Electric Vehicle Hub Motor Market size worth US$25.585 billion by 2029
The Electric Vehicle Hub Motor market is expected to grow at a CAGR of 7.69% during the forecasted period, with a market valuation of US$17.665 billion in 2024, and is expected to reach US$25.585 billion by 2029.
The global surge in the demand for electric vehicles from the masses as well as the policies of various governments targeted at the promotion of electric vehicles such as emission control measures, provision of subsidies and advancement in the global network of electric car charging infrastructures are some of the factors that are driving the electric vehicle hub motor market. Considering that electric vehicles are more energy efficient and do not utilize resources or produce toxic emissions as compared to vehicles with an internal combustion engine, they are the best alternative to internal combustion engine vehicles in the quest for sustainable development and environmentally friendly present and future.
Additionally, as technology progresses within the automotive sector, hub motors are becoming increasingly reliable and inexpensive. For this reason, leading car manufacturers are integrating these hub motors in their new designs in a bid to reduce the overall cost of electric vehicles to consumers. There is a range of hub motors available in the market suitable for different categories of electric vehicles such as trucks and cars. These electric vehicle hub motors can also provide more effective performance and driving comfort for the EVs’ drivers by increasing the traction and torque of the electric vehicles. Consequently, these aspects will, over the forecast period, accelerate the growth of the market for electric vehicle hub motors.
Moreover, the automotive industry’s increasing need for hub motors and their adoption by large automakers producing newer electric vehicle models are both influenced by the technology’s ongoing advancements. Because of these technological developments, hub motors are now more dependable and cost-effective when used in electric vehicles, which can lower the manufacturer’s overall production costs and make EVs more accessible to drivers and consumers.
The electric vehicle hub motor market, by drive type, is divided into three types- All-wheel drive, front-wheel drive, and rear wheel drive. Electric bicycles frequently use rear hub motors because of their affordability, ease of use, and simplicity. The need for rear hub motors is greatly increased by the rising acceptance of e-bikes as an eco-friendly and practical form of urban transportation. For example, a German company called Hexlox introduced an anti-theft wheel nut for e-bikes in April 2024. The locking mechanism is made especially for e-bikes with a rear hub motor.
The electric vehicle hub motor market, by cooling type, is divided into two types: Water cooled and air-cooled. In a water-cooled hub motor, a cooling unit repeatedly cools the water after it has been pumped through the motor. The motor will be able to produce its best output without overheating. The general rule is that a motor needs cooling because it gets hotter the more current it receives.
The electric vehicle hub motor market, by vehicle type, is divided into two types: Passenger Cars and commercial vehicles. The market for electric vehicles was dominated by the passenger car segment. This can be attributed to an increase in passenger car production worldwide. The global hub motor market for electric vehicles is anticipated to grow even more as a result of the increased use of Electric vehicles.
During the projected timeframe, it is anticipated that the market for electric vehicle hub motors will experience remarkable growth within Asia Pacific. Due to the fast expansion of the electric vehicle industry’s production and demand in nations like China, South Korea, and Japan, the Asia Pacific region is anticipated to witness significant growth in the electric vehicle hub motor market. Since hub motors are required for the production of EVs and the smooth operation of their wheels, the government’s subsidies for buying EVs have increased sales of these vehicles, which in turn has increased demand for them. With major companies like Toyota, Honda, and others, the growing demand for environmentally friendly automobiles is also propelling growth in this area.
Additionally, governments are encouraging the use of EVs for both personal and commercial purposes in these areas by developing infrastructure related to these vehicles and by implementing various technological advancements. This contributes to the growth of the Asia Pacific electric vehicle hub motor market during the forecast period.
The research includes several key players from the electric vehicle hub motor market, such as DOL Group, Lion EV, JK Fenner, Protean Electric, Sona Comstar, Lucas TVS, Orbis Electric, VARCHEA, Quanshun, and Just Electric.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/electric-vehicle-hub-motor-market
The analytics report categorizes the electric vehicle hub motor market using the following criteria:
Segmentation:
- By Drive Type
- All-wheel Drive
- Front Wheel Drive
- Rear Wheel Drive
- By Cooling Type
- Water Cooled
- Air Cooled
- By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
- North America
- In-Wheel Motor Market Report
- Motor Management Market Size
- EV Motor Market Share
