Hub Motor Market Size
Hub Motor Market Size
The rise in vehicle production with in-wheel electric motors and enhanced EV performance driven by hub motor systems boost the global hub motor market.
WILMINGTON, DE, UNITED STATES, November 20, 2024 /EINPresswire.com/ -- According to the report, the global hub motor market size generated $12.25 billion in 2018, and is expected to reach $17.45 billion by 2026, witnessing a CAGR of 4.4% from 2019 to 2026.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 the market.
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In addition, throttle-on-demand bikes consist 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 are anticipated to propel the growth of the market for the 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.
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.
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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 the continuous development of hub motor by electric vehicle manufacturers and improved performance of electric vehicles 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, the enhanced performance of electric vehicles due to hub motor systems propel the growth of the market. However, less operating speed and the complex structure of hub motors restrain the growth of the market. Furthermore, an increase in the penetration of electric vehicles globally is expected to offer remarkable growth opportunities for the players operating in the hub motor market.
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Based on product, the pedelecs segment contributed to around two-thirds of the total share of the global hub motor market in 2018, and is estimated to maintain its lead position throughout the forecast period. The riding range of pedal assist bikes is longer as compared to other types such as throttle, which drives the growth of the segment. However, the throttle-on-demand segment is expected to witness the highest CAGR of 5.5% from 2019 to 2026, owing to the features offered by throttle-on-demand bikes such as ease of use, simplicity in maintenance & installation, customizable grip positioning, and others.
Based on region, Asia-Pacific accounted for the highest share on the basis of revenue, contributing to more than two-thirds of the global hub motor market in 2018, and is expected to continue its highest share during the forecast period. The electric motor manufacturers in this region are introducing hub motor with innovative and enhanced features such as high power and high torque density, therefore, driving the growth in the region. However, Europe region is projected to register the fastest CAGR of 5.6% from 2019 to 2026. The manufacturers in this region are launching new generation hub motors with advanced features, which augments the growth of the market, in this region. On the other hand, North America is expected to manifest the CAGR of 4.7%.
Leading market players
QS Motor
Elaphe Propulsion Technologies Ltd.
NTN Corporation
TDCM
MAC Shanghai Electric Motor Company Ltd.
Accell Group
Schaeffler Technologies AG & CO. KG
Robert Bosch GmbH
Hyundai Mobis
Siemens AG
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