Global hub motor market is projected to grow at a CAGR of 5.03% during the forecast period to reach USD 11.17 billion by 2025
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The global hub motor market is projected to grow at a CAGR of 5.03% during the forecast period to reach USD 11.17 billion by 2025 from an estimated USD 7.92 billion in 2018. Hub motor improves the performance of electric vehicles. Hub motor helps supply torque to its associated tire and generates more power to improve the efficiency of a vehicle. The other benefits of hub motor technology is that it provides a pleasant and an effortless ride, e.g. in case of bicycles when a rider does not feel like pedaling.
Asia Pacific is the largest hub motor market. China is the largest market in Asia Pacific because it is promoting the use of electric two wheelers to lower the rising pollution and vehicle emissions in the country. It is the world’s largest producer of e-bikes. Increase in sales of electric two wheelers will lead to the increase in sales of hub motors. For instance, NTN has developed the air-cooled in-wheel motor driving system and vehicle motion control system and concluded with FSAT, which is a Chinese company for designing and manufacturing automobile. NTN will provide technical support to FSAT for producing lightweight New Energy Vehicles (NEVs), which adopt in-wheel motor driving systems.
The global hub motor market is dominated by major players such as QS Motor (China), Schaeffler Technologies (Germany), Michelin (France), Jiashan Neopower International Trade (China), and Elaphe (Slovenia). These companies have strong distribution networks at the global level. In addition, these companies offer an extensive product range in the OEMs. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.
In July 2018, QS motor launched a cool liquid assembly designed for 14 kW hub motor with the heat sink, which avoids efficiency hampering issues such as overheating of motor at high load. This product is now available in the market.
In May 2018, Elaphe launched the second generation Elaphe L1500 in-wheel motor at the Electric and Hybrid Vehicle Technology Expo 2018 in Germany.
In October 2017, NTN developed the industry's first “eHUB,” which combines a motor generator with a hub bearing used to support wheel rotation. eHUB is mounted on the rear wheels (non-driven wheels) to provide driving assistance with motor generators to reduce engine load and acts as a power generator to regenerate energy into electric power when decelerating.
In October 2016, Schaeffler introduced innovative new vehicle concepts. The complete integration of the electric motor, power electronics, and the control unit installed directly in the wheel enables new degrees of functional freedom along with installation space advantages compared to conventional drive concepts.