NEWARK, Del, June 28, 2023 (GLOBE NEWSWIRE) -- The automotive in-wheel motors market is expected to be valued at around US$ 2.93 billion by the end of 2023. The Automotive in-wheel motors industry is predicted to increase at a 19.5% CAGR to be worth US$ 17.457 billion by 2033.
The automotive in-wheel motors business is expected to witness significant growth in the coming years. Advancements in electric vehicle technology and the need for improved vehicle performance and efficiency are escalating the demand for automotive in-wheel motors. They offer benefits such as enhanced maneuverability, regenerative braking, and space savings.
Get an overview of growth opportunities from 2023 to 2033 - Download this sample report: https://www.futuremarketinsights.com/reports/sample/rep-gb-7677
Technology Advancements Propelling the Automotive In-Wheel Motors Market:
Initiatives from the Government
The increase in government measures aimed towards the automotive industry, whether through advertising and promotions or through the application of rules. These initiatives encourage customers to focus on robust safety a solution, which boosts the market even further.
The expansions of the automotive sector, higher investment, and increased disposable income all have a favorable impact on the automotive in-wheel motors market.
Increased Vehicle Manufacturing
One of the primary factors driving the growth of the automotive in-wheel motors market is the increase in consumer demand for high-performance and dependability of automobiles. The increased demand for these improved automobiles drives up vehicle production.
Sales of Electric Vehicles (EVs)
The global surge in electric vehicle (EV) sales is propelling the electric vehicle market forward. Due to increased environmental consciousness, customer preference is fast shifting towards passenger and commercial electric vehicles (EVs).
Hindering Maintenance and Repair of Automotive In-Wheel Motors
The expensive expense of automotive in-wheel motors technology makes its wider implementation difficult. The intricacy of incorporating in-wheel motors into existing car designs and production processes creates additional challenges. The automotive in-wheel motors maintenance and repair infrastructure is also limited, limiting market expansion.
Concerns about the longevity and reliability of in-wheel motors, particularly in extreme weather and off-road applications, cause potential purchasers to be skeptical. These constraints, taken together, restrict the market's quick expansion for automotive in-wheel motors.
Not getting the data you are looking for? Our experts provide you with customized reports: https://www.futuremarketinsights.com/customization-available/rep-gb-7677
Expanding Market Horizons for Automotive In-Wheel Motors
The automotive industry is seeing increased interest in automotive in-wheel motors, which presents good potential for market participants. Automotive in-wheel motors provide various benefits, including greater vehicle dynamics, increased energy efficiency, and lower pollutants. The market is expanding because of rising demand for electric and hybrid vehicles and motor technology developments.
The incorporation of modern control systems and regenerative braking capabilities improves market prospects. The automotive in-wheel motors industry is positioned for significant growth in the future years, thanks to continued research and development activities and cooperation between automakers and technology providers.
Regional Assessment of the Wheel Motors Industry:
Asia Pacific owns the leading market share of the worldwide market and is likely to continue to dominate during the forecast period. China, among other nations in the area, has the highest output of electric vehicles due to large government subsidies for electric vehicle manufacturing and an increase in imports and export. This has had an impact on the increase in electric vehicle sales in the United States.
Indian market is anticipated to expand during the forecast period due to the country's use of renewable energy sources. Businesses are making significant investments in the creation of electric automobiles. As a result, the automotive in-wheel motors market to eventually grow and raise the percentage of electric vehicles on the road.
Key Takeaways:
- The United States might increase its market share by 20.1% between 2023 and 2033.
- Between 2023 and 2033, Germany may hold 6.3% of the automotive in-wheel motors industry.
- Japan's share of the automotive in-wheel motors industry could reach 6.9% between 2023 and 2033.
- Australia to hold a 0.3% share of the automotive in-wheel motors market from 2023 to 2033.
- During the forecast period, the Chinese automotive in-wheel motors business to expand at a CAGR of 22.1%.
