Hub Motor Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product, Sales Channel and Position : Global Opportunity Analysis and Industry Forecast, 2019-2026

Hub Motor Market Statistics, 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. Asia-Pacific accounted for the highest share in 2018 and is expected to be the highest contributor to the global market, in terms of revenue, during the forecast period. 

The factor such as rise in production of vehicles with in-wheel electric motors drives the growth of the market. In addition, enhanced performance of electric vehicle due to hub motor systems fuels the growth of market. However, less operating speed and complex structure of hub motors restrain the growth of the market. Furthermore, increase in penetration of electric vehicle globally is expected to offer remarkable growth opportunity for the player operating in the market.

Hub motor is also known as wheel hub motor, wheel motor, wheel hub drive, and also in-wheel motor. It is an electric motor that is installed in the wheels that drives the wheels directly. The technology used in this system is brushless DC technology, which is a next-generation of DC motor technology in which the mechanical commutation is replaced with the electronic commutation. This eliminates all the contacts between stator and rotor and gives a longer life for the motor. Hub motor offers advantages such as they are easy to install, does not need differential, and are free from any kind of gears and transmission, which in turn increase the operating efficiency of the vehicle as compared to its counterparts.

The global market is segmented on the basis of product, sales channel, position, and region. Depending on product, the market is divided into Pedelecs, throttle on demand, and scooter or motorcycle. On the basis of sales channel, it is categorized into OEM and aftermarket. By position, it is bifurcated into hub motor and rear hub motor. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players including 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 hold the major hub motor market share.

Rise in production of vehicles with in-wheel electric motors

Electric vehicles are driven by in-wheel electric motors that delivers torque independently and directly to the wheels without any differential. In addition, GEM Motors, one of the producers of electric mobility is focusing on development of GEM in-wheel electric motor market for potential customers in Switzerland, Italy, Sweden, Germany, and Italy. In recent years, demand and production of electric vehicles has increased significantly as electric vehicles have several advantages over fuel-powered automobiles. Components such as fan belts, oil, air filters, head caskets, timing belts, cylinder heads, and spark plugs do not require replacement, which in turn makes it cheaper and efficient for fuel-powered automobiles. This makes electric vehicle a preferred choice; thereby, restraining the growth of the fuel-powered automobile market. Thus, growth in production of electric vehicles with in-wheel motors is anticipated to propel the growth of the market.

Based on sales channel, aftermarket is the largest contributor in market. The continuous improvement and innovation in the automotive end user attract a wide range of customers. There is an increase in awareness regarding different types of hub motors, which in turn provides a remarkable growth opportunity for the companies operating in the hub motor aftermarket. The limited warranty period of the ignition coil also fuels the demand for aftermarket hub motor. 

Europe is a fastest growing market for hub motor industry. Global bearing manufacturers in this region are launching new generation hub motors with advanced features, which in turn propel the growth of the hub motor market in Europe. For instance, on January 6, 2020, NSK, a bearing manufacturer has developed third generation of in-wheel motor, which is a first design of its kind that includes motor, inverter, and wireless charging unit.

Majorly, the hub motors or in-wheel motors that are installed on the front wheel of the bikes are considered under this 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 market for front wheel position.

Key Developments:

• In June 2019, Bosch introduced new range of hub motors typically designed for electric cargo bikes. This new motor has a higher top speed of around 28 mph and is more powerful than the previous motors.

• In July 2019, Hyundai Mobis invested around $247 million for incorporation of new manufacturing plant in South Korea focused on electric car components. In addition, this new incorporation is expected to boost the market in South Korea

• In May 2019, Elaphe launched new in-wheel motors called L1500 that offer low weight, high torque, and compact packaging. In addition, this motor is designed for integration in vehicles ranging from small cars, light commercial vehicles, and others.

• In January 2017, Accell launched new e-bike motor with 5-speed gear hub installed. This new system is especially developed for electric bike and is one complete unit integrated in the motor.

Enhanced performance of electric vehicle due to hub motor systems

The transmission, axles, differentials, and drive shaft are being replace by in-wheel motor systems, owing to enhanced performance and advantages offered by this system. Vehicles without this system provide stability control and traction by slowing down the wheel, which is spinning faster than required. This approach is slower as it is dependent and limited to application of retarding force. However, hub motors deliver precisely controlled motoring torque or braking in a very small timescale and thus remarkably improves the traction and stability control by limited stopping distance and enhancing vehicle dynamics and safety. Thus, adoption of hub motor enhances the performance of electric vehicle, which in turn is anticipated to propel the growth of the hub motor market. 

