New York, USA, March 29, 2022 (GLOBE NEWSWIRE) -- A new report on the global in-wheel motor market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $4,120.60 million by 2028, rising at a striking CAGR of 27.10% from 2021 to 2028. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the In-Wheel Motor Market Growth:
The key factors boosting the growth of the global in-wheel motor market are the rising worldwide demand for fuel-efficient vehicles and growing awareness about the benefits of electric vehicles. Moreover, growing awareness about the significance and benefits of in-wheel motors in enhancing fuel efficiency and surging acceptance of electric in-wheel motors in emerging nations is projected to open doors to beneficial opportunities for the growth of the market in the forecast period. However, a dearth of funding or costly financing options for automobile manufacturers is expected to obstruct the market growth.
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The report segments the global in-wheel motor market into vehicle type, propulsion type, distribution channel, and region.
Passenger Vehicles Sub-Segment to Experience Remarkable Growth
Among the vehicle type segment, the passenger vehicles sub-segment is expected to grab the highest market share and surpass $3,284.30 million during the forecast period. The growth of this sub-segment of the global in-wheel motor market is mostly because of the rising demand for eco-friendly options of transportation and the rising use of electric vehicles in the passenger vehicle segment across the world.
Battery Electric Vehicle Sub-Segment to Observe Highest Growth
Among the propulsion type segment, the battery electric vehicle sub-segment is projected to grab the leading market share and grow with 26.70% CAGR during the estimated timeframe. This is mostly because battery electric vehicle engines are greatly fitted in commercial vehicles as their cost is comparatively less than that of hybrid electric vehicles.
Original Equipment Manufacturer Sub-Segment to Witness Maximum Growth
Among the distribution channel segment, the original equipment manufacturer sub-segment is projected to grab the foremost market share and garner $3,041.00 million during the estimated timeframe. This is mostly because of the rising manufacturing of commercial and passenger vehicles with a growing emphasis on fuel efficacy.
Asia-Pacific Market to Observe Rapid Growth
The report analyzes the global in-wheel motor market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to observe remarkable growth and hit $1,682.40 million in the forecast period. The growth of the regional market is mainly because of the growing urbanization and huge demand for environment-friendly transport solutions in the emerging markets like India and China in this region.
Impact of COVID-19 Pandemic on the In-Wheel Motor Market:
The abrupt rise of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global market. The implementation of stringent restrictions on import-export activities, unavailability of raw materials, and interruptions in supply chains, during the pandemic, greatly disrupted the automobile industry across the world. Moreover, there has been a significant decline in the demand for in-wheel motors owing to the stoppage of automobile production during the crisis period. All these factors are greatly hampering the growth of the in-wheel motor market amidst the pandemic period. However, various market players are undertaking numerous initiatives to recuperate the industry from losses by launching novel products. This is likely to fuel the market growth post-pandemic period.
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Key In-Wheel Motor Market Players
The report lists some of the foremost players operating in the global in-wheel motor market including
- GEM Motors d.o.o.
- Schaeffler Technologies AG & Co. KG
- Protean Electric
- Tesla, Inc.
- Printed Motor Works
- Ziehl-Abegg SE
- NTN Corporation
- Elaphe Propulsion Technologies Ltd
- NSK LTD.
- Lordstown Motors Corporation, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter's five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. - Enquire Here & Get Access to the Full Report on Key player Development Strategy Report
For instance, in May 2021, e-Traction, a company focused on designing and implementing direct-drive in-wheel electric traction systems for automotive & heavy-duty applications, launched RetroMotion, an in-wheel motor electric drivetrain articulated at the market of commercial fleet conversion.
Some Related Trending Topics:
- Collaborations Like That of REE Automotive with Mahindra & Mahindra to Drive the Growth of the Global In-wheel Motor Market
- What Gives In-Wheel Motor Technology the Edge Over Conventional EVs?
- The Global In-Wheel Motor Market Anticipated To Generate A Revenue Of $4,120.60 Million, Growing At A CAGR Of 27.10% From 2021 To 2028
