Automotive In-Wheel Motor System Market Competitive Insights and Precise Outlook 2021- Hyundai Mobis, Protean Electric, Magna, Maxon Motor, Mitsubishi, Continental
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Automotive In-Wheel Motor System Market was valued at $577.20 million in 2020, and is projected to reach $12,041.50 million by 2030, registering a CAGR of 35.8% from 2021 to 2030
News and Updates
Nidec Announces In-Wheel Motor Prototype for Electric Vehicles- Kyoto, Japan: Following last year's reveal of Nidec's fully integrated traction motor system E-Axle and the announcement that the product will be adopted by the Aion S super e-car slated to appear on the Chinese market in May 2019, the company now presents a prototype of a new addition to its lineup of motors powering electric vehicles: a traction motor designed to be fitted inside the wheel hubs.
Hitachi announces new compact in-wheel drive system- Hitachi and Hitachi Astemo are developing a compact and lightweight in-wheel drive system for electric vehicles that combines motor, inverter and brake in one unit. Hitachi Astemo plans to use the drive system in its electric vehicle product range.
In-wheel motors are engaged in providing different torques to different wheels resulting in markedly improved handling and stability during high speeds. In-wheel motors help in increasing the overall efficiency of the vehicle by approx. 20% and reducing the overall propulsion system price which is expected to drive the global in-wheel motors market. Furthermore, in-wheel motors are efficient.
Based on the driver’s command and vehicle’s condition, the need of taking decisions about torque delivered by each motor at each instant is critical. However, road shocks, additional mass of the vehicle, and higher cost are the major factors hampering the growth and penetration of in-wheel motors vehicles. Another challenge witnessed in the in-wheel motors installation is the designing of motor-control software which may hinder the growth. Moreover, under normal conditions, running on a single motor is straightforward rather than on two, but a dangerous asymmetry may develop during a fault in one motor which could cause the vehicle to be pulled in an uncontrollable way.
The growth of the in-wheel motor market is driven by increased driving range, reliability, and improved vehicle performance. Additionally, it helps to reduce vehicle part count, complexity, and cost by integrating power electronics into the system. The system can also be combined with regenerative braking to enhance performance and increase distance coverage per charge. However, factors such as high price and increase in unsprang weight in the wheel can restrain the growth of the in-wheel motor market.
The growth of the in-wheel motor market is directly proportional to the growth of electric vehicle sales. Electric vehicle sales have increased significantly, especially in countries such as Japan, China, Germany, France, Netherlands, Norway, the UK, and the US. These countries, with favourable government policies, incentives, and infrastructure investment, account for more than 90% of the world’s EV sales.
Top leading Companies Profiled in Automotive In-Wheel Motor System Market Report are Hyundai Mobis, Protean Electric, Magna, Maxon Motor, Mitsubishi, Continental, Nidec Motor, Rockwell Automation, GEM Motor, ABB, NTN, YASA Limited
Market Segmented By Types
Market Segmented By Applications
Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, Malaysia, and Others), North America (United States, Canada, and Mexico), Central & South America (Brazil, and Rest of South America), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Middle East & Africa (GCC Countries, Turkey, Egypt, South Africa and Other)
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Key Takeaways from Automotive In-Wheel Motor System Report
─Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals
─Understand the different dynamics influencing the Automotive In-Wheel Motor System market – key driving factors, challenges and hidden opportunities.
─Get in-depth insights on your competitor performance – Automotive In-Wheel Motor System market shares, strategies, financial benchmarking, product benchmarking, SWOT and more
─Analyze the sales and distribution channels across key geographies to improve top-line revenues.
─Understand the industry supply chain with a deep dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
─Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
─Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the Automotive In-Wheel Motor System
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