Press release
Top Factor Driving In-Wheel Motor Market Growth in 2025: Rising Demand For Electric Vehicles Fuels Growth Of In-Wheel Motor Market
In-Wheel Motor
The increasing demand for electric vehicles is expected to drive the growth of the in-wheel motor market. Electric vehicles (EVs) are gaining popularity due to environmental concerns, fuel savings, and infrastructure improvements. In-wheel motors provide efficient propulsion systems in EVs, offering design flexibility and performance improvements. For example, in March 2023, the International Energy Agency reported that electric car sales surpassed 10 million in 2022, with electric vehicles making up 14% of new car sales. This demand for EVs is driving the growth of the in-wheel motor market.
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How will the growth rate of the in-wheel motor market shape industry trends by 2034?
The in-wheel motor market will increase from $1.26 billion in 2024 to $1.67 billion in 2025 at a CAGR of 32.6%, supported by electric vehicle production, efficiency improvements, and design flexibility.
The in-wheel motor market is anticipated to grow exponentially, hitting $5.09 billion by 2029 at a CAGR of 32.2%. Contributing factors include increased interest in autonomous vehicles, higher demand for electric and hybrid vehicles, and advancements in motor technology. Trends in this sector feature greater adoption in passenger cars, technological innovation, axial motor advancements, and next-generation in-wheel motor designs.
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What trends are poised to drive the future success of the in-wheel motor market?
Companies in the in-wheel motor market are developing products like Uni Wheel to revolutionize electric vehicle (EV) propulsion systems with compact, efficient, integrated motor technologies. Uni Wheel moves the main drive system into the wheel hub, creating more space inside the vehicle and enhancing EV efficiency. For example, in March 2023, Dongfeng, a China-based automobile company, introduced Uni Wheel for EVs. This system integrates multiple drivetrain components within the wheel hub, using planetary gears to achieve a compact and efficient drive system, reducing gear ratios and allowing higher speeds with reduced torque.
Which primary segments of the in-wheel motor market are driving growth and industry transformations?
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
Subsegments:
1) By Battery Electric Vehicle (BEV): Passenger BEV, Commercial BEV
2) By Fuel Cell Electric Vehicle (FCEV): Passenger FCEV, Commercial FCEV
3) By Hybrid Electric Vehicle (HEV): Mild Hybrid Electric Vehicle (MHEV), Full Hybrid Electric Vehicle (FHEV)
4) By Plug-In Hybrid Electric Vehicle: Plug-In Hybrid Passenger Vehicle, Plug-In Hybrid Commercial Vehicle
5) By Other Propulsions: Compressed Air Vehicle, Hybrid Hydrogen-Electric Vehicle
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Which geographical regions are pioneering growth in the in-wheel motor market?
Asia Pacific was the largest region in the In-wheel motor market in 2023. The regions covered in the in-wheel motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the in-wheel motor market landscape?
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
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What Is Covered In The In-Wheel Motor Global Market Report?
•Market Size Forecast: Examine the in-wheel motor market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the in-wheel motor market for a structured understanding.
•Key Players Overview: Analyze major players in the in-wheel motor market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the in-wheel motor market.
•Segment Contributions: Evaluate how different segments drive overall growth in the in-wheel motor market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the in-wheel motor market.
•Industry Challenges: Identify potential risks and obstacles affecting the in-wheel motor market.
•Competitive Landscape: Review strategic developments in the in-wheel motor market, including expansions, agreements, and new product launches.
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