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Global Hub Motor Market to Grow at a CAGR of 5.31% During 2021-2026, Driven by the Rising Demand for E-Bikes

According to a new report by EMR titled, ‘Global Hub Motor Market Report and Forecast 2021-2026’, the market attained a value of about USD 8.18 billion in 2020. The industry is further expected to grow at a CAGR of 5.31% in the forecast period of 2021-2026 to reach a value of nearly USD 11.16 billion by 2026.

The global market for hub motor is being propelled by the applications of hub motors in two-wheeler electronic vehicles such as e-bikes, e-scooter, and e-motorcycles. The Asia Pacific region is significantly contributing to the market growth of hub motors due to the large-scale production of hub motors in emerging economies like China, thus making it affordable. In addition, hub motors are easy to install and can be used to convert almost any bike into an electronic bike, which is boosting the market growth. Furthermore, the regional growth of hub motor can also be attributed to the rising levels of pollution in countries like India and China, which is propelling the government to undertake serious measures to curb the negative effects of fuel-powered automobiles, and hence the widespread promotion of electronic vehicles in the engine is augmenting the industry growth of hub motor. Moreover, the ready availability, reliability, and silent operations are factors that are further proving impetus to the market growth.

A global leader in the market for hub motor, MAHLE, has recently launched a new generation of its e-bike drive system in August 2020. The extremely compact design of the wheel hub motor can be integrated almost invisibly into a conventional bicycle frame. MAHLE’s hub motor installed in the X35+ system offers an ideal user-oriented performance, which makes the system not only more streamlined but also significantly lighter. The drive unit supports the rider by seamlessly delivering power at the touch of a button, and when switched off, the unit offers no resistance, allowing the rider a natural cycling experience using muscle power. The emergence of electronic vehicles in the coming years are expected to augment the market for hub motors, and such innovations by leading companies are significantly contributing to the industry growth. The market is further anticipated to be propelled by the expansion of market players like Schaeffler Technologies AG & Co (ETR: SHA) and Accell Group N.V (AMS: ACCEL).

Market Analysis by Vehicle Type, Installation Type, Output, Distribution Channel, and Region:

  • On the basis of vehicle type, the market can be segmented into e-bike, e-scooter, and e-motorcycles.
  • On the basis of installation type, the market can be divided into front hub motor and rear hub motor.
  • Based on output, the market can be classified into below 1000W, 1000-3000W, and above 3000W.
  • On the basis of distribution channels, the market segmentations include original equipment manufacturer (OEM), and aftermarket.
  • The major regional markets for hub motor are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • The growth in the global market for hub motor can be attributed to the rising demand for the product due to its favourable physical properties, such as lightweight, compact designs, and easy installation.
  • Hub motors in electric vehicles are installed to reduce the noise generated by the vehicle and provide a smoother and quieter driving experience, which is furthering the industry growth.
  • Rising demand for electronic vehicles, owing to government regulations mandating the use of pollution friendly vehicles as a result of rising environmental concerns, are aiding the market for hub motor.
  • Innovations in the manufacturing and production of electronic vehicles as a result of the presence of key market players and large investments are driving the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global hub motor industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for vehicle types, installation types, outputs,  distribution channels, and regions of hub motor.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global hub motor market are Schaeffler Technologies AG & Co. KG, QS Motor Ltd, Elaphe Propulsion Technologies Ltd., Robert Bosch GmbH, and Accell Group N.V., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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