Austin, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The In-Wheel Motors Market Share is expected to reach USD 31.58 billion by 2032, growing at a CAGR of about 40.50% throughout the forecast period of 2024-2032. It is thereby expected that the Asia-Pacific region will contribute approximately 55% of the market share, which is anticipated to grow by 2032. The adoption rate in the region is very high, with countries like China, Japan, and South Korea being the frontiers owing to their leading EV production and supporting government policies related to electric mobility along with sustainable transportation solutions.
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Technological Advancements and Regulatory Support Drive the Growing Demand in the Asia-Pacific and European In-Wheel Motors Market
In the ambiance of increasing demand for effective electric powertrains across the board, along with EV design becoming increasingly complicated across the board, growth in both the Asia-Pacific and European in-wheel motors markets propels, primarily as governments try to push electric mobility. It will be fair to say that in-wheel motors are closely linked to the need for improved efficiency and performance of the vehicle, quite a necessary fact to gain competitive advantage in the global EV market and fulfil the fast-growing consumer demand for greener vehicles. In particular, the European market is observing fast growth on grounds of strong regulatory frameworks, which helps in the adoption of electric vehicles and their powertrain technologies.
SNS Insider key insights for U.S. and the future landscape of In-Wheel Motors Market.
The U.S. in-wheel motors market would see exponential growth on the back of rapid expansion in the sector of electric vehicles and increasing investments in advanced powertrain technologies. In fact, the United States was also anticipated to contribute about 20% to the global share of the in-wheel motors market by 2032, given the extreme emphasis on technological innovation that the country is focusing on, particularly in electric mobility, besides rising demand for energy-efficient vehicles.
In the U.S., in-wheel motors are increasingly adopted to increase vehicle performance and efficiency, especially for high-demand segments such as electric SUVs and trucks. AI and advanced control systems within the in-wheel motor also continue an upward trend, with over 60% of U.S.
By 2025, the integration of this technology into the production lines will be a likely move to be considered by EV manufacturers. The need to be globally competitive, coupled with improved vehicle efficiency and stringent emissions regulations that become prevalent across the country, propels this trend.
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Major Players Listed in the Report:
- 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)
By 2032, Electric Vehicle Segment to Hold In-Wheel Motors Market Leadership with a Retain Share of 40%
The electric vehicle segment dominates the in-wheel motors market owing to increasing demand for high-performance EVs due to advancement in battery technologies and the imposition of more stringent emission norms.
The passenger vehicle segment is also poised for significant growth at 18.3% CAGR, based on the fact that more consumers are inclined toward electric cars with in-wheel motors for good handling and driving dynamics. Higher growth for in-wheel motors in passenger vehicles will continue to be driven due to the need to optimize energy consumption and reduce the overall weight of EVs.
Recent Developments:
- US-based company Protean Electric has released its next generation of in-wheel motors for passenger vehicles, which offer higher torque density and better thermal management. This means higher output and efficiency and more reliability.
- Nidec intends to expand its capacity in in-wheel motors, but mainly to integrate AI-driven control systems for efficient energy and vehicle dynamics management.
Key Takeaways:
- The In-Wheel Motors Market growth is supported by the demand which grew 80% in the last five years due to rapid electric vehicle adoption.
- The AI-powered in-wheel motors, while growing their markets, are taking gradual momentum with each passing year, which will see over 65% of the new in-wheel motors using artificial intelligence to optimize performance.
- The potential market share of the Asia-Pacific region as a probable market for in-wheel motors is expected to be about 55%, while Europe will capture about 30% of the market share by 2032 on account of good regulatory support and increasing EV production.
- In-wheel motors are being adopted by early takers in the manufacture of electric vehicles, and about 75% of EV firms are likely to continue with its incorporation into their operations before the year 2025.
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