Acumen research and consulting estimates that the global hub motor market is anticipated to reach market size of around US$ 15,000 Mn by 2027 and is anticipated to grow at a CAGR of around 8% in terms of revenue during the forecast period 2020 – 2027. The wheel hub engine is known as the wheel hub engine, wheel engine, wheel hub, and the wheel engine as well. It is an electric engine directly mounted on the wheels. The technology for this system is the brushless DC, a next-generation DC engine technology that replaces the mechanical switch with an electronic shift. The stator and the rotor all connections are lost and the engine has a longer lifespan. The Hub motor offers the advantages, such as easy mount, no change and no gears or ratios of all kinds, which means that the practical performance of the vehicle over its counterparts is effectively increased.
Factors like increased output of vehicles with in-wheel engines drive the growth of the hub motor market. In addition, increasing the performance of electric vehicles via hub engine systems drives growth in the market. However, less working speed and complex hub structures limit the growth of the market. Moreover, the increase of electric vehicle penetration around the world is planned to provide a major growth opportunity for players operating in the motor center market.
Increase in penetration of electric vehicles
Demand and production of electric vehicles has increased dramatically over the last few years, providing electric vehicles have multiple advantages over fuels. Components such as the fan belt, oil, air filters, head cap, timing belt, cylink heads or fire-cutting plugs are not replaced, so that the vehicles are cheaper and fuel efficient. Electric cars have are a favored option for reducing the expansion of fuel-powered vehicle markets. Furthermore, due to greater stability and traction control systems, automotive designers rely on designing hybrid cars with hub engines. The increase in the development of electric vehicles would also bring attractive growth prospects for players operating in the center of the engine market.
Enhanced performance of electric vehicle due to hub motor systems
Due to the enhanced performance and benefits of this system, the transmission, axles, differentials and drive shaft are replaced by in-wheel motor systems. Under this system, cars provide stability and traction control by stopping the roller, which rotates more rapidly than is required. This approach is slower because it is dependent on the use of delaying forces. However, hub motors deliver a torque or a braking precision in a very small scale, improving traction and stability control considerably by limiting the distance between them and enhancing dynamics and safety of the vehicle. The introduction of hub engines increases the efficiency of electric vehicles and the development of hub engine markets is in effect expected.
The market research study on “Hub Motor Market (By Product: Pedelecs, Throttle on Demand, Scooter or Motorcycle; By Sales Channel: OEM, Aftermarket; By Position: Front Hub Motor, Rear Hub Motor) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global hub motor market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global hub motor market are product, sales channel, position, and major geographic regions. The hub motor market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
During the forecast period 2020 to 2027, the global Hub Motor market is expected to dominate the Asia Pacific region. Increasing technological progress and the increasing automotive industries are key drivers for the growth of hub engines on the market. Also contributing to the development of the market in the region was the presence of key players such as QS Motor, NTN Corporation and MAC Shanghai Electric Motor Company Ltd. State initiatives to introduce electric vehicles and major research and development investments have also contributed to a high increase of the demand for hub engines in this field.
Major players included in this report are Elaphe Propulsion Technologies Ltd., Robert Bosch GmbH, Schaeffler technologies AG & CO. KG, Hyundai Mobis, Siemens AG, QS Motor, NTN Corporation, TDCM, Accell Group, MAC Shanghai Electric Motor Company Ltd, and others. They have strong worldwide distribution networks. These businesses also sell the OEMs a wide variety of items. New product developments, collaborations and contracts and agreements are the key strategies adopted by such companies for maintaining their market position.
The global hub motor market is segmented as below:
Hub Motor Market By Product
Throttle on Demand
Scooter or Motorcycle
Hub Motor Market By Sales Channel
Hub Motor Market By Position
Front Hub Motor
Rear Hub Motor
Hub Motor Market By Geography
Middle East & Africa
Increased performance efficiency and capabilities of vehicles due to its usage is expected to drive the growth of the hub motor market.
Availability of substitutes is a major factor expected to restraint the growth of the market.
The market value of hub motor is anticipated to be around US$ 15,000 Mn in 2027.
It is anticipated to grow around 8% CAGR amid the forecast period.2020-2027
The key players operating in hub motor market such as Elaphe Propulsion Technologies Ltd., Robert Bosch GmbH, Schaeffler technologies AG & CO. KG, Hyundai Mobis, Siemens AG, QS Motor, NTN Corporation, TDCM, Accell Group, MAC Shanghai Electric Motor Company Ltd, and others.
Europe is projected to grow at a fast pace during forecast period from 2020-2027.
Asia Pacific held maximum share in 2019.