Pune, May 12, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the In-Wheel Motors Market was assessed to be worth USD 1.06 billion in 2022, and it is anticipated to attain a value of USD 16.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 40.5% during the forecast period of 2023-2030.
Market Report Scope
In-wheel motors, also known as hub motors, are electric motors that are integrated into the wheels of a vehicle, eliminating the need for a traditional drivetrain. These motors offer numerous benefits over conventional powertrains, such as increased energy efficiency, reduced weight and size, and improved vehicle handling and performance. In-wheel motors also enable more flexibility in vehicle design and offer potential for regenerative braking, which can convert the kinetic energy of the vehicle into electrical energy to recharge the battery.
Market Analysis
The demand for in-wheel motors market is expected to rise in the coming years due to increasing concerns over environmental issues such as global warming and the depletion of natural resources. With governments around the world imposing stricter regulations on carbon emissions and promoting sustainable transportation solutions, In-wheel motors are expected to become a vital component of the automotive industry. In addition, In-wheel motors offer several advantages over traditional powertrain systems, such as improved handling, increased torque, and enhanced stability. They also reduce the overall weight of the vehicle, which can result in greater fuel efficiency and a longer battery life. These benefits have made them an attractive option for automakers, and many are now incorporating In-wheel motor technology into their latest models.
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Impact of Recession
Despite the potential impact of a recession, the long-term outlook for the in-wheel motors market remains positive. Governments around the world are implementing policies to reduce carbon emissions and promote the adoption of EVs, which is expected to drive the growth of the market. Furthermore, advancements in technology and increasing consumer awareness about the benefits of EVs are also expected to contribute to the market's growth in the long run.
Key Regional Development
The Asia Pacific region is expected to dominate the in-wheel motors market, with the largest market share. This is due to the generous subsidies provided by various governments in the region, particularly in China, aimed at promoting the electrification of vehicles. The demand for in-wheel motors is increasing in the region, as the need for more efficient and eco-friendly transportation options is becoming more pressing. In-wheel motors provide a promising solution for automakers, as they eliminate the need for bulky and complex transmission systems and reduce overall vehicle weight, resulting in improved fuel efficiency and range.
In-wheel Motors Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 1.06 Billion |
| Market Size by 2030 | US$ 16.2 Billion |
| CAGR | CAGR of 40.5% From 2023 to 2030 |
| Key Segments | • by Motor Type (Axial Flux Motor, Radial Flux Motor) • by Propulsion Type (Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles) • by Power Output Type (Up to 60 KW, 60–90 KW, above 90 KW) |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Schaeffler AG (Germany), Printed Motors Works (UK), Nissan Motors Corporation (Japan), Tesla (US), e-Traction B.V. (Netherlands), NTN Corporation (Japan), ZIEHL-ABEGG (Germany), Elaphe Ltd (Slovenia), Protean Electric (US), ECOmove GmbH (Germany) |
| Market Drivers | •Safety and convenience features are in high demand. •Demand for electric automobiles is on the rise. |
Key Takeaway from In-Wheel Motors Market Study
- In the rapidly growing electric vehicle industry, the demand for in-wheel motors is on the rise due to their efficiency, compact size, and ability to improve vehicle handling. Among the different types of in-wheel motors available, the axial flux motor segment is expected to dominate the market.
- The market is set to undergo a significant shift as the demand for BEVs continues to grow. The shift towards BEVs is expected to drive the growth of the market, with the BEV segment set to dominate the market in the coming years.
Recent Developments Related to In-Wheel Motors Market
- Dongfeng, the Chinese automaker, has recently unveiled its latest electric sedan, the E70, which is equipped with advanced ProteanDrive in-wheel motors. This innovative technology is expected to offer improved efficiency and driving experience to electric vehicle (EV) owners.
- Aptera, the California-based electric vehicle (EV) manufacturer, has announced a partnership with Elaphe, a Slovenian company that specializes in in-wheel motor technology. As part of the collaboration, Aptera will integrate Elaphe's in-wheel motors into its upcoming electric vehicles, with the goal of eventually manufacturing them in the United States.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global In-wheel Motors Market Segmentation, By Motor Type
9. Global In-wheel Motors Market Segmentation, By Propulsion Type
10. Global In-wheel Motors Market Segmentation, By Power Output Type
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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