What are the latest figures on the hub motor market’s size and projected CAGR?
The hub motor market size has grown strongly in recent years. It will grow from $13.34 billion in 2024 to $14.16 billion in 2025 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to rising demand for electric vehicles, government subsidies and incentives, environmental awareness, increasing urbanization, and consumer preference for eco-friendly transportation.
The hub motor market size is expected to see strong growth in the next few years. It will grow to $17.74 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to the adoption of smart transportation solutions, regulatory support for electric vehicles, the development of fast-charging infrastructure, an increasing focus on sustainable mobility, and a rise in disposable incomes. Major trends in the forecast period include a shift towards shared mobility, the development of compact electric vehicles, enhancements in energy efficiency, customization and personalization options, and the convergence of mobility and digital technologies.
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How have varous drivers impacted the growth of the hub motor market?
The increasing demand for electric vehicles is expected to propel the growth of the hub motor market going forward. Electric vehicles (EVs) refer to automobiles that are powered either entirely or partially by electricity stored in rechargeable batteries rather than by internal combustion engines. Increased demand is supported by advancements in technology, government incentives, environmental consciousness, progress in battery technology, and growing consumer preference for environmentally friendly transportation. The hub motor significantly contributes to the increased demand for electric vehicles by facilitating efficient and compact integration of electric propulsion systems, improving performance and range capabilities, and reducing space and weight requirements. For instance, in April 2024, according to the data shared by the International Energy Agency, a France-based autonomous organization, the global registration of nearly 14 million new electric cars in 2023 that totaled on the roads to EVs to 40 million. The sales forecast from the 2023 edition of the Global EV Outlook (GEVO-2023) for electric car saw a 3.5 million increase from 2022, marking a 35% year-on-year rise, with electric cars accounting for around 18% of all cars sold in 2023, up from 14% in 2022. Therefore, increasing demand for electric vehicles is boosting demand in the hub motor market.
What are the primary segments of the hub motor market?
The hub motor market covered in this report is segmented –
1) By Motor: Geared Hub Motor, Gearless Hub Motor
2) By Power Output: Below 1000 W, 1000–3000 W, Above 3000 W
3) By Vehicle Type: Electric Bike (E-Bike), Electric Motorcycle (E-Motorcycle), Electric Scooter (E-Scooter), Electric Passenger Vehicles, Electric Utility Vehicles, Electric Heavy-Duty Vehicles, Other Vehicles
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Subsegments:
1) By Geared Hub Motor: Internal Geared Hub Motor, External Geared Hub Motor, Dual Gear Hub Motor, High Torque Geared Hub Motor
2) By Gearless Hub Motor: Direct Drive Hub Motor, Brushless Gearless Hub Motor, High-Speed Gearless Hub Motor, Low Power Gearless Hub Motor
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Two Wheeler Hub Motor Market Report 2025
Which firms are leading the hub motor market?
Major companies operating in the hub motor market are Robert Bosch GmbH, Siemens AG, Schaeffler AG, NSK Ltd., NTN Corporation, Accell Group, ZIEHL-ABEGG, Kolektor, Elaphe Propulsion Technologies Ltd., Heinzmann GmbH & Co. KG, TDCM, Evans Electric, Leaf Motor, Printed Motor Works, QS MOTOR LTD, Tajima Motor Corporation, Auto Forest, Boom Motors, VR ENGINEERS, CHANGZHOU MXUS IMP& EXP CO. LTD, Leaf Bike
How will industry trends affect the trajectory of the hub motor market?
Major companies operating in the hub motor market are developing innovative products, such as electric bicycle (e-bike) hub motor systems, to provide great performance on any terrain with advanced and efficient options. Electric bicycle (e-bike) hub motor systems refer to integrated propulsion units located within the bicycle’s hub, enabling electric assistance for pedal-powered bicycles. For instance, in June 2024, MAHLE SmartBike Systems, a Spain-based eBike company, launched the MAHLE X30 drive system. This integrates a powerful 45 Nm torque hub motor that weighs only 1.9 kg, offering enhanced efficiency and range with up to 190 km on a single charge. Its seamless integration with MAHLE’s digital ecosystem and adaptive AI-driven assistance represent significant advancements, making it a compelling choice for eBike manufacturers seeking high-performance, customizable solutions in the competitive hub motor market.
Which geographic trends are shaping the hub motor market, and which region has the highest market share?
Asia-Pacific was the largest region in the hub motor market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hub motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Hub Motor Market Report 2025 Offer?
The hub motor market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A hub motor is an integrated electric propulsion system located within a vehicle’s wheel hub, facilitating direct drive without the need for a traditional transmission system. These motors are utilized in electric vehicles to provide efficient propulsion and streamline drivetrain complexity.
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Two Wheeler Hub Motor Market Report 2025
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