In-Wheel Motors Market Updates

Global In-Wheel Motors Market size was valued at USD 9.3 billion in 2023 and is poised to grow from USD 12.67 billion in 2024 to USD 150.0 billion by 2032, growing at a CAGR of 36.2% during the forecast period (2025-2032).

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. 'Protean Electric (UK) ', 'Elaphe Propulsion Technologies (Slovenia) ', 'Ziehl-Abegg SE (Germany) ', 'Printed Motor Works (UK) ', 'e-Traction B.V. (Netherlands) ', 'YASA Limited (UK) ', 'Heinzmann GmbH & Co. KG (Germany) ', 'QS Motor (China) ', 'Hi-Pa Drive (Taiwan) ', 'Brusa Elektronik AG (Switzerland) ', 'Magnetic Systems Technology Ltd. (Israel) ', 'Schaeffler AG (Germany) ', 'NTN Corporation (Japan) ', 'NSK Ltd. (Japan) ', 'Continental AG (Germany) ', 'BMW Group (Germany) ', 'Lordstown Motors (USA) ', 'MW Motors (Czech Republic) ', 'REE Automotive (Israel)'

Rapid expansion of the electric vehicle market. Manufacturers throughout the world have been forced to increase the production of electric vehicles due to factors like rising demand for low emissions and government rules encouraging long-range, zero-emission vehicles through subsidies and tax refunds. The demand for electric vehicle parts and components is skyrocketing globally with the growing popularity of these vehicles. These are some of the major factors propelling the market growth.

Governments across the globe have introduced various schemes and initiatives to encourage buyers to choose EVs over conventional vehicles. Asia Pacific, Europe, UK are some of the countries offering various incentives for people looking to purchase an EV due to this the Electric Vehicle Charging Station Market will have more demand in the upcoming years these are some of the major trends that will propel the demand for in-wheel motors market during the analysis period.

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.