In-Wheel Motor Market to Reach at a CAGR of 40.39% by 2028 | Printed Motor Works, NTN, Ford Motor Company, Volkswagen, Nissan Motor Corporation

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 (North America, Europe, Asia-Pacific, Middle East and Africa and South America). The global In-Wheel Motor Market size is projected to reach a CAGR of 40.39% from 2022-2028. The market reached 568 million in 2022 and will reach 5,535 million by 2028. The base year taken for the study 2021 and the forecast period is from 2022-2028.

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The prominent players in In-Wheel Motor Market are

Printed Motor Works
NTN
Ford Motor Company
Volkswagen
Nissan Motor Corporation
Elaphe
Protean Electric
ZIEHL-ABEGG
Bayerische Motoren Werke AG
Tesla, Inc.
BYD Auto Co

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.

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.

Geographically, the In-Wheel Motors Market is classified into four major regions i.e., North-America, Europe, Asia-Pacific and other countries. The largest share of the market will be dominated by the Asia-Pacific region during the forecast period. The rapid growth of the market is due to growth in EV sales across countries such as Japan and China. Major players such as Protean Electric and Elaphe are already making efforts to strengthen their presence in China due to the large EV market in the country. Europe is expected to rapid growth because of high sales of EV in recent years, therefore, emerging as the second largest market for in-wheel motors market.

In-wheel motors are type of electric motors, which are installed in wheels of electric vehicles and are required to offer a better performance by directly powering wheels of the vehicle. Conventional electric vehicles involved only one motor responsible for propelling all wheels of an EV whereas with introduction of in-wheel motor system, independent motors were installed to wheels of vehicles and were responsible for individual operations. In-wheel motor installed around wheels of vehicles directly powers the wheel thereby offering a good accelerator response. The in-wheel motor technology is a breakthrough in terms of efficiency, performance and driving range. It puts the motors directly behind the wheels thus eliminating energy loss that comes from conventional drive shafts which in turn increases performance and efficiency. This arrangement also frees up more space around the vehicle. It's positioning allows for a reduction in complexity and cost and due to being highly adaptable it can also incorporate regenerative braking allowing for a versatile platform.

Factors such as high demand for safety and convenience features, rise in demand for electric vehicles, and stringent safety regulations set by governments for the automotive industry supplements growth of the global in-wheel motor market. The factors that can hamper the growth of market are high manufacturing cost and decrease in global vehicle production. Wide number of applications employing use of electric motors and increase in penetration of electric vehicles are the factors which will provide lucrative opportunities and will help in growth of In-Wheel Motor Market.

COVID-19 outbreak impacted the automotive industry significantly, which in turn, resulted in substantial decline in automobile sales, shortage of raw material, and others. Automotive industry players are facing issues such as complete halt of production activities and mandated plant closures by governments. Demand for automobiles experienced a decline in all parts of Europe and North America, owing to surge in quarantine measures and increase in COVID-19 cases across the world.

Table of Contents

In-Wheel Motor Market is segmented into various segments such as propulsion, vehicle type, motor type, cooling type, power output type, vehicle class, motor weight and region.

On the basis of Propulsion

BEV
FCEV
HEV
PHEV

On the basis of Vehicle Type

Passenger Car
Commercial Vehicle

On the basis of Motor Type

Axial Flux Motor
Radial Flux Motor

On the basis of Cooling Type

Air-cooled
Liquid-cooled

On the basis of Power Output Type

Up to 60 KW
60-90 KW
Above 90 KW

On the basis of Vehicle Class

Mid-priced
Luxury

On the basis of Motor Weight

Less than 20 Kg
20-30 Kg
Above 30 Kg

On the basis of Region

Asia Pacific
North America
Europe
South America
Middle East & Africa

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This release was published on openPR.