Market Size of Automotive Hub Motors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.15 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Hub Motor Market Analysis
The automotive hub motors market is valued at USD 12.2 billion and is expected to reach USD 17.7 billion by registering a CAGR of about 6.15% during the forecast period.
The penetration of electric vehicles is witnessing strong growth, especially in Europe and Asia Pacific regions, with 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.
- For instance, according to the International Energy Agency, more than 10 million electric cars were to be sold worldwide in 2022, and sales are expected to grow by another 35% in 2023.
Moreover, other factors, such as the superior advantages of automotive hub motors over conventional drives and government initiatives to boost electric vehicle sales, are fueling the market growth. Several significant automotive manufacturers showed interest in entering into electric vehicle segments, considering its huge potential. Therefore, the automotive hub motor market can capitalize on this growth of electric vehicles, resulting in new product innovation for electric vehicles, which will result in market expansion in the future.
For example, in January 2022, Saietta's new axial-flux motor hub technology offered packaging benefits across a broad scale of vehicle applications.
Thus, the above factors, combined with technological advancement, drive the market growth.
