In-Wheel Motor Market worth $2,641.1 million by 2025

The global In-Wheel Motor Market is projected to grow at a CAGR of 35.02% during the forecast period to reach USD 2,641.1 million by 2025 from an estimated USD 322.8 million in 2018.

In-wheel motor improves the performance of electric vehicles. It replaces transmission, drive shaft, axles, and differentials. In-wheel motor helps supply torque to its associated tire and generates more power to improve the efficiency of a vehicle.

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The BEV segment (zero emission vehicles) is set to register the highest growth rate of the in-wheel motor market, followed by HEVs and PHEVs because of the availability of better subsidies and support from governments. Increasing vehicle range has fueled the demand for BEVs. The top 5 selling BEV models in Europe are Renault Zoe, Nissan Leaf, Tesla Model S, BMW i3, and Volkswagen e-Golf. Tesla Model S, Chevy Volt, BMW i3, and Nissan Leaf are equipped with in-wheel motors. Further, NTN developed the “Two Motor On-board Drive System” for the next-generation electric vehicles, which powers the left and right wheels along with the motors on each wheel.

The electric passenger car segment is estimated to be the largest of the global in-wheel motor market in 2018. The market growth of in-wheel motors can be attributed to factors such as improved fuel efficiency, high torque, increased power, and provision of better vehicle handling to both new and existing vehicles. The increasing support from governments in China, Japan France, Norway, and the US, and the OEM’s efforts to improve the existing EVs models are expected to drive the sales of electric vehicles Passenger Cars (PCs) during the forecast period, which in turn would boost the demand for in-wheel motors for passenger cars.

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The Asia Pacific is the largest in-wheel motor market. China is the largest market because the Chinese government provides huge subsidies for the electrification of vehicles. Increase in sales of electric vehicles will lead to the increase in sales of in-wheel motors as only electric vehicles are equipped with in-wheel motors. For instance, Protean Electric, which is known for its in-wheel motors, will form a joint venture with Weifu High-Technology Group in China, and the company will try to commercialize its ProteanDrive Pd18 Motors on a larger scale.

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The global in-wheel motor market is dominated by major players such as Protean Electric (US), Elaphe (Slovenia), ZIEHL-ABEGG (Germany), Printed Motor Works (UK), and NTN (Japan).

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