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Global In-Wheel Motor Market to Grow at a CAGR of 40.3%.

11-30-2021 12:00 PM CET | Tourism, Cars, Traffic

Press release from: MarketsandMarkets

Global In-Wheel Motor Market to Grow at a CAGR of 40.3%.

According to the new market research report "In-Wheel Motor Market by Propulsion (BEV, HEV, PHEV & FCEV), Vehicle Type (PC & CV), Motor (Axial & Radial), Cooling (Air & Liquid), Power Output (Up to 60 kW, 60-90 kW & Above 90 kW), Vehicle Class, Motor Weight, and Region - Global Forecast to 2026", Published by MarketsandMarkets™, Global In-Wheel Motor Market is projected to grow at a CAGR of 40.3% during the forecast period to reach USD 4,395 million by 2026 from an estimated USD 808 million in 2021.

The major factors behind the growth of the In-Wheel Motor Market are improved vehicle performance, replacement of transmission, driveshaft, axles, and differentials. In-wheel motor helps supply torque to its associated tire and generates more power to improve the efficiency of a vehicle.

Browse in-depth TOC on “In-Wheel Motor Market”
162 - Tables
52 - Figures
190 – Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=192634770

Electric passenger car segment: Expected to dominate the In-Wheel Motor Market

The electric passenger car segment is the largest of all segments of the In-Wheel Motor Market and is expected to witness significant growth during the forecast period. Passenger cars are expected to grow at a significant rate in the emerging economies of the Asia Pacific region. The growth of in-wheel motors in passenger cars can be attributed to factors such as improved efficiency, high torque, increased power, and better vehicle handling for new and existing vehicles. This vehicle segment is the most promising market for in-wheel motors as it is the largest in the automotive industry.

BEVs: Expected to dominate the In-Wheel Motor Market

Governments prefer BEVs as these are zero-emission vehicles. Various governments around the world support the sales of BEVs with subsidies and tax rebates. Countries such as the US, Canada, the UK, and Germany are focusing heavily on electric vehicles. The BEV segment is the largest and majorly used across all four regions. Asia Pacific accounts for the largest BEV market, with countries such as China, Japan, and South Korea leading BEV sales. Strong government support and favorable policies are the major factors for the fast growth of BEVs in the region along with the fast popularization of EV charging stations. The top 5 selling BEV models in Europe are Renault Zoe, Nissan Leaf, Tesla Model S, BMW i3, and Volkswagen e-Golf. Among these, Tesla Model S, Chevy Volt, BMW i3, and Nissan Leaf are equipped with in-wheel motors.

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Asia Pacific: Largest market for in-wheel motors

The Asia Pacific region is estimated to be the largest In-Wheel Motor Market in 2026 because of government promotions and schemes that have led to the increase in electric vehicle sales over the years, catering to the demand for in-wheel motors. For instance, NTN, which is a Japan-based company, supplies in-wheel motors to the electric vehicle start-up FSAT (Changchun Fawsn Auto Tech).

In-wheel motor is majorly found in electric commercial vehicles; therefore, governments of various countries in the Asia Pacific region are focusing on electric commercial vehicles. For example, even in developing countries like India, the government has announced phase 2 of its Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme in April 2019 with an outlay of over USD 1.4 billion. In 2021, the scheme got an extension till March 2024 to further facilitate the growth of EV and its infrastructure. Besides, OEMs such as BYD are planning to open manufacturing plants of electric buses and electric trucks to meet the regional demand in different countries of Asia Pacific.

The major In-Wheel Motor Market players are Protean Electric (US), Elaphe (Slovenia), ZIEHL-ABEGG (Germany), Printed Motor Works (UK), and NTN (Japan).

View Full TOC @ https://www.marketsandmarkets.com/Market-Reports/in-wheel-motor-market-192634770.html

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/in-wheel-motor-market.asp

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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