The in-wheel motor market has seen remarkable growth, projected to increase from $0.95 billion in 2023 to $1.26 billion in 2024, with a CAGR of 32.1%. This growth is driven by design flexibility, increased efficiency, and rising production of electric vehicles. By 2028, the market is expected to reach $3.85 billion, achieving a CAGR of 32.3%. Key trends include the adoption of in-wheel motors in passenger vehicles and innovations in motor technology.
Major Driver In The In Wheel Motor Market
The growing demand for electric vehicles (EVs) is set to enhance the in-wheel motor market. EVs, which operate primarily or exclusively on electric power, are gaining traction due to environmental concerns, cost savings, fuel independence, urbanization, and the development of supportive infrastructure. In-wheel motors, which offer unique advantages in efficiency and design flexibility, are becoming increasingly relevant in this context. According to the International Energy Agency, electric car sales exceeded 10 million in 2022, with about 14% of new cars sold being electric, up from approximately 9% in 2021. Therefore, the rising demand for electric vehicles is propelling the growth of the in-wheel motor market.
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In Wheel Motor Market Competitive Landscape
Tesla Inc., Daimler Truck AG, Magnetic Systems Technology Ltd., NTN Corporation, NSK Corporation, Schaeffler Group, Nissan Motor Corporation, e-Traction, Protean Electric Limited, BEDEO, Brusa Eleckronik AG, Elaphe Propulsion Technologies Ltd., Heinzmann GmbH & Co. KG, Ziehl-Abegg SE, Printed Motor Works, ECOmove GmbH, Lordstown Motors, MW Motors International Ltd., Nu Ride Inc., GEM Motors
Key In Wheel Motor Market Trend
The in-wheel motor market is advancing with the development of innovative products like Uni Wheel, aimed at transforming electric vehicle propulsion systems. In March 2023, Dongfeng unveiled Uni Wheel, which integrates key drivetrain components within the wheel hub. This compact design not only enhances efficiency but also optimizes interior space in electric vehicles. By utilizing a system of planetary gears, Uni Wheel allows for higher speeds with reduced torque, presenting a significant leap forward in EV technology.
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In Wheel Motor Market Segmentation
The in-wheel motor market covered in this report is segmented –
1) By Propulsion: Battery Electric Vehicle(BEV), Fuel Cell Electric Vehicle(FCEV), Hybrid Electric Vehicle(HEV), Plug-In Hybrid Electric Vehicle, Other Propulsions
2) By Cooling Type: Air Cooling, Liquid Cooling
3) By Power Output Type: Up To 60 KW, 60–90 KW, Above 90 KW
4) By Vehicle Type: Passenger Cars, Commercial Vehicles
5) By Application: Auto Industry, Industrial Equipment, Other Applications
By Geography:The regions covered in the in-wheel motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia Pacific was the largest region in the In-wheel motor market in 2023.
The In Wheel Motor Global Market Report 2024 furnishes information about the global in wheel motor market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
