In-Wheel Motor Market Size, Insights, Growth Rate, Trends Analysis And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global In-Wheel Motor Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 growth in the historic period can be attributed to increased design flexibility, increasing efficiency supplements growth, increasing unsprang weight, increasing production of these vehicles drives demand, and increasing production of electric vehicles.

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%. The growth in the forecast period can be attributed to growing interest in autonomous vehicles, increasing demand from customers source, increasing emphasis on electric and hybrid vehicles, and increasing demand for electric vehicles (EVs). Major trends in the forecast period include Increasing adoption in passenger vehicles, technological advancements, advancements in technology, growing demand for axial motors, and advancements in in-wheel motors.

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

In-Wheel Motor Market 2024 Key Insights:

• 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%.
• Rising Demand For Electric Vehicles Fuels Growth Of In-Wheel Motor Market
• Innovations In In-Wheel Motors With Uni Wheel Redefining Electric Vehicle Propulsion
• Asia Pacific was the largest region in the In-wheel motor market in 2023

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