 billion in 2019.
The United States accounts for nearly 18% of the revenue share of the global market.
South Korea is predicted to witness a CAGR of 8.5% through 2034.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2019 to 2023 4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2024 to 2034 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2019 to 2023 5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2024 to 2034 5.3.1. Pedelecs 5.3.2. Throttle on Demand 5.3.3. Scooter or Motorcycle 5.4. Y-o-Y Growth Trend Analysis By Product Type, 2019 to 2023 5.5. Absolute $ Opportunity Analysis By Product Type, 2024 to 2034 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Sales Channel, 2019 to 2023 6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Sales Channel, 2024 to 2034 6.3.1. Original equipment manufacturer (OEM) 6.3.2. Aftermarket 6.4. Y-o-Y Growth Trend Analysis By Sales Channel, 2019 to 2023 6.5. Absolute $ Opportunity Analysis By Sales Channel, 2024 to 2034 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Position 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Position, 2019 to 2023 7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Position, 2024 to 2034 7.3.1. Front Hub Motor 7.3.2. Rear Hub Motor 7.4. Y-o-Y Growth Trend Analysis By Position, 2019 to 2023 7.5. Absolute $ Opportunity Analysis By Position, 2024 to 2034 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2019 to 2023 8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2024 to 2034 8.3.1. North America 8.3.2. Latin America 8.3.3. Europe 8.3.4. East Asia 8.3.5. South Asia 8.3.6. Oceania 8.3.7. MEA 8.4. Market Attractiveness Analysis By Region 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 9.2.1. By Country 9.2.1.1. USA 9.2.1.2. Canada 9.2.2. By Product Type 9.2.3. By Sales Channel 9.2.4. By Position 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Product Type 9.3.3. By Sales Channel 9.3.4. By Position 9.4. Key Takeaways 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 10.2.1. By Country 10.2.1.1. Brazil 10.2.1.2. Mexico 10.2.1.3. Argentina 10.2.1.4. Rest of Latin America 10.2.2. By Product Type 10.2.3. By Sales Channel 10.2.4. By Position 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Product Type 10.3.3. By Sales Channel 10.3.4. By Position 10.4. Key Takeaways 11. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 11.2.1. By Country 11.2.1.1. Germany 11.2.1.2. Italy 11.2.1.3. France 11.2.1.4. UK 11.2.1.5. Spain 11.2.1.6. Russia 11.2.1.7. BENELUX 11.2.1.8. Rest of Europe 11.2.2. By Product Type 11.2.3. By Sales Channel 11.2.4. By Position 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Product Type 11.3.3. By Sales Channel 11.3.4. By Position 11.4. Key Takeaways 12. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 12.2.1. By Country 12.2.1.1. China 12.2.1.2. Japan 12.2.1.3. South Korea 12.2.2. By Product Type 12.2.3. By Sales Channel 12.2.4. By Position 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Product Type 12.3.3. By Sales Channel 12.3.4. By Position 12.4. Key Takeaways 13. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 13.2.1. By Country 13.2.1.1. India 13.2.1.2. Thailand 13.2.1.3. Malaysia 13.2.1.4. Indonesia 13.2.1.5. Rest of South Asia 13.2.2. By Product Type 13.2.3. By Sales Channel 13.2.4. By Position 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Product Type 13.3.3. By Sales Channel 13.3.4. By Position 13.4. Key Takeaways 14. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 14.