Hub Motors Market: Current Analysis and Forecast (2023-2030)

Report Description

Global Hub Motor market was valued at USD 9.27 Billion in 2022 and is expected to grow a CAGR of 5% during the forecast period (2023-2030). The motorcycle hub motors are the motors which are generally used in an electric motorcycle in order to provide traction by the conversion of stored electric energy to motive power. The motorcycle hub motor arrangement is an important step towards vehicular emission control. In recent years, the demand for motorcycle hub motors has risen dramatically due to the rising production and interest of electric vehicles in industry as well as the benefits of electric vehicles. For instance, recently in Electric and Hybrid Vehicle Technology Expo Elaphe announced for the production of world’s highest-performance In-Wheel Hub Motor. Furthermore, the need to control the rising pollution through the harmful gases emitted by the vehicles has boosted market growth. In addition, major players in the market are working towards launching and advancing the Hub motors. For instance, In July 2021, For instance, recently in Electric and Hybrid Vehicle Technology Expo Elaphe announced for the production of world’s highest-performance In-Wheel Hub Motor. Thus, the growing focus and investment of key stakeholders for the research and development of technologically advanced hub motors is further expected to support market growth.

Qs Motor, Schaeffler Technologies AG & Co. KG, Michelin Group, NTN Corporation, Ltd, Protean Electric Ltd., Elaphe Ltd, SIM-Drive Corporation, TDCM Corporation Ltd., GO SwissDrive AG, Magnetic Systems Technology Ltd. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst installation type, Rear hub motor category to witness higher CAGR during the forecast period”

Based on Installation type, the motorcycle hub motors market is segmented into front hub motor and rear hub motor. Rear hub vehicles category to witness higher CAGR during the forecast period owing to the powerful acceleration, better traction and high flexibility nature. Major electric two wheeler manufacturer prefer installing hub motors in the rear wheel to take advantage of traction control. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, Lightyear in collaboration with Elaphe developed the most efficient production powertrain in the world

“Amongst Motor type, the Gearless to hold a significant share in the market”

On the basis of Motor type, the motorcycle hub motors market is categorized into geared and gearless. Among these, the geared motors to hold a significant share in the market. This is mainly due to the advantages offered by geared motors as it light in weight, smaller in size and helps to control the speed of the vehicles. Geared motors also provide high torque which helps in driving on mountains and hilly areas. Thus, due to its numerous advantages it is leading as compared to gearless motors.

“APAC to hold a significant share in the market”

In 2022, APAC held a significant share of the global Motor hub market. The largest market in the Asia-Pacific region is China, where the government is continuously promoting the use of electric two-wheelers to fight against the rising pollution levels and car emissions. It produces the huge number of electric bikes anywhere in the world. Due to the rise in the production and sales of electric vehicles, hub motors market is also rising in the region. Also, major players in the market continue to invest in the automotive sectors.  For instance, NTN partnered with the Chinese automobile manufacturer. FSAT in order to develop the air-cooled in-wheel motor driving system and the vehicle motion control system. To produce lightweight New Energy Vehicles (NEVs) which use in-wheel motor driving systems, the company will offer technical assistance to FSAT. These businesses have robust global distribution networks. Additionally, these businesses provide a wide variety of OEM products and have relied on partnerships, new product development and agreements as their primary market positioning strategies.

Hub Motor Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Hub Motor Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Hub Motor Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Hub Motor Market were the three major steps undertaken to create and analyze the adoption of hub motors in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Hub Motor Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Hub Motor Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Hub Motor Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as installation type, motor type, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Hub Motor Market. Further, we conducted factor analysis using dependent and independent variables such as various installation type, motor type, and sales channel of hub motors. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Hub Motor Market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Hub Motor Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Hub Motor Market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Hub Motor Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Hub Motor Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of installation type, motor type, and sales channels in the global Hub Motor Market.

The main objective of the Global Hub Motor Market Study

The current & future market trends of the global Hub Motor Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Hub Motor Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of installation type, motor type, and sales channel.
• Define and analysis of the regulatory framework for the hub motor market
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Hub Motor Market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Hub Motor Market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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