Global In-Wheel Motors Market is valued at USD 808.0 Billion in 2021 and is expected to reach USD 8,653.2 Million by 2028 with a CAGR of 40.3% over the forecast period.
Global In-Wheel Motors Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: High demand for convenience and safety features, the rising popularity of electric cars, and stringent regulatory safety standards for the automotive sector are some of the major factors driving the growth of the Global In-Wheel Motors Market.
The in-wheel motor is a type of EV propulsion system. The design of conventional EVs incorporates an electric motor in place of the internal combustion engine. On the other side, the in-wheel motor EV inserts motors right next to each of the wheels in order to power the wheels directly. The in-wheel motor makes the car's performance more in tune with the steering by individually controlling the left and right wheels, in addition to the fast acceleration response that is a feature of EVs. The car moves automatically in the direction the driver wants it to go when accelerating or turning.
The ability to put more components on the frame is one of the main advantages of in-wheel motors. All forms of in-wheel motors have a substantial competitive advantage over more conventional electrical machines due to their flexibility to add batteries, range extenders, or simply retain baggage and passenger capacity during retrofits or new vehicle designs. Both motors and brakes must fit inside a vehicle's wheels in order to keep the benefit of not having to move the friction brake to a location on the sprung mass.
The COVID-19 epidemic had a huge influence on the automotive sector, which in turn led to a sharp decrease in vehicle sales as well as a lack of raw materials and other things. Players in the automotive sector are dealing with problems including the entire cessation of manufacturing and government-mandated facility closures. Due to the expansion of quarantine restrictions and rise of COVID-19 cases worldwide, demand for autos decreased throughout all of Europe and North America.
The global In-Wheel Motors market is segmented based on propulsion, vehicle type, motor type, cooling type, power output type, vehicle class, motor weight, and region & country level. Based on propulsion, the global In-Wheel Motors market is segmented into BEV, FCEV, HEV, and PHEV. By vehicle type, the market is segmented into passenger car and commercial vehicle. By motor type, the global In-Wheel Motors market is segmented into axial flux motor and radial flux motor. By cooling type, the global In-Wheel Motors market is segmented into air-cooled and liquid-cooled. By power output type, the global In-Wheel Motors market is segmented into Up to 60 KW, 60-90 KW, and above 90 KW. By vehicle class, the global In-Wheel Motors market is segmented into mid-priced and luxury. By motor weight, the global In-Wheel Motors market is segmented into hospitals, healthcare payers, pharmaceutical & biotechnology industries, and others.
The regions covered in the global In-Wheel Motors market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global In-Wheel Motors is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global In-Wheel Motors market report cover prominent players like
Printed Motor Works enhanced their PMW XR15 in-wheel motors in 2018. With the redesign of its little XR15 series, Printed Motor Works enhanced the parameters of its potent in-wheel motor range. The improved versions feature a broader radial and axial load-carrying capability as a result of bigger diameter shafts and higher duty bearing sets.
The demand for cutting-edge technologies in automobiles, such power steering, temperature control, anti-lock braking, and others, has grown over the past few years, according to the automotive industry. This has increased the number of motor applications in cars, which is fueling this market's expansion. Additionally, there is an increase in demand for vehicles with more convenience, safety, and comfort in developed countries like the U.S. The need is for features like steering-mounted controls, heads-up displays, enhanced infotainment systems, gesture control systems, telematics, and centralized controllers that provide comfort, luxury, safety, and security benefits. Additionally, the automobile industry has seen a surge in the number of electronic parts and software used in cars throughout the world that provides the newest telematics and infotainment systems.
For instance, in September 2018, Google and Renault-Nissan-Mitsubishi worked together to develop a next-generation infotainment system for vehicles. Additionally, the industry is seeing an increase in the popularity of convenience and safety features including automated emergency braking system (AEBS), lane-keeping assist, blind-spot warning, lane-departure warning system (LDWS), pedestrian & cyclist recognition, and automatic high-beam lighting. These elements are all anticipated to increase demand in the global in-wheel motors market.
Government safety rules mandating the installation of power windows, airbags, and anti-lock brake systems (ABS) in every vehicle have a favorable impact on the automobile business. It has been observed that Europe and North America adhere to these laws more strictly than Asia-Pacific and the rest of the globe. However, OEMs are assisting governments in emerging nations to strengthen safety measures by including keyless entry and anti-lock brake systems (ABS) as standard equipment in cars, which is helping to increase sales of motors for vehicles. To operate efficiently and interact with other parts of the car, these safety systems require independent motors in order to completely secure passengers. The need for vehicular motors is therefore expected to increase as the installation of safety features has been required, which propels the market growth.
