USD 2072.27 million
Report ID: SQMIG25A2133 | Region: Global | Published Date: September, 2022 | Pages: 253 | Tables: 63 | Figures: 75
In-Wheel Motors Market size was valued at USD 2072.27 million in 2021 and is poised to grow from USD 9273.75 million in 2022 to USD 12041.5 million by 2030, growing at a CAGR of 35.8% in the forecast period (2023-2030).
In-wheel motors are a specific kind of electric motor that is built into the wheels of electric cars to provide enhanced performance by directly driving the wheels. Traditional EVs had a single motor that drove all four wheels, but the advent of the in-wheel motor system allowed for the installation of separate motors that could be controlled independently. Vehicles with in-wheel motors have a quick acceleration response since the motor is mounted directly on the wheel. In addition, the introduction of in-wheel motors in electric vehicles improves driving alignment and boosts the fun and intuitiveness of driving. These are advanced systems that improve the driving experience and handling of the vehicles which is propelling the demand for in-wheel motors and driving the market growth during the analysis period.
US In-Wheel Motors Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2072.27 million
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The global in-wheel motors market is segmented based on propulsion type, application, and region. Based on propulsion type, the In-Wheel Motors Market is segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plugin-hybrid electric vehicles. Based on application, the In-Wheel Motors Market is segmented into passenger vehicles, commercial vehicles, and industrial equipment. Based on region, the global In-Wheel Motors market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
In-Wheel Motors Market Analysis by Application
In 2021, the passenger vehicle category accounted for the largest market share of the in-wheel motor market. Efficiency improvements, high torque, increased power, and superior vehicle handling has all contributed to the widespread adoption of in-wheel motors in modern passenger cars. Most electric car manufacturers are currently concentrating on increasing their vehicles' range, decreasing their vehicles' weight, and perfecting the vehicles' overall design. By installing motors into the wheels, EV manufacturers may maximize the use of available space and save wasted energy. Tier 1 firms are just as invested in enhancing the efficiency, range, comfort, and handling of EVs as the EV manufacturers themselves. Consequently, the market for passenger automobiles would continue to grow at a rapid clip over the anticipated time frame. Because of the greater need for power, in-wheel motors are more common in the commercial vehicles market. As a result, these subsegments are anticipated to have a higher rate of growth throughout the projected time frame.
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In 2021 the Asia Pacific accounted for the largest market share of the global in-wheel motor market and is expected to dominate the market throughout the analysis period. The increasing demand for electric vehicles in nations like China, India, and Japan is the major reason for this dominance in the region. Since China has the largest EV market, major manufacturers like Protean Electric and Elaphe are working to establish a market there.
Due to the rising demand for electric vehicles, Europe is predicted to become the second largest market for in-wheel motors globally. Germany, the UK, and the Nordic countries are the primary market leaders in the European region. Market expansion is aided by the presence of many companies that produce in-wheel motors in the region which make it easy for supply chain establishment. These are some of the major factors that are driving the demand for the in-wheel motors market during the analysis period.
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In-Wheel Motors Market Driver
The rapid expansion of the electric vehicle market is driving the demand in-wheel motor market.
In-Wheel Motors Market Restraint
Increasing unsprung weight and high cost can limit vehicle use of in-wheel motors that will retrain the in-wheel motor market growth.
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The in-wheel motors market is relatively fragmented, with a high level of competition. Few large players, like Elaphe Ltd., Schaeffler AG, and Tesla Inc., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
In-Wheel Motors Market Top Player’s Company Profiles
In-Wheel Motors Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, In-wheel motors are a specific kind of electric motor that is built into the wheels of electric cars to provide enhanced performance by directly driving the wheels. North America, Europe, Asia-Pacific, South America, and MEA account for the largest market share of the in-wheel motor market. Based on type, the market is segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plugin-hybrid electric vehicles. In 2021 the Asia Pacific accounted for the largest market share of the global in-wheel motor market and is expected to dominate the market throughout the analysis period. The increasing demand for electric vehicles in China, India, and Japan is the major reason for this dominance in the region. Since China has the largest EV market, major manufacturers like Protean Electric and Elaphe are working to establish a market there. In-wheel motors are more common in the commercial vehicle market because of the greater need for power. Europe could soon become the second largest market for in-wheel motors globally.
|Market size value in 2021||USD 2072.27 million|
|Market size value in 2030||USD 12041.5 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global In-Wheel Motors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global In-Wheel Motors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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