Global In-Wheel Motor Market: Overview
In-wheel motor systems are employed to improve the performance of various electric vehicles. These systems replace driveshaft, transmission, differentials, and axles. The in-wheel motors also help in supplying torque to their associated tires along with generating more power for enhancing a vehicle’s efficiency. The demand and popularity of the in-wheel motor market across the globe can be attributed to the
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Global In-Wheel Motor Market: Growth Factors
The major growth driver of the global in-wheel motor market in the future is the ability of in-wheel motors to improve the performance of electric vehicles by supplying torque to their associated tires and generating increased power to enhance the electric vehicles’ efficiency. Other factors that are anticipated to contribute notably toward the expansion of the in-wheel motor market globally over the estimated timeframe include the better government subsidies and support, the rising range of diverse vehicles featuring in-wheel motors, and the growing popularity of electric vehicles across the world. Furthermore, the reduced weight and increased space in vehicles equipped with in-wheel motors are projected to further drive the market for in-wheel motor globally in the years ahead.
However, high manufacturing costs and complicated speed wheel control might restrain this global market’s growth over the estimated timeframe.
Global In-Wheel Motor Market: Segmentation
The global in-wheel motor market is categorized into propulsion, motor type, vehicle type, power output type, and cooling type. Based on propulsion, the in-wheel motor market is classified into PHEV, BEV, HEV, and FCEV. The BEV segment is projected to register the highest rate of rate over the estimated timeline, owing to the growing range of diverse vehicles, such as Nissan Leaf, BMW i3, Tesla Model S, Renault Zoe, etc. On the basis of motor type, this market includes radial flux and axial flux. The vehicle type segment of this market comprises commercial and passenger vehicles. Passenger cars are likely to dominate the market for in-wheel motor globally in the years ahead, owing to their high torque, enhanced fuel efficiency, increased power, etc. By power output type, this global market is segmented into more than 90 KW, between 60 and 90 KW, and less than 60 KW. The cooling type segment of this market comprises liquid cooling and air cooling.
Global In-Wheel Motor Market: Regional Analysis
By region, this global market is primarily divided into Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. The Asia Pacific In-Wheel Motor Market is likely to emerge as the fastest growing market globally in the years ahead. China is the major contributor to this regional market, owing to the huge subsidies for electrification of vehicles by the country’s government. The rising sales of electric vehicles, as in-wheel motors are only used in electric, across the region is estimated to further drive this regional market in the future. North American and European regions market for in-wheel motor globally and are likely to hold major shares in this global market over the estimated time period. This can be attributed to the growing trend of autonomous vehicles and the rising penetration of electric automobiles in these regions.
Global In-Wheel Motor Market: Competitive Players
Some most important players of the global in-wheel motor market are NTN, Printed Motor Works, ZIEHL-ABEGG, BMW, BYD, Tesla, Volkswagen, Nissan Motor Corporation, Elaphe, and Protean Electric, among others.
Global In-Wheel Motor Market: Regional Segment Analysis
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