In-wheel Motors Market by Type, Application, Over Forecast Period 2022-2030
In-Wheel Motors Market Analysis
The Global In-Wheel Motors Market size will develop at a 20% CAGR between the forecast period., according to the new Market Research Future (MRFR) analysis. In-wheel motors are a form of electric vehicle-driven system. The motors are mounted on the wheel directly to energize the wheel directly via supplying the torque to the associated tires.
Various factors are propelling the global in-wheel motors market share. According to the recent MRFR market estimates, such factors include innovations in vehicle development, latest vehicle dynamics, autonomous driving, advances in-wheel motor technology, rising production of electric cars, increasing penetration in EVs, increasing environmental awareness such as noise and air pollution, degradation of naturally occurring resources, and global warming, stringent emission regulations, the growing popularity of energy-efficient products, and implementation to reduce vehicle weight by deducting the space that the machines occupy.
On the contrary, an increase in unsprung weight in the wheel, high price, complex speed wheel, and the ongoing COVID-19 pandemic are factors that may deter the global in-wheel motors market growth in the region.
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Key Players
Leading contenders profiled in the global in-wheel motors market report include ECOmove GmbH (Germany), Protean Electric (US), NTN Corporation (Japan), Elaphe Ltd (Slovenia), ZIEHL-ABEGG (Germany), Printed Motors Works (UK), e-Traction B.V. (Netherlands), Tesla (US), Nissan Motors Corporation (Japan), and Schaeffler AG (Germany). Industry players have incorporated several strategies to remain at the forefront and also cater to customers surging needs, such as mergers and acquisitions, partnerships and joint ventures, new product launches, and others.
Market Research Analysis
In terms of region, the global market for the In-wheel Motors is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is estimated to witness the highest CAGR during the forecast period owing to significant production of electric vehicles in countries such as India, China, and Japan. Moreover, rising demand for efficient and cost-effective alternatives for conventional vehicles to augment the growth of the global in-wheel motors market during the forecast period.
Electric vehicle manufacturers in Europe and North America have adopted advanced technologies to make vehicles light weight and efficient. Furthermore, OEMs in the region are investing in the R&D department to make in-wheel motors free from shocks and dirts. The in-wheel motors market is estimated to register substantial growth owing to its capability to enhance efficiency of the vehicle by 20% and thus eliminating mechanical componets, thus reducing wear and tear.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global in-wheel motors market based on cooling type, vehicle type, power output, and motor type.
By motor type, the global in-wheel motors market is segmented into outer rotor type and inner rotor type.
By power output, the global in-wheel motors market is segmented into above 90 KW, 50–90 KW, and up to 50 KW.
By vehicle type, the global in-wheel motors market is segmented into heavy commercial vehicles, light commercial vehicles, and passenger cars. Of these, the passenger cars segment will lead the market over the forecast period.
By cooling type, the global in-wheel motors market is segmented into liquid cooling and air cooling.
Regional Analysis
By region, the in-wheel electric motors market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), & the Middle East and Africa (MEA). Of these, Europe will have the lion’s share in the market over the forecast period. Investments by top vehicle OEMs, and stringent emission norms and regulations are adding to the global in-wheel electric motors market growth in the region.
In the APAC region, the in-wheel electric motors market is predicted to have healthy growth over the forecast period. Favorable government incentives and schemes, rising sales of electric cars, significant production of electric cars in Japan, China, and India, and the growing need for cost-effective and efficient alternatives for conventional cars are adding to the global in-wheel electric motors market growth in the region.
In North America, the in-wheel electric motors market is predicted to have sound growth over the forecast period. Adoption of advanced technologies to make efficient and lightweight cars, rising investments by OEMs in the research and development department to make in-wheel motors free from dirt and shocks, and capability to improve car efficiency to eliminate mechanical components and reduce wear and tear are adding to the global in-wheel electric motors market growth in the region.
In the Rest of the World, the in-wheel electric motors market is predicted to have admirable growth over the forecast period.
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