Hub Motor Market Estimated To Experience A Hike In Growth By 2030

By Laura Campbell On Jul 7, 2022

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.

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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.

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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.

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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.
- Kolektor
- Elaphe Ltd
- NTN Corporation.
- Magnetic Systems Technologies
- GEM Motors d.o.o
- Siemens AG
- Printed Motor Works
- YASA Limited,
- Schaeffler AG

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Published Thu, 07 Jul 2022 14:39:54 -0500