Automotive Hub Motors Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia Pacific|
|CAGR:||> 6 %|
*Disclaimer: Major Players sorted in no particular order
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Automotive Hub Motors Market Analysis
The Automotive Hub Motors Market was valued at USD 10 Billion in 2020 and is expected to grow up to USD 15 Billion by 2026, registering a CAGR of more than 6% during the forecast period (2021 - 2026).
The Covid-19 impact had a mildly negative impact on the automotive hub motors market. With the worldwide lockdown and transport halt, the production and sales of both Plug-In Hybrid Electric Vehicles and Electric Vehicles were reduced, majorly damaging the market. Also, with the supply chain disruption due to the global transport halt, the raw materials like copper and other metals for the production of motors reduced. However, with the projected exponential growth in electric vehicle usage, the market expects an economic revival and high growth post the pandemic.
The penetration of electric vehicles is witnessing strong growth, especially in Europe. Subsequently, the demand for hub motors would continue expanding over the forecast period.
- Several significant automotive manufacturers showed interest in entering into electric vehicles segments considering its huge potential. Therefore, the automotive hub motor market can capitalize on this growth of electric vehicles.
- The market is significantly driven by the consistently rising penetration of electric bicycles across the different developed and developing countries such as China, Germany, Japan, Belgium, Norway, France, the United Kingdom and the Netherlands.
Automotive Hub Motors Industry Segmentation
The Automotive Hub Motors Market is segmented by Motor Type (Gearless and Geared), Vehicle Type (E-bikes, Electric Two-wheelers, Passenger Cars, and Commercial Vehicles), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and forecasts for Automotive Hub Motors in value (USD Billion) for all the above segments.
Automotive Hub Motors Market Trends
This section covers the major market trends shaping the Automotive Hub Motors Market according to our research experts:
Increasing Demand for Hub Motors from E-bike Segment
With the growing concerns and awareness to protect and preserve the environment for future generations, the need for zero-emission mobility has tremendously increased the demand for electric vehicles across the world. Also, the increased awareness about the health benefits of using E-Bikes has increased their production and usage. Consequently, the need for hub motors that are majorly used in E-bikes has also increased.
The primary benefit of using a hub motor in e-bikes is that it requires less maintenance; this is due to the fact that all the parts are located inside the motor casing and this motor is entirely independent. Sometimes, the use of electric motors attached with gears might not be ideal due to the chance of gear tooth wear and eventually rendering the motor useless. Hence, the hub motors are usually preferred for light-duty applications like E-Bikes.
On the other hand, the gearless hub motor has no significant losses as there are no moving parts except for bearings. Apart from the benefits, an e-bike is noiseless, generates no carbon emissions, offers a low-cost mode of transportation, saves space, and ensures good health. Thus, owing to the aforementioned advantages, e-bikes are expected to become the future mode of transportation for short distances. Also, with the projected increase in E-Bike usage especially in European and Asian region, the usage of hub motors is also expected to increase during the forecast period.This factor, in turn, is expected to increase the demand for e-bikes and consequently, the hub motors.
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Asia-Pacific and Europe to Witness High Growth Rate
Asia-Pacific is leading the hub motors market. The automotive hub motors market in this region is primarily driven by the demand from countries such as China, Japan, and some of the Southeast Asia countries. These countries have strong penetration of electric vehicles, making them the most prominent markets for the related components.
China has contributed to a large share of the Asia-Pacific hub motors market, owing to its high consumption of electric bikes, in order to tackle heavy traffic conditions as well as growing vehicle pollution in the country. During the forecast period, the consumptions of e-bikes are likely to continue to grow, due to the decreasing purchase cost of e-bikes in the Chinese market.
In addition, China is one of the largest producers of electric two-wheelers and related components. This makes the country one of the largest markets for hub motors. In addition, rising imports and exports of electric vehicles due to the rise in pollution and to find alternatives to gasoline vehicles that emit huge pollutants in the atmosphere is another factor responsible for the growth of this market in this region.
Japan also has a considerably high adoption of electric mobility. The country is a pioneer in the field of electric and hybrid vehicles, with companies, like Toyota and Nissan, being active in this field. This transition toward electric vehicles is another factor driving the growth of hub motors in the country.
Asia Pacific is estimated to have prominent growth in the global market due to rush in adoption of electric vehicles in emerging economies of this region.
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Automotive Hub Motors Industry Overview
The Automotive Hub Motors Market is dominated by several players such as Mitsubishi Motors Corporation, Schaeffler Technologies AG & Co. KG, Taizhou Quanshun Electric Drive Technology Co., Ltd. (QS Motor), Heinzmann GmbH & Co. KG, Michelin. These companies are expanding their business with new innovative products so that they can have an edge over their competitors.
- In June 2021, ETRAN, an electric motorbike developer has signed MoU with Pioneer Motor of Thailand, to develop hub motors for motorcycles.
- In July 2019, Alliance Ventures invested in the mobility house of Mitsubishi Motors Corporation to boost their electric mobility.
Automotive Hub Motors Market Leaders
Schaeffler Technologies AG & Co. KG
Taizhou Quanshun Electric Drive Technology Co., Ltd. (QS Motor)
Heinzmann GmbH & Co. KG
Protean Electric Limited
*Disclaimer: Major Players sorted in no particular order
Automotive Hub Motors Market News
In June 2021, Lordstown motors announced that it expects to produce hub motors in its Ohio plant with both manual and automated production systems to meet the expected increase in demand for electric vehicles.
Automotive Hub Motors Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Motor Type
5.2 Vehicle Type
5.2.2 Electric Two-wheelers
5.2.3 Passenger Cars
5.2.4 Commercial Vehicles
5.3.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.4 Rest of the World
22.214.171.124 Souh America
126.96.36.199 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Mitsubishi Motors Corporation
6.2.2 Schaeffler Technologies AG & Co. KG
6.2.3 Taizhou Quanshun Electric Drive Technology Co., Ltd. (QS Motor)
6.2.4 Heinzmann GmbH & Co. KG
6.2.6 Protean Electric Ltd.
6.2.7 Elaphe Ltd.
6.2.8 TDCM Corporation Ltd.
6.2.9 Magnetic Systems Technology Ltd.
6.2.10 SIM-Drive Corporation
6.2.11 GO SwissDrive AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Automotive Hub Motors Market Research FAQs
What is the study period of this market?
The Automotive Hub Motors Market is studied from 2018 - 2028.
What is the growth rate of Automotive Hub Motors Market?
The Automotive Hub Motors Market is growing at a CAGR of >6% over the next 5 years.
What is Automotive Hub Motors Market size in 2018?
The Automotive Hub Motors Market is valued at 10 Billion USD in 2018.
What is Automotive Hub Motors Market size in 2028?
The Automotive Hub Motors Market is valued at 15 Billion USD in 2028.
Which region has highest growth rate in Automotive Hub Motors Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Automotive Hub Motors Market?
Europe holds highest share in 2021.
Who are the key players in Automotive Hub Motors Market?
Schaeffler Technologies AG & Co. KG, Taizhou Quanshun Electric Drive Technology Co., Ltd. (QS Motor), Heinzmann GmbH & Co. KG, Mitsubishi Electric, Protean Electric Limited are the major companies operating in Automotive Hub Motors Market.
Automotive Hub Motors Industry Report
Statistics for the 2023 Automotive Hub Motors market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Hub Motors analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.