The hub motor market value in 2024 is estimated to be USD 11.3 Billion, increasing from USD 7.7 Billion in 2019. Sales of hub motors are expected to rise at a 6.4% CAGR from 2024 to 2034. By following this promising growth rate, industry value is expected to reach USD 21 Billion by the end of the forecast period.
The higher cost of electric vehicles and two-wheelers has resulted in a profound growth of e-bike hub motors as an affordable alternative. Hub motor technology for electric wheel drive has also emerged as a sustainable urban mobility solution. Ongoing investments in developing charging infrastructure and supportive policies are expected to further drive the demand for vehicles equipped with hub motors.
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