Hub Motor Market
Hub Motor Market for Electric Vehicle (Drive Type: All-Wheel Drive, Front Wheel Drive, and Rear Wheel Drive; Electric Vehicle Type: Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Hybrid Electric Vehicle; Vehicle Type: Passenger Vehicle and Commercial Vehicle; Cooling Type: Water Cooled and Air Cooled; Brake Type: Regenerative Brake and Conventional Brake; and Sales Channel: OEM and Aftermarket) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Environmental Concerns and High Demand for Lightweight Vehicles to Aid Market Growth
The automotive sector over the past couple of decades has witnessed consistent developments in terms of technology and innovations due to a host of factors. Mounting environmental concerns have compelled regulatory authorities around the world to put forward stringent regulations that safeguard the environment. Automotive companies are increasingly focusing on minimizing air pollution and depletion of conventional fossil fuels to gain a competitive edge in the hub motor market for electric vehicle. In their efforts to attain these objectives, automotive companies are pinning their hopes on electric and hybrid hub motors due to which, the demand for hub motors is expected to scale up during the forecast period.
At present, players operating in the current hub motor market landscape are primarily engaged in addressing the limitations of the hub motor to increase its adoption. The entry of powered-internal combustion engines (ICEs) has gradually replaced hub motors due to which, the market growth could potentially slow down during the assessment period. Continual efforts are being made to reduce price, pollution, and environment-friendly hub motors to attract a larger consumer base. At the back of these factors, along with surging interest for electric vehicles around the world, the global hub motor market for electric vehicle is expected to reach US$ 27.4 Bn mark by the end of 2030.
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Soaring Demand for Efficient and Lightweight Vehicles to Propel Market
As the regulatory landscape pertaining to the automotive sector continues to evolve at a rapid pace, innovations and technological advancements are expected to align with these regulatory changes. The growing demand for hub motors, particularly from the hybrid vehicles segment is expected to provide considerable boost to the global hub motor market for electric vehicle. Companies in the hub motor market for electric vehicle are primarily focusing on improving the efficiency and performance of their hub motors to solidify their position in the market.
Several market players are leaning toward deploying magnets that have been developed using non-rare-earth and low-cost elements. In addition, automotive companies are also actively engaged in enhancing motor speeds. At present, researchers are investing considerable resources to produce motors that can reach 30,000 rpm. High focus on improving thermal management, development of new motor designs, and demand for ultra-lightweight in-wheel hub motors are some of the other factors that are expected to provide a strong foundation for the growth of the hub motor market for electric vehicle during the assessment period.
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Growing Adoption of Electric Vehicles Likely to Increase Adoption of Hub Motors
Due to growing environmental concerns, the demand for electric vehicles has increased at an impressive rate worldwide. At the back of rising consumer interest for electric vehicles, the global hub motor market is projected to witness considerable growth. The adoption for hub motors in the electric vehicles space is expected to remain one of the key drivers of market growth during the assessment period. Over the past few years, electric unicycles have garnered considerable popularity across the personal transportation sector. In addition, electric unicycles are increasingly being used as a feasible solution to address last mile transportation challenges. The adoption of hub motors to manufacture electric unicycles has increased at a consistent pace over the past couple of years and the trend is expected to continue during the forecast period– a factor that is likely to boost market growth. While the demand for hub motors to develop electric unicycles is on the rise, the demand for hub motors to manufacture electric bikes is growing. As China currently leads in the production of electric bikes, it is expected to remain one of the key markets for players operating in the hub motor market for electric vehicle.
Demand to Dip in 2020 amid COVID-19 Pandemic
The COVID-19 pandemic has had a catastrophic effect on the automotive sector around the world. As the COVID-19 infection spreads, government authorities around the world have been largely focusing on restricting the transmission of the novel coronavirus by imposing stringent lockdowns and restrictions on cross-border trade and transportation. Operations across the entire supply chain within the automotive sector have been largely disrupted by the COVID-19 pandemic due to which, the demand and supply for hub motors is likely to remain lower than initial projections.
