In-Wheel Motor Market Trends, Growth, Analysis, Opportunities, Top Companies, And Overview 2030

According to a recent report published by Allied Market Research, titled, "in-wheel motor market by propulsion type, vehicle type, vehicle class, cooling type, power output type and weight: global opportunity analysis and industry forecast, 2021-2030," the global in-wheel motors 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.

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An in-wheel motor is an essential part of transmission assembly, which is used to drive wheels of electric vehicles, thereby offering better control to vehicle. Automotive in-wheel motors are used in all electric vehicles, including passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). In-wheel motor systems are employed to improve performance of various electric vehicles. In-wheel motor helps to supply torque to the associated tires and generate more power to enhance vehicle's efficiency. Therefore, this leads to growth of the in-wheel motor market.

High demand for safety and convenience features, increase in demand for electric vehicles, and stringent safety regulations set by the government for the automotive industry drive the growth of the global in-wheel motor market. However, high manufacturing cost and decrease in global vehicle production hinder the market growth. On the other hand, increase in number of applications regarding the use of electric motors and surge in penetration of electric vehicles present new opportunities in the coming years.

The report offers detailed segmentation of the global in-wheel motor market based on propulsion type, vehicle type, vehicle class, cooling type, power output type, weight, and region.

Asia-Pacific dominates the market, in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the global in-wheel motor market share in 2020. Singapore is expected to grow at a significant rate during the forecast period, owing to increase in demand for vehicles equipped with advanced features across the region.

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Numerous developments that are carried out by top manufacturers such as NSK, NTN Corporation, and Schaeffler toward introduction of numerous propulsion features in vehicles has also created a wider space for growth of the in-wheel motor market. Moreover, with launch of autonomous vehicles, demand for efficient in-wheel motors is expected to increase, which is expected to create numerous opportunities for operating companies to develop advanced products that leads to growth of the market.

The global in-wheel motor market is segmented into propulsion type, vehicle type, vehicle class, cooling type, power output type, weight, and region. By propulsion type, the global market has been segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV). By vehicle type, the global market has been segmented into passenger cars and commercial vehicles. By vehicle class, it is segmented into mid-priced and luxury. By cooling type, it has segmented into air cooling and liquid cooling. By power output type, it is segmented into up to 60 KW, 60-90 KW, and above 90 KW. By weight, it is divided into less than 20 kg, 20 kg to 30 kg and more than 31 kg. By region, the global market has been segmented into North America, Europe, Asia-Pacific, and LAMEA.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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