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In-Wheel Motor Market to Grow at a CAGR of 40.3% | MarketsandMarkets

04-27-2022 09:00 AM CET | Tourism, Cars, Traffic

Press release from: marketsandmarkets

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

Global In-Wheel Motor Market is projected to grow at a CAGR of 40.3% during the forecast period to reach $4,395 million by 2026 from an estimated $808 million in 2021

The growth of the in-wheel motor market is driven by increased performance, driving range, reduced weight, reliability, and provision for improved electric vehicle performance similar to Internal Combustion Engine (ICE) vehicles. Additionally, it can 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.

The major in-wheel motor market players are Protean Electric (US), Elaphe (Slovenia), ZIEHL-ABEGG (Germany), Printed Motor Works (UK), and NTN (Japan).

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The axial flux motor segment is estimated to account for the larger market share during the forecast period.

Based on motor type, the in-wheel motor market is segmented into axial flux motor and radial flux motor. The axial flux motor has high power density and efficiency than the radial flux motor. It is compact and can be placed in or close to each wheel of the vehicle. It is mainly used in high-torque and low-speed applications. Axial flux motors are compact, lightweight, and highly efficient. They are used to increase the output torque and efficiency and can be used as direct drives in electric vehicles. The manufacturing and assembling processes are simple as compared to a radial flux motor. Thus, the segment would continue to lead the market over the forecast period.

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 favourable 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 EVs and their infrastructure. Besides, OEMs such as BYD are planning to open manufacturing plants for electric buses and electric trucks to meet the regional demand in different countries of Asia Pacific.

Recent Developments:

1. In June 2021, Local Motors and Protean Electric extended their long-standing partnership, inking a further three-year deal valued at USD 7.3 million. Under the extended partnership, Protean Electric will deliver its ProteanDrive in-wheel motors for Olli 2.0, the electric autonomous shuttles by Local Motors.
2. In June 2019, NEVS acquired UK-based automotive technology firm Protean Electric for developing next-generation electric and autonomous vehicles. Protean Electric will continue to act as an independent entity post the acquisition.
3. In January 2019, Hanseatische Fahrzeug Manufaktur (HFM) partnered with Elaphe to use in-wheel motors developed by Elaphe for its autonomous electric vehicle platform, "Motionboard".
4. In November 2018, Schaeffler acquired Elmotec Statomat GmbH, one of the world's leading manufacturers of production machinery for the high-volume construction of electric motors with expertise in the field of winding technology. This acquisition helped Schaeffler expand its expertise in electric motors construction besides driving forward the implementation of its electric mobility strategy.

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