According to a recent report published by Allied Market Research, titled, “Hub Motor Market by Product, Sales Channel, and Position: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global hub motor market size was valued at $12.25 billion in 2018, and is projected to reach $17.45 billion by 2026, registering a CAGR of 4.4% from 2019 to 2026.
Presently, Asia-Pacific dominates the market, followed by Europe, North America, and LAMEA. China dominated the Asia-Pacific hub motor market share in 2018 and is anticipated to maintain its lead during the forecast period.
Pedelecs are designed to make driving an e-bike mimic the natural motion that is used while riding a conventional bicycle. For instance, pedaling a bicycle increases the speed, in the same way, a sensor is mounted on the bottom bracket or pedal crank arm that is activated on pedaling. Thus, the motor in the bike generates power while pedaling. The riding range of these pedal assist bikes is longer as compared to other types such as throttle on demand, which in turn is anticipated to propel the growth of market. In addition, throttle on demand bikes consists of small electric motor, which is when activated engages the motor and provides the power on demand and propels the bike forward. In addition, it provides easy operation, natural grip of bicycle handlebar, and others. The throttle on demand bikes offer features such as ease of use, simplicity in maintenance & installation, customizable grip positioning, and others, which in turn is anticipated to propel the growth of the market for throttle on demand segment. Rise in demand for scooters and motorcycles with hub motors, owing to enhanced performance and extended riding range is anticipated to propel the growth of the market for the scooter or motorcycle segment.
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The hub motors or in-wheel motors that are installed on the front wheel of the bikes are considered under the front hub motor segment. In addition, the front hub motor segment is anticipated to exhibit lucrative growth during the forecast period. Installation of hub motor on the front wheel offers advantages such as easy installation & less maintenance, cheaper price, and can be fitted on normal bike frame, which in turn is anticipated to boost the growth of the hub motor market for front wheel position. Whereas, the bikes in which the hub motor is installed on the rear wheel are considered under the rear hub motor segment. In addition, rear hub motors are better on dirt roads as compared to front hub motors. They undergo less wear as it is protected by a covering, which in turn is anticipated to propel the growth of the market for rear hub motor segment.
Leading luxury car manufacturers are introducing new range of electric vehicle with hub motor, which in turn is anticipated to propel the growth of hub motor market. For instance, on November 11, 2019, Lexus, a luxury car brand, launched first electric car that features in-wheel electric motor. Electric motor manufacturers are introducing hub motor with innovative and enhanced features, which in turn will boost the growth of market in this region. For instance, on March 5, 2019, Nidec, a Japanese manufacturer of electric motor announced an in-wheel prototype for electric vehicle, which provides high power and high torque density. In addition, factors such as continuous development of hub motor by the electric vehicle manufacturers and improved performance of the electric vehicle due to hub motor is anticipated to drive the growth of market.
The factor such as rise in production of vehicles with in-wheel electric motors drives the growth of the hub motor market. In addition, enhanced performance of electric vehicle due to hub motor systems propels the growth of the market. However, less operating speed and complex structure of hub motors restrains the growth of the market. Furthermore, increase in penetration of electric vehicle globally is expected to offer remarkable growth opportunity for the players operating in the hub motor market.
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Key Findings of the Study:
- On the basis of product, the throttle on demand segment is anticipated to exhibit a remarkable growth during the forecast period.
- On the basis of sales channel, the aftermarket segment is the highest contributing segment in 2018, in terms of revenue.
- Region wise, Europe is the fastest growing region, followed by North America, Asia-Pacific, and LAMEA.
The key players analyzed in this report are 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.
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