In-wheel Motor Market Growing Demand for Passengers Cars

According to Precision Business Insights (PBI), the latest report, the in-wheel motor market is expected to be valued at USD 892.6 million in 2022 and is poised to grow at a significant CAGR of 36.2% over 2022-2028. The primary drivers of expanding the global in-wheel motor market include the growing automotive sector and increasing demand for fuel-efficient vehicles.

Passenger Car Segment to Dominate the In-wheel Motor Market:
Based on the product type, the global in-wheel motor market is segmented into Passenger Car and Commercial Vehicle. The passenger car segment is expected to account for a larger revenue share in the global in-wheel motor market, with a value share worldwide. The growth of in-wheel motors in passenger cars can be attributed to improved efficiency, high torque, increased power, and better vehicle handling. Thus, the passenger cars segment will dominate the global in-wheel motor market over the forecast period.

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Asia Pacific In-wheel Motor Market
The Asia Pacific market is expected to increase in the global in-wheel motor market over the forecast period. The Asia Pacific market is expanding as due to the huge customer base, increasing demand for electrical vehicles, and increasing awareness about sustainability. North America held considerable market share during the estimated period owing to the presence of advanced technology and global key players in the region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global in-wheel motor market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

The in-wheel motor market is segmented based on product type, propulsion type, motor type, cooling type, and geography.

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Based on the product type, the market is segmented into the following:
• Passenger Car
• Commercial Vehicle

Based on the propulsion type, the market is segmented into the following:
• BEV
• FCEV
• HEV
• PHEV

Based on the motor type, the market is segmented into the following:
• Axial Flux Motor
• Radial Flux Motor

Based on the cooling type, the market is segmented into the following:
• Air-cooled
• Liquid-cooled

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the in-wheel motor market report are Protean Electric, Elaphe Ltd., Printed Motor Works, ZIEHL-ABEGG, NTN Corporation, Schaeffler, Ford Motor Company, Volkswagen, Nissan Motor Corporation, Bayerische Motoren Werke AG, and BYD Auto Co.

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This release was published on openPR.