New York, USA, Jan. 25, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global in-wheel motor market is predicted to rise at a tremendous CAGR of 27.10%, thereby garnering a revenue of $4,120.60 million in the 2021-2028 timeframe. This integrated report presents a brief outlook of the current framework of the in-wheel motor market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: An overall increase in the utilization of electric vehicles, for both passenger and personal use, is expected to be the primary growth factor for the in-wheel motor market. Also, the growth in the scope of fuel efficiency improvement is expected to augment the market growth.
Opportunities: Growing demand for low-emission vehicles and supportive government regulations are predicted to offer numerous growth opportunities to the market. Additionally, the increasing adoption of electric vehicles is expected to take the growth rate of this market even further.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to a general decrease in the production of vehicles, which might prove to be a restraint for the in-wheel motor market.
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Impact of Covid-19 on the Market
The novel coronavirus wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles including that of the in-wheel motor market. The reduction in automobile manufacturing and sales along with decreased utilization of vehicles due to travel restrictions led to an overall decline in the growth rate of the market during the pandemic years.
Segments of the Market
The report has divided the market into certain segments based on vehicle type, propulsion type, distribution channel, and region.
Vehicle Type: Passenger Vehicles Sub-segment to be the Most Dominant
By vehicle type, the passenger vehicles sub-segment is expected to have the most dominant as well as the fastest growing sub-segment and reach $3,284.30 million by 2028. Increasing demand for eco-friendly mobility options is expected to push the growth of this sub-segment.
Propulsion Type: Battery Electric Vehicle Sub-segment to be the Most Lucrative
By propulsion type, the battery electric vehicle sub-segment is expected to have the most dominant market share of the in-wheel motor market and register $1,910.90 million by 2028. The low cost of battery electric vehicles as compared to hybrid electric vehicles is expected to help in the growth of this sub-segment.
Distribution Channel: Original Equipment Manufacturer Sub-segment to Grow Rapidly
By distribution channel, the original equipment manufacturer sub-segment is expected to have the highest market share and reach $3,041.00 million by 2028. Large-scale production of commercial and passenger vehicles with an increasing focus on fuel efficiency is expected to propel this sub-segment.
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Market in the Asia-Pacific Region to be the Most Profitable
By regional analysis, the market in the Asia-Pacific region is predicted to be the most profitable one and is expected to surpass $1,682.40 million by 2028. Rapid urbanization and increasing demand for eco-friendly mobility solutions in countries like India and China are predicted to augment the growth of the in-wheel motor market in this region.
Prominent Market Players
Some of the prominent players of the in-wheel motor market are
- Protean Electric
- Schaeffler Technologies AG & Co. KG
- NTN Corporation
- GEM Motors d.o.o.
- Printed Motor Works
- NSK LTD.
- Ziehl-Abegg SE
- Lordstown Motors Corporation.
- Tesla Inc.
- Elaphe Propulsion Technologies Ltd
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
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For instance, in November 2021, Bedeo, a leading electric vehicle manufacturer, announced the acquisition of Protean Electric, a specialist in in-wheel motor technology. This acquisition is predicted to help Bedeo to expand its footprint in the market in the coming period and consolidate its position.
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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