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In-Wheel Motor Market to Surpass $4.71 Billion by 2029 | Key Trends & Insights
In-Wheel Motor
How Will the In-Wheel Motor Market Grow by 2025 in Terms of Size and Growth?
The market size of in-wheel motors has seen significant expansion lately. This market is forecasted to surge from $1.26 billion in 2024 to an impressive $1.65 billion in 2025, marking a Compound Annual Growth Rate (CAGR) of 31.2%. The prior growth observed is due to reasons such as improved design adaptability, amplified efficiency accelerating expansion, heightened unsprung weight, a rise in the production of vehicles incorporating this technology, and an uptick in the manufacturing of electric vehicles.
What Are the Estimated Growth Rates for the In-Wheel Motor Industry Through 2029?
In the next several years, it's projected that the in-wheel motor market will experience significant growth, ballooning to $4.71 billion in 2029. This represents a compound annual growth rate (CAGR) of 30.0%. This predicted escalation during the forecast period can be linked to various factors: a rising interest in self-driving cars, amplified customer demand, a growing focus on hybrid and electric vehicles, and a heightened demand for electric vehicles (EVs). Key trends in this forecast period encompass an increase in use in passenger cars, strides in technological innovation, and a burgeoning demand for axial motors, in addition to advancements made specifically in the sphere of in-wheel motors.
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What Are the Strategic Drivers Boosting In-Wheel Motor Market Performance?
The surge in demand for electric vehicles (EVs) is projected to fuel the expansion of the in-wheel motor market. EVs, which operate mainly or entirely on one or multiple electric motors for moving forward, are becoming increasingly popular due to environmental considerations, cost-effectiveness, fuel independence, urban growth, and infrastructure advancement. The in-wheel motors provide a distinct approach to EV propulsion, offering benefits such as efficiency, performance, and design flexibility, while also facing obstacles related to weight distribution, heat control, and cost-efficiency. For example, the International Energy Agency, a French intergovernmental organization, reported in March 2023 that the electric car market saw explosive growth with sales outstripping 10 million in 2022. Further, nearly 14% of all new cars purchased were electric in 2022, a substantial increase from around 9% in 2021. Hence, the rising demand for electric vehicles is stimulating the growth of the in-wheel motor market.
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What Are the Segments in the In-Wheel Motor Market?
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
What Are the Key Adoption Trends in the In-Wheel Motor Market?
Leading businesses in the in-wheel motor market are concentrating their efforts on introducing groundbreaking products like Uni Wheel. This product is designed to transform electric vehicle propulsion systems by offering compact, effective, and integrated motor technologies. Uni Wheel's design relocates the core drive system components into the wheel hub's space, thereby providing increased interior space and improving the overall efficiency of electric vehicles. For example, in March 2023, Dongfeng, a car manufacturer based in China, introduced Uni Wheel for electric vehicles (EVs). The Uni Wheel consists of a number of drivetrain components incorporated into the wheel hub, utilizing a complex gear system, resulting in a compact, efficient drive system. Its features include a main sun gear linked to an external ring gear via two sets of pinion gears. This configuration minimizes gear ratios and distinguishes the rotation axis of the wheel from the motor's axis, allowing the motor to be safely fixed to the frame of the vehicle. Consequently, the wheel can function at higher speeds with less torque.
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Which Companies Lead the Competitive Landscape of the In-Wheel Motor Industry?
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
Where Are the Key In-Wheel Motor Market Opportunities by Region?
Asia Pacific was the largest region in the In-wheel motor market in 2024. The regions covered in the in-wheel motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Saumya Sahay,
Americas: +1 310-496-7795,
Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info
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