The industrial lockdown in China in the first quarter of 2020 has put forward several barriers across the supply chain due to which, market growth is expected to remain sluggish in 2020. The demand for electric vehicles is projected to hit a record-low in comparison with the previous years, which, in turn, is likely to have a direct impact on the expansion of the hub motor market for electric vehicle, particularly in the Asia Pacific region.
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The global hub motor market for electric vehicle is expected to expand at a staggering CAGR of 22.5% during the forecast period. Despite an anticipated sluggish period during the first half of the forecast period due to the COVID-19 pandemic, the hub motor market for electric vehicle is expected to recover an impressive pace over the latter half of the study period. The market growth is largely driven by soaring demand for electric vehicles, mounting environmental concerns, increasing regulatory pressure to curb air pollution, and high demand for lightweight automotive vehicles. Market players should focus on tapping into opportunities across the Asia Pacific region to gain an edge in the current market landscape.
Hub Motor Market for Electric Vehicle: Overview
- The global hub motor market for electric vehicle is anticipated to expand at a CAGR of 22.57% during the forecast period, owing to the rise in sale and the production of electric vehicles across the globe that has led to an increase in consumption and hence, is expected to boost the production of hub motor. Increase in demand for noiseless operation and a surge in the demand for fuel-efficiency are likely to propel the global hub motor market for electric vehicle during the forecast period.
- Stringent enactment of rules and regulations regarding vehicle emission norms across the globe is likely to increase the trend toward vehicle electrification. Developed counties, including the U.S. and Japan are more focused on the adoption of electric vehicles (EVs). China, Japan, Norway, and the U.S. account for nearly 80% of the global electric vehicle market, which in turn is likely to propel the hub motor market for electric vehicle across the globe.
Hub Motor Market for Electric Vehicle: Drivers
- Rise in demand for smart cities and growing urbanization across the globe have fueled the usage of electric vehicles significantly, which is likely to augment the hub motor market for electric vehicle during the forecast period
- Significant rise in the price of crude oil for the past few years has made vehicle rides more expensive and inefficient. Lightweight vehicles offer great potential to increase vehicle efficiency. This is a key factor prompting automakers to switch toward electric vehicles in order to offer both efficient and reduced emission vehicles. This is anticipated to boost the hub motor market for electric vehicle across the globe.
Hub Motor Market for Electric Vehicle: Challenges
- Major vehicle manufacturers shut down their plants due to the COVID-19 pandemic, which led to the decline in vehicle production and sale. Prominent automakers, including GM, Ford, and FCA under pressure from unions to protect employees, and to follow government advisories, decided to idle their plants across the globe. Toyota, Honda, Tesla, and Nissan also announced a temporary suspension of the production across the globe, which is a major challenge for the hub motor market for electric vehicle across the globe
- Automotive hub motors for electric vehicles alter vehicle ride handling, as they increase the unsprung mass, which is primarily the weight of all components not supported by the vehicle’s suspension system. This results in transmission of more shock and vibration to the vehicle body. Vehicle ride also becomes bumpier and ends up with very heavy wheels bashing through every pothole and speed bump due to poor vehicle ride handling and steering, owing to the unsprung mass from hub motors. This is estimated to pose a challenge to the hub motor market for electric vehicle.
Hub Motor Market for Electric Vehicle: Segmentation
- Based on vehicle type, the passenger vehicle segment dominated the global hub motor market for electric vehicle due to a rise in production of passenger vehicles across the globe. Rise in penetration of electric vehicles is estimated to further boost the hub motor market for electric vehicle across the globe.
- Based on electric vehicle type, the battery electric vehicle segment dominated the market, as the demand for battery electric vehicles has been rising across the globe due to enactment of stringent rules and regulations regarding vehicle emission. However, major vehicle manufacturers are investing in research & development of battery electric vehicles, which is likely to propel the hub motor market for electric vehicle market across the globe.
