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. The base year for the report is 2017, and the forecast period is from 2018 to 2025. The growth of the hub motor market is driven by increased performance, driving range, reliability, and provision for improved electric two wheeler performance similar to ICE vehicles. Additionally, it can reduce vehicle part count, complexity, and cost by integrating motor controller into the system. The system can also be combined with regenerative braking to enhance performance and increase distance coverage.
The major hub motor vendors include QS Motor (China), Schaeffler (Germany), Michelin (France), Jiashan Neopower International Trade (China), Elaphe (Slovenia), NTN (Japan), Tajima EV (Japan), TDCM Corporation (Taiwan), Go SWISSDRIVE (Switzerland), MAC Motor (China), Leaf Motor (China), and Robert Bosch (Germany). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global hub motor market. Partnerships and new product launches have been the most dominating strategy adopted by major players from 2016 to 2018, which helped them innovate on their offerings and broaden their customer base.
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QS Motor is one of the leading players in the global hub motor market. The company is known for the high rate of innovation in hub motors. 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 the motor at high loads.
In April 2018, NTN developed the air-cooled hub motor driving system and vehicle motion control system. It would provide technical support to the FSAT, which, in turn, will produce lightweight New Energy Vehicles (NEVs) that adopt the hub motor driving system. In 2017, NTN developed the industry's first “eHUB,” which combines a motor generator with a hub bearing used to support wheel rotation.
Another important player in the industry is Schaeffler, which is the second largest player in the hub motor market, followed by Michelin, Jiashan Neopower International Trade, and Elaphe. Schaeffler’s wheel-hub drive enables 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.
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