What Is The Current and Historic Market Size Analysis Of The In-Wheel Motor Market?
The in-wheel motor market has seen considerable growth due to a variety of factors.
• The in-wheel motor market has grown rapidly in recent years. It will increase from $1.26 billion in 2024 to $1.67 billion in 2025, reflecting a CAGR of 32.6%.
Factors contributing to this growth include increased design flexibility, higher efficiency, reduced unsprung weight, growing production of electric vehicles, and rising demand for such vehicles.
What Are The Predictions for The In-Wheel Motor Market in the Coming Years?
The in-wheel motor market is expected to maintain its strong growth trajectory in upcoming years.
• The in-wheel motor market is expected to grow exponentially, reaching $5.09 billion by 2029, with a CAGR of 32.2%.
The growth is driven by the growing interest in autonomous vehicles, demand for electric and hybrid vehicles, and the increasing popularity of electric vehicles (EVs). Major trends include the adoption of in-wheel motors in passenger vehicles, technological advancements, increased demand for axial motors, and continued improvements in in-wheel motors.
Which Drivers Are Accelerating Growth In The In-Wheel Motor Market?
The increasing demand for electric vehicles is expected to stimulate the growth of the in-wheel motor market. As environmental concerns and cost-saving drive the demand for electric vehicles (EVs), in-wheel motors offer advantages in efficiency and design flexibility. The International Energy Agency reported in March 2023 that electric car sales surpassed 10 million in 2022, marking a significant increase and suggesting a robust market for EV-related technologies like in-wheel motors.
What Are The Core Segments Of The Global In-Wheel Motor Market?
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
Subsegments:
1) By Battery Electric Vehicle (BEV): Passenger BEV, Commercial BEV
2) By Fuel Cell Electric Vehicle (FCEV): Passenger FCEV, Commercial FCEV
3) By Hybrid Electric Vehicle (HEV): Mild Hybrid Electric Vehicle (MHEV), Full Hybrid Electric Vehicle (FHEV)
4) By Plug-In Hybrid Electric Vehicle: Plug-In Hybrid Passenger Vehicle, Plug-In Hybrid Commercial Vehicle
5) By Other Propulsions: Compressed Air Vehicle, Hybrid Hydrogen-Electric Vehicle
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How Are Emerging Trends Reshaping The Dynamics Of The In-Wheel Motor Market?
Prominent businesses in the in-wheel motor market are concentrating their efforts on the creation of unique products, for example the Uni Wheel, to bring about a transformation in electric vehicle propulsion systems through compact, effective, and integrated motor technologies. The Uni Wheel repositions main components of the drive system to the wheel hub's interior area, liberating internal space and improving the overall performance efficiency of electric vehicles. It was in March 2023 that China's automobile firm, Dongfeng, introduced the Uni Wheel for electric vehicles. This particular wheel combines numerous drivetrain elements within the space of the wheel hub by using a planetary gears system, which results in a more compact and efficient drive system. It's designed with a central sun gear that's linked to an outer ring gear via two sets of articulated pinion gears. Such a design lessens gear ratios and separates the rotation axis of the wheel from the motor's, allowing for secure mounting of the motor to the chassis. Consequently, this allows the wheel to function at greater speeds while reducing torque.
Who Are the Key Players In The In-Wheel Motor Market?
Major companies operating in the in-wheel motor market are:
• 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
What Are The Regional Insights Into The In-Wheel Motor Market?
Asia Pacific was the largest region in the In-wheel motor market in 2023. The regions covered in the in-wheel motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