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 14.2.1. By Country 14.2.1.1. Australia 14.2.1.2. New Zealand 14.2.2. By Product Type 14.2.3. By Sales Channel 14.2.4. By Position 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Product Type 14.3.3. By Sales Channel 14.3.4. By Position 14.4. Key Takeaways 15. MEA Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 15.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 15.2.1. By Country 15.2.1.1. GCC 15.2.1.2. Rest of MEA 15.2.2. By Product Type 15.2.3. By Sales Channel 15.2.4. By Position 15.3. Market Attractiveness Analysis 15.3.1. By Country 15.3.2. By Product Type 15.3.3. By Sales Channel 15.3.4. By Position 15.4. Key Takeaways 16. Key Countries Market Analysis 16.1. USA 16.1.1. Pricing Analysis 16.1.2. Market Share Analysis, 2023 16.1.2.1. By Product Type 16.1.2.2. By Sales Channel 16.1.2.3. By Position 16.2. Canada 16.2.1. Pricing Analysis 16.2.2. Market Share Analysis, 2023 16.2.2.1. By Product Type 16.2.2.2. By Sales Channel 16.2.2.3. By Position 16.3. Brazil 16.3.1. Pricing Analysis 16.3.2. Market Share Analysis, 2023 16.3.2.1. By Product Type 16.3.2.2. By Sales Channel 16.3.2.3. By Position 16.4. Mexico 16.4.1. Pricing Analysis 16.4.2. Market Share Analysis, 2023 16.4.2.1. By Product Type 16.4.2.2. By Sales Channel 16.4.2.3. By Position 16.5. Argentina 16.5.1. Pricing Analysis 16.5.2. Market Share Analysis, 2023 16.5.2.1. By Product Type 16.5.2.2. By Sales Channel 16.5.2.3. By Position 16.6. Germany 16.6.1. Pricing Analysis 16.6.2. Market Share Analysis, 2023 16.6.2.1. By Product Type 16.6.2.2. By Sales Channel 16.6.2.3. By Position 16.7. Italy 16.7.1. Pricing Analysis 16.7.2. Market Share Analysis, 2023 16.7.2.1. By Product Type 16.7.2.2. By Sales Channel 16.7.2.3. By Position 16.8. France 16.8.1. Pricing Analysis 16.8.2. Market Share Analysis, 2023 16.8.2.1. By Product Type 16.8.2.2. By Sales Channel 16.8.2.3. By Position 16.9. UK 16.9.1. Pricing Analysis 16.9.2. Market Share Analysis, 2023 16.9.2.1. By Product Type 16.9.2.2. By Sales Channel 16.9.2.3. By Position 16.10. Spain 16.10.1. Pricing Analysis 16.10.2. Market Share Analysis, 2023 16.10.2.1. By Product Type 16.10.2.2. By Sales Channel 16.10.2.3. By Position 16.11. Russia 16.11.1. Pricing Analysis 16.11.2. Market Share Analysis, 2023 16.11.2.1. By Product Type 16.11.2.2. By Sales Channel 16.11.2.3. By Position 16.12. BENELUX 16.12.1. Pricing Analysis 16.12.2. Market Share Analysis, 2023 16.12.2.1. By Product Type 16.12.2.2. By Sales Channel 16.12.2.3. By Position 16.13. China 16.13.1. Pricing Analysis 16.13.2. Market Share Analysis, 2023 16.13.2.1. By Product Type 16.13.2.2. By Sales Channel 16.13.2.3. By Position 16.14. Japan 16.14.1. Pricing Analysis 16.14.2. Market Share Analysis, 2023 16.14.2.1. By Product Type 16.14.2.2. By Sales Channel 16.14.2.3. By Position 16.15. South Korea 16.15.1. Pricing Analysis 16.15.2. Market Share Analysis, 2023 16.15.2.1. By Product Type 16.15.2.2. By Sales Channel 16.15.2.3. By Position 16.16. India 16.16.1. Pricing Analysis 16.16.2. Market Share Analysis, 2023 16.16.2.1. By Product Type 16.16.2.2. By Sales Channel 16.16.2.3. By Position 16.17. Thailand 16.17.1. Pricing Analysis 16.17.2. Market Share Analysis, 2023 16.17.2.1. By Product Type 16.17.2.2. By Sales Channel 16.17.2.3. By Position 16.18. Malaysia 16.18.1. Pricing Analysis 16.18.2. Market Share Analysis, 2023 16.18.2.1. By Product Type 16.18.2.2. By Sales Channel 16.18.2.3. By Position 16.19. Indonesia 16.19.1. Pricing Analysis 16.19.2. Market Share Analysis, 2023 16.19.2.1. By