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Hub Motor Market,size,share,application,growth ( 2018 – 2025 )
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Improved vehicle performance efficiency, high torque, increased power, and provision of better vehicle handling are some of the factors set to drive the growth of the hub motor market by 2025. The global hub motor market is expected to show significant growth at a CAGR of 5.03% from USD 7.92 billion in 2018 to reach USD 11.17 billion by 2025. Hub motor is an electric motor mounted on the wheel and generates the power for the wheels directly. The major applications of hub motor are E-Bike, E-Scooter, and E-Motorcycle. Hub motor shares the bike strain between the front and rear wheel. It improves the driving experience and requires very low maintenance.
According to MarketsandMarkets analysis, the hub motor market, by volume, is estimated to reach 34,108,181 units in 2018, and this number is projected to grow at a CAGR of 6.79% during the forecast period. The major factors driving this growth are increasing electric two wheelers sales, investments by OEMs, and hub motor providers.
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The growth of the hub motor market is directly proportional to the growth of electric two wheeler sales. Electric two wheelers sales are increasing globally, especially in countries such as Japan, China, Germany, France, Netherlands, Spain, the UK, and the US. These countries with favorable government policies, incentives, and infrastructure investments account for more than 90% of the world’s electric two wheeler sales.
The hub motor market in China is estimated to be the largest during the forecast period because of the several measures adopted by the Chinese government for the promotion and sales of electric two wheelers. China’s growing dependence on imported oil and increasing pollution in the congested urban areas have forced the Chinese government to promote electric two wheelers in the country. Increase in sales of the electric two wheelers will lead to the increase in sales of the hub motor as only electric two wheelers are equipped with hub motors. For instance, Elaphe launched the second generation Elaphe L1500 in-wheel motor at the Electric and Hybrid Vehicle Technology Expo 2018 in Germany. The turnout was overwhelming and further strengthened the company’s resolve to push this technology into the mass market.
The North American region is the fastest growing hub motor market. Hub motor provides several benefits such as powerful acceleration and better torque control. Additionally, the increasing sales of electric two wheelers such as electric bikes and electric motorcycles are expected to drive the hub motor market in the region. In 2018, QS motor has launched a cool liquid assembly designed for a 14 kW hub motor with a heat sink. It helps in avoiding overheating issues of the motor at high loads. Elaphe’s motor uses electromagnetic topology that integrates new solutions in the in-wheel motor. The main advantages of Elaphe’s hub motor are high torque capability, high efficiency, and efficient cooling.
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