Less operating speed and complex structure of hub motors

High number of magnets are used in the hub motor, which means that the operating speed is less that is around 300 to 500 rpm depending on the application and wheel size. Low operating speed results in the risk of motor cogging torque. Coggin torque is a result of interaction between the permanent magnets of the rotor and the stator slots of permanent magnet machine, which is prominent at lower speed with a symptom of jerkiness. Cogging torque is an undesirable component in the operation of such motor. This cogging torque results in speed ripple and at high speed the moment of inertia of motor filters out the effect of cogging torque. In addition, as the motors are present in the wheel, the electrical connection must be between body and wheel making the harness connection more complex and stressed, and increases the risk of fire hazard. Thus, less operating speed and complex structure of hub motors are expected to hinder the growth of the hub motor market.

Increase in penetration of electric vehicles

In recent years, the demand and production of electric vehicles has increased significantly as electric vehicles have several advantages over fuel-powered automobiles. Components such as fan belts, oil, air filters, head caskets, timing belts, cylinder heads, and spark plugs do not require replacement, which in turn makes it cheaper and efficient for fuel-powered automobiles. This makes electric vehicle a preferred choice; thereby, restraining the growth of the fuel-powered automobile markets. In addition, automobile manufacturers are focusing toward the development of electric vehicle with hub motor, owing to improved vehicle dynamics and traction control. Thus, growth in production of electric vehicles is anticipated to offer lucrative growth opportunity for the players operating in the market. 

Asia-Pacific is a major contributor to the global market. Electric motor manufacturers in this region are introducing hub motor with innovative and enhanced features, which in turn is expected to boost the growth of the 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. The Europe hub motor market in anticipated to exhibit highest growth during the forecast period. Adoption of hub motor in electric vehicles provides improved dynamics of the vehicle and better traction control, which in turn result in increased demand for vehicle with hub motor. Moreover, Global bearing manufacturers in this region are launching new generation hub motors with advanced features, which in turn propel the growth of the market in Europe. For instance, on January 6, 2020, NSK, a bearing manufacturer has developed third generation of in-wheel motor, which is a first design of its kind that includes motor, inverter, and wireless charging unit.

Key Benefits for Stakeholders:

• This study presents the analytical depiction of the global hub motor market analysis along with the current trends and future estimations to depict the imminent investment pockets.

• The overall hub motor market opportunity is determined by understanding the profitable trends to gain a stronger foothold.

• The report presents information related to the key drivers, restraints, and opportunities of the global market with a detailed impact analysis.

• The market is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.

• Porter’s five forces analysis illustrates the potency of buyers and suppliers in the hub motor industry.

  Hub Motor Market Report Highlights

Aspects	Details
By Product Type	Pedelecs Throttle on Demand Scooter or Motorcycle
By Sales Channel	Original equipment manufacturer (OEM) Aftermarket
By Position	Front Hub Motor Rear Hub Motor
By Region	North America  (U.S, Canada, Mexico) Europe  (U.K, Netherlands, Germany, France, Italy, Rest of Europe) Asia-Pacific  (China, Japan, India, Australia, Vietnam, Rest of Asia-Pacific) LAMEA  (Latin America, Middle East, Africa)
Key Market Players	Accell Group, Robert Bosch GmbH, MAC Shanghai Electric Motor Company Ltd., NTN Corporation, Siemens AG, Elaphe Propulsion Technologies Ltd., TDCM, Schaeffler technologies AG & CO. KG, QS Motor, HYUNDAI MOBIS

Analyst Review

Hub motor, also known as in-wheel motor, wheel motor, or wheel hub drive, is an electric motor that in installed in hub of the wheel. In addition, these types of motors are majorly used in electric bicycles and exhibit remarkable rise in different applications such as commercial vehicles and electric cars.

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 is expected to fuel the growth of the market. However, less operating speed and complex structure of hub motors restrain the growth of the market. Further, increase in penetration of electric vehicle globally is expected to offer remarkable growth opportunity for the players operating in the hub motor market.

Among the analyzed regions, currently, Asia-Pacific is the highest revenue contributor and is anticipated to exhibit remarkable growth rate during the forecast period, followed by Europe, North America, and LAMEA.

Author Name(s) : Lalit Katare & Anvay Sonpimple | Lalit Janardhan Katare

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