Hub Motor Market for Electric Vehicle: Regional Analysis
- Based on region, the global hub motor market for electric vehicle has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific and Europe are projected to be highly lucrative markets during the forecast period. This is primarily due to the presence of prominent automotive industry in China, Japan, and India. Major presence of original equipment manufacturers and tier-1 suppliers across Europe is anticipated to drive the hub motor market for electric vehicle in the region during the forecast period.
Hub Motor Market for Electric Vehicle: Competition Landscape
- Key players operating in the global hub motor market for electric vehicle include
- ZIEHL- ABEGG
- HEINZMANN GmbH & Co. KG,
- Protean electric.
- Bonfiglioli Riduttori S.p.A.
- ZF Friedrichshafen AG.
- NSK Limited
- Evans Electric
- Hyundai Mobis Co. Ltd.
- TM4 Inc., e-traction B.V.
- Elaphe Ltd
- NTN Corporation.
- Magnetic Systems Technologies
- GEM Motors d.o.o
- Siemens AG
- Printed Motor Works
- YASA Limited,
- Schaeffler AG
- Key players at the global level are expanding their footprint by engaging in mergers and acquisitions with several players in the industry. In June 2019, National Electric Vehicle Sweden (NEVS), a subsidiary of Evergrande Health, acquired the leading developer of in-wheel motor technology, Protean Electric. The deal highlighted significant potential of Protean Electric’s in-wheel motors (IWMs) for electrified transportation. Both companies are expected to jointly develop future propulsion solutions. In September 2017, ZF Friedrichshafen AG formed a joint venture with Beijing Automotive Industry Corporation (BAIC) for production of e-mobility components. This joint venture was formed to supply components to the BAIC Group.
Hub Motor Market for Electric Vehicle – Scope of the Report
Transparency Market Research’s recent report on the hub motor market for electric vehicle, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the hub motor market for electric vehicle analyzes the scenario for the period of 2019 to 2030, wherein, 2019 is the base year and 2018 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the hub motor market for electric vehicle also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the hub motor market for electric vehicle gives readers an individual understanding of the market.
This report on the hub motor market for electric vehicle provides information on the basis of drive type, electric vehicle type, cooling type, brake type, vehicle type, sales channel, and region.
This study also discusses the underlying trends and impact of various factors that are driving the hub motor market for electric vehicle, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the hub motor market for electric vehicle, in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.
Key Questions Answered in This Report on Hub Motor Market for Electric Vehicle
- How much value will the hub motor generate by the end of the forecast period?
- Which segment of the market is likely to have the maximum market share by 2030?
- What are the impact factors and their effects on the market for hub motor market for electric vehicle?
- What regions currently contribute the maximum share to the overall hub motor market for electric vehicle?
- What are the indicators expected to drive the hub motor market for electric vehicle?
- What region is likely to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the hub motor market for electric vehicle to expand their geographic presence?
- What are the major advancements witnessed in the hub motor market for electric vehicle?
- How regulatory norms affected the market for hub motor market for electric vehicle?
This report answers these questions and more about the hub motor market for electric vehicle, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Hub Motor Market for Electric Vehicle: Research Methodology
This TMR report on the hub motor market for electric vehicle is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the hub motor market for electric vehicle is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the hub motor market for electric vehicle arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the hub motor market for electric vehicle, with both a bottom-up and top-down approach.
This detailed assessment of the hub motor market for electric vehicle, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the hub motor market for electric vehicle is estimated to expand are based on carefully vetted primary and secondary sources.
Hub Motor Market for Electric Vehicle – Segmentation
Electric Vehicle Type
Battery Electric Vehicle
Plug-in Hybrid Electric Vehicle
Hybrid Electric Vehicle
Front Wheel Drive
Rear Wheel Drive
Middle East & Africa