Product Type 16.19.2.2. By Sales Channel 16.19.2.3. By Position 16.20. Australia 16.20.1. Pricing Analysis 16.20.2. Market Share Analysis, 2023 16.20.2.1. By Product Type 16.20.2.2. By Sales Channel 16.20.2.3. By Position 16.21. New Zealand 16.21.1. Pricing Analysis 16.21.2. Market Share Analysis, 2023 16.21.2.1. By Product Type 16.21.2.2. By Sales Channel 16.21.2.3. By Position 16.22. GCC Countries 16.22.1. Pricing Analysis 16.22.2. Market Share Analysis, 2023 16.22.2.1. By Product Type 16.22.2.2. By Sales Channel 16.22.2.3. By Position 17. Market Structure Analysis 17.1. Competition Dashboard 17.2. Competition Benchmarking 17.3. Market Share Analysis of Top Players 17.3.1. By Regional 17.3.2. By Product Type 17.3.3. By Sales Channel 17.3.4. By Position 18. Competition Analysis 18.1. Competition Deep Dive 18.1.1. Elaphe Propulsion Technologies Ltd 18.1.1.1. Overview 18.1.1.2. Product Portfolio 18.1.1.3. Profitability by Market Segments 18.1.1.4. Sales Footprint 18.1.1.5. Strategy Overview 18.1.1.5.1. Marketing Strategy 18.1.1.5.2. Product Strategy 18.1.1.5.3. Channel Strategy 18.1.2. QS Motor 18.1.2.1. Overview 18.1.2.2. Product Portfolio 18.1.2.3. Profitability by Market Segments 18.1.2.4. Sales Footprint 18.1.2.5. Strategy Overview 18.1.2.5.1. Marketing Strategy 18.1.2.5.2. Product Strategy 18.1.2.5.3. Channel Strategy 18.1.3. TDCM 18.1.3.1. Overview 18.1.3.2. Product Portfolio 18.1.3.3. Profitability by Market Segments 18.1.3.4. Sales Footprint 18.1.3.5. Strategy Overview 18.1.3.5.1. Marketing Strategy 18.1.3.5.2. Product Strategy 18.1.3.5.3. Channel Strategy 18.1.4. Robert Bosch GmbH 18.1.4.1. Overview 18.1.4.2. Product Portfolio 18.1.4.3. Profitability by Market Segments 18.1.4.4. Sales Footprint 18.1.4.5. Strategy Overview 18.1.4.5.1. Marketing Strategy 18.1.4.5.2. Product Strategy 18.1.4.5.3. Channel Strategy 18.1.5. MAC Shanghai Electric Motor Company Ltd 18.1.5.1. Overview 18.1.5.2. Product Portfolio 18.1.5.3. Profitability by Market Segments 18.1.5.4. Sales Footprint 18.1.5.5. Strategy Overview 18.1.5.5.1. Marketing Strategy 18.1.5.5.2. Product Strategy 18.1.5.5.3. Channel Strategy 18.1.6. HYUNDAI MOBIS 18.1.6.1. Overview 18.1.6.2. Product Portfolio 18.1.6.3. Profitability by Market Segments 18.1.6.4. Sales Footprint 18.1.6.5. Strategy Overview 18.1.6.5.1. Marketing Strategy 18.1.6.5.2. Product Strategy 18.1.6.5.3. Channel Strategy 18.1.7. Schaeffler technologies AG & CO. KG 18.1.7.1. Overview 18.1.7.2. Product Portfolio 18.1.7.3. Profitability by Market Segments 18.1.7.4. Sales Footprint 18.1.7.5. Strategy Overview 18.1.7.5.1. Marketing Strategy 18.1.7.5.2. Product Strategy 18.1.7.5.3. Channel Strategy 18.1.8. NTN Corporation 18.1.8.1. Overview 18.1.8.2. Product Portfolio 18.1.8.3. Profitability by Market Segments 18.1.8.4. Sales Footprint 18.1.8.5. Strategy Overview 18.1.8.5.1. Marketing Strategy 18.1.8.5.2. Product Strategy 18.1.8.5.3. Channel Strategy 18.1.9. Accell Group 18.1.9.1. Overview 18.1.9.2. Product Portfolio 18.1.9.3. Profitability by Market Segments 18.1.9.4. Sales Footprint 18.1.9.5. Strategy Overview 18.1.9.5.1. Marketing Strategy 18.1.9.5.2. Product Strategy 18.1.9.5.3. Channel Strategy 18.1.10. Siemens AG 18.1.10.1. Overview 18.1.10.2. Product Portfolio 18.1.10.3. Profitability by Market Segments 18.1.10.4. Sales Footprint 18.1.10.5. Strategy Overview 18.1.10.5.1. Marketing Strategy 18.1.10.5.2. Product Strategy 18.1.10.5.3. Channel Strategy 19. Assumptions & Acronyms Used 20. Research Methodology
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