- From 2023 to 2033, the United Kingdom automotive in-wheel motors industry registered at a 15.8% CAGR.
- Through 2033, the Indian automotive in-wheel motors market to record a CAGR of 23%.
- The radial flux motor segment to acquire a substantial market share of 79.7% in the product type category between 2023 and 2033.
- The BEV sector to grab a significant automotive in-wheel motors market share of 73% in the technology category between 2023 and 2033.
Ask our expert Analyst now: https://www.futuremarketinsights.com/ask-question/rep-gb-7677
Competitive Landscape:
The competitive outlook of the automotive in-wheel motors market is highly promising and competitive. Key automotive in-wheel motors manufacturers are investing in research and development activities to enhance their product offerings and gain a competitive edge. The market is witnessing increased adoption of automotive in-wheel motors technology, driving competition among manufacturers to capture a larger market share.
Prominent Manufacturers are:
- Protean Electric
- Elaphe
- ZIEHL-ABEGG
- Printed Motor Works
- NTN
- TM4
- HEINZMANN GmbH & Co. KG
- YASA Limited
Latest Developments:
- May 2019: Elaphe to manufacture the best performance in-wheel hub motor for light commercial vehicles, sport utility vehicles, and small cars.
- December 2018 saw the formation of a partnership between Human Horizons, Protein Electric, and Wuxi Weifu e-Drive Technology to produce in-wheel hub motors for the next generation of intelligent connected vehicles.
Key Segmentation:
By Product Type:
- Axial Flux Motor
- Radial Flux Motor
By Technology:
- BEV
- HEV
- PHEV
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
By Cooling:
- Air Cooled
- Liquid Cooled
By Region:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific
- Middle East Africa
Table of Content (ToC):
1. Executive Summary | Automotive In-Wheel Motors Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
View the Complete TOC of this Report: https://www.futuremarketinsights.com/toc/rep-gb-7677
Explore Wide-ranging Coverage of FMI’s Automotive Landscape:
Automotive ABS Motor Market Demand: Is projected to rise at a remarkable CAGR of 8% to 9% CAGR during the assessment period between 2022 and 2032.
Electric Vehicle Motor Market Growth: Is set to strengthen its market hold in the global market at a promising CAGR of 8.5%, while it is forecasted to hold a revenue of US$ 18.09 Billion in 2032.
Railway Traction Motor Market Share: Is expected to reach a market valuation of US$ 54,554 million by 2033.
Fifth Wheel Coupling Market Size: Is projected to record a CAGR of 5.8% from 2023 to 2033. The market is valued at US$ 637.1 million as of 2023, and by 2033, the market might reach a valuation of US$ 1.1 billion.
Automotive Wheel Hub Bearing Aftermarket Outlook: Is expected to increase from US$ 1,114.2 million in 2023 to US$ 1,810.7 million by the end of 2033.
EV Charging Station Market Growth: Is expected to surpass US$ 113,889.1 million in the next decade. Between 2023 and 2033, the market has been forecast to record a CAGR of 26.6%.
EV Powertrain Market Size: Is likely to rise at a rate of over 24%. The net worth of the market is projected to reach US$ 112,036 million by 2033 from US$ 13,035.9 million in 2023.
Automotive Front End Module Market Share: Is anticipated to be appraised at US$ 22,290.4 Million by 2032, up from US$ 12,132.4 Million in 2022.
Electric Bike Market Demand: Is anticipated to rise from US$ 52.05 Billion in 2022 to US$ 122.1 Billion in 2032.
EV Charger Market Trends: Is projected to register an impressive CAGR of 26.6%. The market valuation of EV chargers is anticipated to grow from US$ 6,520.9 million in 2023 to about US$ 68,967.2 million by 2033.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
Contact Us:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
LinkedIn | Twitter | Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com
Old Source: Automotive In-Wheel Motors Market is expected to grow at a 38.0% CAGR during the forecast period 2022-2027 | Future Market Insights, Inc.
