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.
Principal Consultant
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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