Due to its numerous advantages over gasoline-powered cars, the demand for and manufacturing of electric vehicles have rapidly expanded in recent years. Fuel-powered cars are more affordable and effective since parts like fan belts, oil, air filters, head caskets, timing belts, cylinder heads, and spark plugs do not need to be replaced. As a result, electric vehicles are becoming more popular, which holds down the market for gasoline-powered cars. Due to enhanced vehicle dynamics and traction control, automakers are also concentrating on developing electric vehicles with in-wheel motors. Therefore, it is projected that increased electric vehicle production would present profitable development opportunities for players in the global in-wheel motors market.
To enhance ride quality, automakers aim to reduce the unsprung weight of the vehicle to a minimum. A vehicle's unsprung weight increases when in-wheel motor technology is used, which might decrease ride comfort. The suspension, brakes, bearings, wheels or tracks, and a few additional parts that are directly related to the wheel all contribute to the unsprung weight or mass of the vehicle. The unsprung weight also comprises a percentage of the weight of driveshafts, springs, shock absorbers, and suspension links, as well as the weight of other parts like wheel axles, bearings, hubs, and tires. The stress on the wheel will rise if the brakes are positioned on the wheel, which is directly vulnerable to unsprung weight. As a result, the inclusion of in-wheel motor technology in cars may be hindered by the rise in unsprung weight.
The Asia-Pacific regional market held a significant market share and dominated the market in 2021 and is expected to maintain its dominance during the forecast period. Since in-wheel motors are used in electric vehicles, the rapid rise in the sales of electric vehicles in regions such As China and Japan, urbanization, and rising demand for environmentally friendly transportation options in emerging economies like China and India are driving the growth of the in-wheel motor market. Along with rising per capita income, the growing urban population living in cities is encouraging the usage of electric cars and propelling the development of the in-wheel motor market during the course of the forecast period. Due to the substantial EV market in China, big competitors like Protean Electric and Elaphe have already begun to strengthen their positions there.
The automotive industries of emerging nations are being improved using a number of strategies, including direct and indirect government influence through innovative policies and liberalization initiatives. The targeted countries benefited greatly from government measures toward investment liberalization as private firms entered the market with cutting-edge technology and FDI began to flood in, primarily via the hands of Japanese automakers.
Asia's largest producer of automobiles is Thailand. The industry is mostly driven by Japanese FDI. With a particularly strong position in the component industry, the Chinese automobile sector is expanding significantly and poised to have a substantial influence on the global trading market very soon. India, on the other hand, is improving its position due to strong domestic and international demand. Although it is largely an assembly industry under the hands of significant Japanese automakers, the Indonesian automotive industry is increasing its exports.
Due to the highest EV sales in recent years, the European market is anticipated to expand substantially throughout the projected period. Additionally, the region's growth is fueled by strict emission laws and regulations, as well as large investments made by major automakers to suit regional demand for lightweight, fuel-efficient vehicles.
Additionally, there are a rising number of additional criteria for managing air quality and noise pollution due to the high volume of traffic in cities. Several European towns have created environmental zones that only permit cars that meet certain emission limits to enter in order to safeguard human health from harmful pollutants. The majority of European countries, including Germany, the UK, and others, control the market. Major in-wheel motor producers are also located in Europe, which promotes the growth of the market.
|2018 - 2021
|2021 - 2028
|Market Size in 2021:
|USD 808.0 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 8,653.2 Million
|Tables, Charts & Figures:
Elaphe Propulsion Technologies Ltd., Protean, ECOMOVE, NSK Ltd., ZIEHL-ABEGG, Printed Motor Works, BMW AG, NTN Corporation, e-Traction B.V., TAJIMA MOTOR CORPORATION, DANA TM4 INC., HYUNDAI TRANSYS, YASA Limited, Schaeffler India Limited, Tesla, Ford Motor Company, MICHELIN, GEM motors d.o.o., ORBIS Wheels, Inc., and Volkswagen among other.
|By Propulsion, By Vehicle Type, By Motor Type, By Cooling Type, By Power Output Type, By Vehicle Class, By Motor Weight.
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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