In-Wheel Motor Market to Experience Massive Growth Due to Rising Demand for Eco-Friendly Options of Transportation by 2028

The global in-wheel motor market is expected to hit $4,120.60 million by 2028, rising at a striking CAGR of 27.10% from 2021 to 2028.

The global in-wheel motor market is projected to witness significant growth in the 2021-2028 timeframe. Rising adoption of electric vehicles worldwide is driving the growth of the market. The passenger vehicles sub-segment, battery electric vehicle sub-segment, and original equipment manufacturer sub-segment are projected to lead the market. The Asia-Pacific market is anticipated to be at the forefront.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐧𝐨𝐰 @ https://www.researchdive.com/download-sample/3331

𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭
Drivers: The rising worldwide demand for fuel efficient vehicles and growing awareness about the benefits of electric vehicles are the key factors boosting the growth of the global in-wheel motor market.

Opportunities: The growing awareness about the significance and benefits of in-wheel motors in enhancing fuel efficiency and surging acceptance for electric in-wheel motors in emerging nations is projected to open doors to beneficial opportunities for the growth of the market in the forecast period.

Restraints: Dearth of funding or costly financing options for automobile manufacturers is expected to obstruct the market growth.

𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐏𝐚𝐧𝐝𝐞𝐦𝐢𝐜 𝐨𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭:
The abrupt rise of COVID-19 pandemic in 2020 has adversely impacted the global market's growth. The implementation of stringent restrictions on import-export activities, unavailability of raw materials, and interruptions in supply chains, during the pandemic, greatly disrupted the automobile industry across the world. Moreover, there has been a significant decline in the demand for in-wheel motors owing to the stoppage of automobile production during the crisis period. All these factors greatly hampered the growth of the in-wheel motor market amidst the pandemic period. However, various market players are undertaking numerous initiatives to recuperate the industry from losses by launching novel products. This is likely to fuel the market growth post-pandemic period.

The report segments the global in-wheel motor market into vehicle type, propulsion type, distribution channel, and region.

Among the vehicle type segment, the passenger vehicles sub-segment is expected to grab the highest market share and surpass $3,284.30 million during the forecast period. The growth of this sub-segment of the global in-wheel motor market is mostly because of the rising demand for eco-friendly options of transportation and rising use of electric vehicles in the passenger vehicle segment across the world.

Among the propulsion type segment, the battery electric vehicle sub-segment is projected to grab leading market share and grow with 26.70% CAGR during the estimated timeframe. This is mostly because battery electric vehicle engines are greatly fitted in commercial vehicles as their cost is comparatively less than that of hybrid electric vehicles.

Among the distribution channel segment, the original equipment manufacturer sub-segment is projected to grab foremost market share and garner $3,041.00 million during the estimated timeframe. This is mostly because of the rising manufacturing of commercial and passenger vehicles with a growing emphasis on fuel efficacy.

Among the region, the Asia-Pacific in-wheel motor market is estimated to observe remarkable growth and hit $1,682.40 million in the forecast period. The growth of the region market is mainly because of the growing urbanization and huge demand for environment friendly transport solutions in the emerging markets like India and China in this region.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 @ https://www.researchdive.com/request-for-customization/3331

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :
The report lists some of the foremost players operating in the global in-wheel motor market including GEM Motors d.o.o., Schaeffler Technologies AG & Co. KG, Protean Electric, Tesla, Inc., Printed Motor Works, Ziehl-Abegg SE, NTN Corporation, Elaphe Propulsion Technologies Ltd, NSK LTD., Lordstown Motors Corporation, and others. The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:
𝐌𝐫. 𝐀𝐛𝐡𝐢𝐬𝐡𝐞𝐤 𝐏𝐚𝐥𝐢𝐰𝐚𝐥
𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐃𝐢𝐯𝐞
𝟑𝟎 𝐖𝐚𝐥𝐥 𝐒𝐭. 𝟖𝐭𝐡 𝐅𝐥𝐨𝐨𝐫, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤 𝐍𝐘 𝟏𝟎𝟎𝟎𝟓
(𝐏) +𝟗𝟏-(𝟕𝟖𝟖)-𝟖𝟎𝟐-𝟗𝟏𝟎𝟑 (𝐈𝐧𝐝𝐢𝐚)
𝐓𝐨𝐥𝐥 𝐅𝐫𝐞𝐞: 𝟏-𝟖𝟖𝟖-𝟗𝟔𝟏-𝟒𝟒𝟓𝟒
𝐄-𝐦𝐚𝐢𝐥: support@researchdive.com
𝐖𝐞𝐛𝐬𝐢𝐭𝐞: https://www.researchdive.com

𝐀𝐛𝐨𝐮𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐃𝐢𝐯𝐞:
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable.

Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

This release was published on openPR.