New York, US, Oct. 27, 2022 (GLOBE NEWSWIRE) -- In-Wheel Motor Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “In-wheel motor Market Research Report Information By Propulsion Type, Power Output, Vehicle Type, Forecast 2030”, the global in-wheel motor market valuation is expected to touch USD 28076.64 MN by 2030, with a 32.31% CAGR throughout the assessment period (2022-2030).
Players leading the global in-wheel motor market includes,
- NTN (Japan)
- Protean Electric (US)
- SK (Japan)
- Elaphe Ltd. (Slovenia)
- Printed Motor Works (UK)
- Ziehl-Abegg (Germany)
- DANA TM4 (Canada)
- e-Traction (Netherlands)
- Ecomove (Denmark)
- YASA (UK)
- TAJIMA EV (Japan)
- and Schaeffler (Germany)
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The in-wheel motor market is expected to garner exponential revenue growth. Increased production and sales of electric vehicles augment the demand for in-wheel motors. The demand for in-wheel motors is led by the rapid increase in the automobile industries worldwide. Besides, the proliferation of electric vehicles escalates the demand for in-wheel motors. The presence of various OEMs and a large consumer base in developed regions push the growth of the market. Also, government initiatives to reduce (CO2) emissions and VOC emissions oozing out of vehicles influence the market growth.
Moreover, incentive and subsidy programs influenced by the government for EV producers and end-users boost the size of the in-wheel motor market. Key advantages of in-wheel motors, like the ability to put more components on the vehicle chassis, influence market shares. With the increasing sales of passenger vehicles across the globe, the market is projected to witness substantial demand during the next few years.
Over recent years, most major OEMs are strategically investing in the development of auto components for EVs. New product launches and increased manufacturing goals & sales targets positively impact market growth. Due to their efforts to save production costs and divert spending to other business areas, OEMs believe they can continue to place the highest importance on their objectives.
In-Wheel Motor Market Trends
Rising demand for comfort, aesthetics, and safety features boosts the market size. Continuous improvement in technology is a key driving force behind the expansion of the in-wheel motor market. Technological upgrades have also been instrumental in advanced materials and new compositions in in-wheel motors and propulsion technologies, allowing them to witness spiking demand.
The growth in the automobile industry is the main driving force. Increase in vehicle sales results in boosting the demand for in-wheel motors. The advances in manufacturing technologies influence the growth of the in-wheel motor industry. Growth in the market is also driven by increased product demand in emerging countries. Growing spending on passenger vehicles and commercial cars fuels the in-wheel motor growth.
Conversely, the volatility in raw material prices and unorganized aftermarket ate significant concerns projected to restrain the market growth. Nevertheless, the growing demand for high-performance in-wheel motors would support the market growth in the assessment period. Also, improving economic conditions worldwide would provide significant impetus to market revenues.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: USD 28,076.64 Million |
| CAGR during 2022-2030 | 32.31% |
| Key Market Opportunities | Technological advancements in off-road vehicles |
| Key Market Drivers | Government initiatives to encourage adoption of electric commercial vehicles Expansion of global electric vehicle manufacturers into emerging markets |
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In-Wheel Motor Market Segments
The in-wheel motor market report is segmented into propulsion types, cooling types, power output, vehicle types, and regions. The propulsion type segment is sub-segmented into BEV, PHEV, FCEV, and others. The cooling type segment is sub-segmented into air cooling and liquid cooling.
The power output segment is sub-segmented into up to 60 kW, 60–90 kW, and above 90 kW. The vehicle type segment is sub-segmented into passenger cars and commercial vehicles. The region segment is sub-segmented into North America, Europe, APAC, and the Rest-of-the-World.
In-Wheel Motor Market Competitive Landscape
The highly competitive in-wheel motor market appears fragmented due to the presence of several notable industry players. Technology providers adopt strategic approaches such as mergers & acquisitions, expansion, and product & service launches to gain a larger competitive share, intensifying the competitive environment of the market. Market players invest significantly in developing scalable innovations that deliver next-generation self-driving technologies.
They are working on making their products compatible with fully autonomous driving by combining a data-driven approach with iterated algorithms/ the in-wheel motor approach. They work on product strategy focusing on mass-production-ready, highly autonomous driving solutions targeting full autonomy.
For instance, on Oct 19, 2022, Lordstown Motors, an EV startup, announced commencing the production of its own electric motor - Endurance, for commercial pickup trucks. The company claims that the Endurance is the world's first production EV employing electric motors mounted individually inside each vehicle's wheels.
Electric vehicles are conventional in some respects, with a leaf-spring solid rear axle. Endurance will respond to the challenge of building and packaging motors inside wheels, making them responsive to the harsh environment that unsprung components.
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In-Wheel Motor Market Regional Analysis
The Asia Pacific region dominates the global in-wheel motor market. The significantly growing production and sales of passenger and commercial vehicles and the growing demand for electric buses drives the market growth. The region has been continually attracting foreign investors and OEMs. Besides, initiatives to promote the development and adoption of electric vehicles boost the market size.
With their growing industrialization, APAC countries such as China, Japan, and India account for key markets for in-wheel motors. The rapid growth in electric vehicle charging stations & infrastructures and increasing collaborations between automakers & automotive OEMs in the region substantiate the market value. The APAC In-wheel motor market is projected to retain its dominance throughout the estimated period.
Europe is another rapidly growing market for in-wheel motors, witnessing significant growth toward EV adoptions due to the European Union's new emissions standard. Moreover, the government's initiatives to promote EV adoption to control environmental impact have boosted EV sales and, consecutively, the demand for in-wheel motors.
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Many automotive majors, such as Daimler AG, BMW, and Volkswagen, and increased availability & intense promotional programs by governments in this region substantiate market revenues. Automakers are increasingly accentuating the development of electric vehicles with superior performance, efficiency, and speed. The European in-wheel motor market is likely to grow at the highest CAGR during the assessment period.
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