New York, United States , July 12, 2024 (GLOBE NEWSWIRE) -- The Global In-wheel Motor Market Size Expected to Grow from USD 1.42 Billion in 2023 to USD 28.33 Billion by 2033, at a CAGR of 34.89% during the forecast period 2023-2033.
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In-wheel motors are electric motors installed within the wheels of electric cars to directly power the wheels for improved performance. Autonomous motors were installed on automobile wheels when in-wheel motor systems were first introduced. Modern technologies like in-wheel motors are expected to be developed faster as a result of the growing interest in self-driving cars, which will provide drivers with the best possible experience. The global in-wheel motor industry is primarily driven by the increased demand for fuel-efficient automobiles. Manufacturers globally are increasing the production of electric vehicles as a result of government rules that favor long-range, zero-emission vehicles with tax credits and subsidies in addition to the increased demand for low-emission vehicles. These are some of the main factors propelling the market's growth. However, rising unsprung weight and high cost may limit the use of in-wheel motors in cars, which could limit the market's growth during the projection period.
Browse key industry insights spread across 240 pages with 110 Market data tables and figures & charts from the report on the " Global In-wheel Motor Market Size, Share, and COVID-19 Impact Analysis, By Type (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plugin-Hybrid Electric Vehicles), By Motor (Axial, Radial), By Application (Passenger Vehicles, Commercial vehicles, Industrial Equipment), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The hybrid electric vehicles (HEV) segment is expected to hold the largest share of the In-wheel motor market during the anticipation timeframe.
Based on the type, the In-wheel motor market is categorized into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plugin-hybrid electric vehicles. Among these, the hybrid electric vehicles (HEV) segment is expected to hold the largest share of the In-wheel motor market during the anticipation timeframe. A hybrid electric vehicle's torque, or pulling power, is higher than that of its gasoline-powered counterpart. These factors are expected to boost the growth of the hybrid electric car subsegment throughout the projection period.
The axial segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the motor, the In-wheel motor market is categorized into axial and radial. Among these, the axial segment is expected to grow at the fastest CAGR during the anticipation timeframe. Axial flux motors are compact, light, and very efficient. They are utilized to increase output torque and efficiency and can be used as direct drives in electric vehicles. The assembly and production processes are straightforward as compared to a radial flux motor.
The passenger vehicles segment is expected to hold a significant share of the In-wheel motor market during the anticipation timeframe.
Based on the application, the In-wheel motor market is categorized into passenger vehicles, commercial vehicles, and industrial equipment. Among these, the passenger vehicles segment is expected to hold a significant share of the In-wheel motor market during the anticipation timeframe. The growing popularity of in-wheel motors in passenger cars can be attributed to their better power, torque, efficiency, and superior handling in both new and used cars. Most electric vehicle (EV) manufacturers are focusing on improving vehicle design, boosting total driving range, and reducing weight.
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Asia Pacific is projected to hold the largest share of the In-wheel motor market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the In-wheel motor market over the anticipation timeframe. Countries such as China, India, and Japan. China has the largest EV market, so major EV manufacturers like Protean Electric and Elaphe are trying to get into that market. The market is expanding since the region's automakers are working together more often and because there is an increasing demand for infrastructure for charging.
Europe is expected to grow at the fastest CAGR growth of the In-wheel motor market during the anticipation timeframe. Green recovery funds, more attractive EV model alternatives from top automakers like Daimler AG, BMW, and Volkswagen, increased availability, and intensive local marketing of EVs have all increased consumer demand.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global In-wheel motor market are Protean Electric, Elaphe Ltd., Printed Motor Works, ZIEHL-ABEGG, NTN Corporation, Schaeffler, TMC Mechatronics Co., Ltd., Yasa Limited, Heinzmann GmbH & Co. KG, E-Traction BV, QS Motor, Hi-Pa Drive, Brusa Electronica AG, Magnetic Systems Technology Ltd., and others.
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Recent Developments
- On January 2024, BMW and Continental have formed a new relationship with the goal of creating an in-wheel motor with an integrated brake. The main collaborator is the Munich-based electric drive firm DeepDrive, which created history by creating the first dual rotor motor with power electronics and radial flux that could be used in an automobile.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global In-wheel motor market based on the below-mentioned segments:
Global In-wheel Motor Market, By Type
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plugin-Hybrid Electric Vehicles
Global In-wheel Motor Market, By Motor
- Axial
- Radial
Global In-wheel Motor Market, By Application
- Passenger Vehicles
- Commercial Vehicles
- Industrial Equipment
Global In-wheel Motor Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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