The global hub motor market is anticipated to grow at a moderate CAGR of 4.9% during the forecast period (2024-2031). Globally, with the growth in EV sales and rapid technological advancements such as Advanced Driver Assistance Systems (ADAS), companies are focusing on R&D and portfolio expansion which is driving overall demand for the hub motor market. For instance,In March 2023, Hyundai Mobis announced it successfully developed an in-wheel system, allowing direct motor control for each wheel. The components of the in-wheel system, including the drive motor and controller, were internally developed by Hyundai Mobis. As per the company, key features of the in-wheel system include enhanced drive and power efficiency, extended cruising range, improved driving performance, and distinctive steering modes. Implementing the in-wheel system in vehicles aims to optimize drive efficiency without the necessity of installing a separate power transmission component, such as a drive shaft, leading to enhanced power efficiency.

Apart from this, growing collaboration between market players and R&D and business expansion is also contributing to the overall growth of the hub motor market. For instance, In October 2023, Continental AG collaborated with DeepDrive,to advance core technologies for electric vehicles. As an initial step, the two entities will collaboratively create an integrated unit encompassing drive and brake components designed to be directly mounted on the vehicle wheel. In February 2023, Flash Electronics, headquartered in Pune, expanded its electric vehicle (EV) offerings through a technological partnership with GEM Motors from Slovenia. Through this collaboration, both companies will jointly produce hub motors with power ratings ranging from 1kW to 15kW, catering to diverse categories of electric vehicles.

In March 2023, BMW i Ventures co-led a $16.1 million Series A funding round for the startup DeepDrive, which specializes in a dual-rotor motor designed to enhance the efficiency of electric vehicles. As per the company, this radial flux dual-rotor electric motor, complete with power electronics, offers versatility by being adaptable for use as a central drive or in-wheel drive in any vehicle. The patented technology extends the range of electric vehicles and also delivers high torque density, cost-effectiveness in production, and reduced demand for natural resources, thereby minimizing environmental impact.

To Request a Sample of our Report on Hub Motor Market:  https://www.omrglobal.com/request-sample/hub-motor-market

Market Coverage

The Market Number Available for – 2023-2031
Base year- 2023
Forecast period- 2024-2031

Segment Covered- 

By Motor type
By Position
By Sales Channel
By Vehicle Type

Regions Covered-

North America
Europe
Asia-Pacific
Rest of the World

Competitive Landscape- Ananda Drive Techniques?Shanghai?Co., Ltd., Amirpower Transmission Limited, Brose Fahrzeugteile SE & Co., and Dana Inc. among others.

Hub Motor Market Report Segment

By Motor type

Geared
Gearless

By Position

Front Hub motor
Rear Hub motor
Both Front and rear Hub Motor

By Vehicle Type

Passenger
Commercial
Electric

By Sales Channel

OEM
Aftermarket

By Vehicle Type

Electric vehicles (EVs)
Electric bikes (e-bikes)
Other applications (scooters, wheelchairs)

A full Report of Hub Motor Market is Available @  https://www.omrglobal.com/industry-reports/hub-motor-market

Reasons to buy from us –

We cover more than 15 major industries, further segmented into more than 90 sectors.
More than 120 countries are for analysis.
Over 100+ paid data sources mined for investigation.
Our expert research analysts answer all your questions before and after purchasing your report.

For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/hub-motor-market

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

Media Contact:

Company Name: Orion Market Research

Contact Person: Mr. Anurag Tiwari

Email: [email protected]

Contact no:  +91 7803040404