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In-Wheel Motor Market Size, Overview, Outlook, Trends, and Forecast 2024-2033
In-Wheel Motor Market Size
As per the report, the in-wheel motor market size has grown strongly in recent years. It will grow from $0.95 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 32.1%. The in-wheel motor market size is expected to see string growth in the next few years. It will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 32.3%.
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Rising Demand For Electric Vehicles Fuels Growth Of In-Wheel Motor Market
The increasing demand for electric vehicles is expected to propel the growth of the in-wheel motor market going forward. An electric vehicle (EV) is a type of vehicle that operates primarily or exclusively using one or more electric motors for propulsion. The demand for electric vehicles is due to environmental concerns, cost savings, fuel independence, urbanization, and infrastructure development. The in-wheel motors represent a unique approach to electric vehicle propulsion, offering advantages in efficiency, performance, and design flexibility while presenting challenges related to weight distribution, heat management, and cost-effectiveness. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric car market experienced exponential growth as sales surpassed 10 million in 2022. Further, around 14% of all new cars sold were electric in 2022, reflecting a substantial increase from approximately 9% in 2021. Therefore, the demand for electric vehicles is driving the growth of the in-wheel motor market.
Innovations In In-Wheel Motors With Uni Wheel Redefining Electric Vehicle Propulsion
Major companies operating in the in-wheel motor market are focused on developing innovative products such as Uni Wheel to revolutionize electric vehicle propulsion systems with compact, efficient, and integrated motor technologies. Uni Wheel relocates the main drive system components to the space within the wheel hub, freeing up interior space and enhancing the overall efficiency of EVs. For instance, in March 2023, Dongfeng, a China-based automobile company, launched Uni Wheel for electric vehicles (EVs). The Uni Wheel integrates multiple drivetrain components within the wheel hub using a system of planetary gears, achieving a compact and efficient drive system. It features a central sun gear connected to an outer ring gear through two articulated sets of pinion gears. This design reduces gear ratios and separates the wheel's rotation axis from the motor's axis, allowing the motor to be securely mounted to the chassis. As a result, the wheel can operate at higher speeds with reduced torque.
The in-wheel motor market covered in this report is segmented -
1) By Propulsion: Battery Electric Vehicle(BEV), Fuel Cell Electric Vehicle(FCEV), Hybrid Electric Vehicle(HEV), Plug-In Hybrid Electric Vehicle, Other Propulsions
2) By Cooling Type: Air Cooling, Liquid Cooling
3) By Power Output Type: Up To 60 KW, 60-90 KW, Above 90 KW
4) By Vehicle Type: Passenger Cars, Commercial Vehicles
5) By Application: Auto Industry, Industrial Equipment, Other Applications
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Major companies operating in the in-wheel motor market are Tesla Inc., Daimler Truck AG, Magnetic Systems Technology Ltd., NTN Corporation, NSK Corporation, Schaeffler Group, Nissan Motor Corporation, e-Traction, Protean Electric Limited, BEDEO, Brusa Eleckronik AG, Elaphe Propulsion Technologies Ltd., Heinzmann GmbH & Co. KG, Ziehl-Abegg SE, Printed Motor Works, ECOmove GmbH, Lordstown Motors, MW Motors International Ltd., Nu Ride Inc., GEM Motors
Contents of the report:
1. Executive Summary
2. In-Wheel Motor Market Report Structure
3. In-Wheel Motor Market Trends And Strategies
4. In-Wheel Motor Market - Macro Economic Scenario
5. In-Wheel Motor Market Size And Growth
…..
27. In-Wheel Motor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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