In-wheel Motor Market is Expected to Witness Healthy Growth at 30.04% CAGR through 2027
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In terms of revenue, the In-wheel motors market is estimated to expand at a CAGR of 30.04% over the forecast period, owing to the numerous factors, about which FACT.MR offers thorough insights and forecasts in this report.
With increasing global penetration of electric vehicles across the world has led the rising demand for electric mobility. The in-wheel motor market is directly proportional to the sales of electric vehicles across the world.
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Also, rising demand for simplicity and efficiency of electric vehicles has led adoption of autonomous technologies to the electric mobility. Provisions for more spacious vehicles and reduced weight of vehicle coupled with rising awareness for emission control has also influenced in-wheel motor market towards considerable growth in the forecast period.
The global market for In-wheel motors is segmented as per different propulsion type, motor type, by cooling, by power output, and by region.
On the basis of propulsion, the In-wheel motors market is segmented as BEV (Battery Electric Vehicle), HEV (Hybrid Electric Vehicle), PHEV (Plug-in Hybrid Electric Vehicle), and FCEV (Fuel cell Electric Vehicle). On the basis of motor, the In-wheel motors market is further segmented into axial motor and radial motor. On the basis of cooling, the in-wheel motor market is segmented into air and liquid cooling. On the basis of power output, the in-wheel motor market is segmented into up to 60 KW, 60-90 KW, and above 90 KW.
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This report assesses trends, driving the growth of each In-wheel motors market segment on the global level and offers potential takeaways that prove substantially useful for other potential market entrants in the In-wheel motors market.
The North America In-wheel motors market, include country-level analysis for the U.S. and Canada. The U.S In-wheel motors market is expected to grow at a CAGR of 29.9% over the forecast period. The HEV (Hybrid Electric Vehicle) segment enjoys dominant share by propulsion. The Latin America In-wheel motors market includes country-level analysis for Brazil, Mexico, and Rest of Latin America.
Mexico is the largest market in Latin America with an increasing demand for electric mobility and owing to the fact the In-wheel motors market is expected to expand at a significant CAGR of 46.1% over the forecast period. The Europe In-wheel motors market include country-level analysis for EU – 4 (Germany, Italy, France, Spain), UK, Nordic, Eastern Europe and Rest of Europe.
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The positive outlook automotive industry is one of the vital driver creating the demand for in-wheel motors in Europe In-wheel motors market. EU – 4 and Eastern Europe account for a significant market share in the Europe in-wheel motors. The EU-4 In-wheel motors market is anticipated to expand at a CAGR of 25.7% having maximum market share during the forecast period.
The Asia Pacific excluding Japan in-wheel motors includes country-level analysis of China, India, ASEAN countries, Australia & New Zealand and Rest of APEJ. The APEJ In-wheel motors market is projected to be the most remunerative geographic region wherein China and India are anticipated to create substantial incremental opportunity by the end of the forecast period. China and India are the regions with large customer base with increasing demand for electric mobility.
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The growth of the in-wheel motor market is directly proportional to the electric vehicle market. Japan is projected to be the most remunerative region and anticipated to create significant incremental opportunity over the forecast period.
The Middle East and Africa (MEA) in-wheel motors market, include country-level analysis for GCC, South Africa and Rest of MEA. The GCC region is mainly driven by the oil & gas industry followed by the construction sector. However, with the fluctuating prices of oil, the demand for In-wheel motors are anticipated to remain slightly possible over the forecast period in MEA.
The low availability of labors in the country may pose challenges to the domestic manufacturers of in-wheel motors. However, the group of countries is anticipated to expand at a CAGR of 46.9% over the forecast period.
In this report, we have discussed individual strategies followed by leading in-wheel motors manufacturers, in terms of enhancing their product portfolio, creating new marketing techniques, mergers and acquisitions. The ‘Competitive Landscape’ is included to provide report audiences with a dashboard view and company share collectively.
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