Portland, OR, Aug. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global in-wheel motor market generated $577.20 million in 2020, and is estimated to generate $12.04 billion by 2030, witnessing a CAGR of 35.8% from 2021 to 2030. The report provides a comprehensive analysis of changing market trends, key segments, top investment pockets, value chain, regional scenario, and competitive landscape.
High demand for safety and convenience features, increase in demand for electric vehicles, and stringent safety regulations set by the government for the automotive industry drive the growth of the global in-wheel motor market. However, high manufacturing cost and decrease in global vehicle production hinder the market growth. On the other hand, increase in number of applications regarding the use of electric motors and surge in penetration of electric vehicles present new opportunities in the coming years.
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Covid-19 Scenario:
- Production activities of in-wheel motor stopped due to lockdown restrictions implemented by governments across many countries during the Covid-19 pandemic. The automotive companies have been facing various issues in production due to mandated plant closures by governments. Moreover, raw materials shortage and supply chain disruptions presented challenges in production with full capacity.
- Owing to halt in operations in the automotive industry, the demand for in-wheel motors in production of commercial vehicles and passenger cars reduced significantly. However, the demand is estimated to grow steadily during post-lockdown as daily operations restart.
The report offers detailed segmentation of the global in-wheel motor market based on propulsion type, vehicle type, vehicle class, cooling type, power output type, weight, and region.
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Based on propulsion type, the hybrid electric vehicles segment held the highest share in 2020, accounting for nearly half of the total share, and is estimated to maintain its leadership status throughout the forecast period. However, the battery electric vehicles segment is expected to portray the largest CAGR of 38.3% from 2021 to 2030.
Based on vehicle type, the passenger cars segment contributed to the highest share in 2020, holding more than four-fifths of the global in-wheel motor market, and is estimated to continue its dominant share in terms of revenue during the forecast period. However, the commercial vehicles segment is projected to register the fastest CAGR of 38.3% from 2021 to 2030.
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Based on region, Asia-Pacific accounted for the largest share in terms of revenue in 2020, contributing to more than half of the total share, and is estimated to continue its lead by 2030. However, LAMEA is estimated to witness the highest CAGR of 40.2% during the forecast period.
Leading players of the global in-wheel motor market analyzed in the research include Ecomove GmbH, e-Traction B.V., Elaphe Ltd., MW Motors, Lordstown Motors, NTN Corporation, NSK, Nissan Motor Company, LTD., Schaeffler AG, and Ziehl-Abegg SE.
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