The report "Hub Motor Market by Installation (Front & Rear), Vehicle (E-Bikes, E-Scooters/Mopeds, and E-Motorcycles), Motor (Geared and Gearless), Sales Channel (OE and Aftermarket), Power Output (Below 1000 W, 1000–3000 W, and Above 3000 W), and Region - Global Forecast to 2025" Global hub motor market is projected to grow at a CAGR of 5.01% from USD 7.69 billion in 2018 to reach USD 10.82 billion by 2025 The major factors behind the growth of the hub motor market are improved vehicle performance, powerful acceleration, and high torque. Hub motor helps supply torque to its associated tire and generates more power to improve the efficiency of a vehicle.
Electric Bike Segment: Increased power and better vehicle handling is expected to drive the hub motor market
The electric bike segment is the largest of all segments of the hub motor market and is expected to witness a significant growth during the forecast period. The market growth of hub motors can be attributed to factors such as high torque, increased power, and better vehicle handling to both new and existing vehicles. This vehicle segment is the most promising market for hub motors as it is the largest in the automotive industry.
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Rear Hub Motor: Better traction and high flexibility fuels the hub motor market
Rear hub motors are predominantly used in the global hub motor market. This type of installation provides powerful acceleration, better traction, and high flexibility. The powerful hub motors are appropriate for rear installation because higher power can be better handled in the rear wheel of the e-bikes. Major electric two wheeler manufacturers prefer installing hub motors in the rear wheel to take advantage of the traction control.
Asia Pacific: China is expected to lead the Asia Pacific market
The Asia Pacific region is estimated to be the largest hub motor market in 2018. The region comprises some of the fastest developing economies of the world such as China and India. The governments of these developing economies have recognized the growth potential of the electric two wheelers and, hence, have taken several initiatives to attract major OEMs to manufacture electric two wheelers in their domestic markets. For instance, the Government of India announced financial support and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). Under the scheme, there is subsidy up to INR 22,000 for electric scooters/e-bikes. Government promotions and schemes have led to an increase in sales of electric two wheelers over the years, which caters to the hub motor demand.
Key Market Players:
The major hub motor market players are QS Motor (China), Schaeffler Technologies (Germany), Michelin (France), Jiashan Neopower International Trade (China), and Elaphe (Slovenia).