In-Wheel Motor Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029
In-Wheel Motor Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029
Report Digest
Global In-Wheel Motor market: Overview
The in-wheel motor refers to a variety of electric vehicle drive system. The usual electric vehicles come with a design in which electric motor replaces gasoline engine. The in-wheel motor electric vehicle is fitted right around each of the driving wheels so as to directly supply power the wheels. The global in-wheel motor market is anticipated to observe growth in the rising sales of electric vehicles in the years to come.
There has been an augmented demand for electric mobility amongst the people. Besides, people are more aware about the adverse effects of emissions from diesel and gasoline is likely to support growth of the global in-wheel motor market over the tenure of assessment. Furthermore, there has been a rise in the demand for reduction in the weight of vehicles as it is able to expand spaces within the electric vehicles and regulates four wheels centrally. The global in-wheel motor market is likely to observe high growth as the use of the product is rising at a much faster rate than other types of motors in the electric vehicle sector.
The global in-wheel motor market has been segmented based on propulsion, vehicle, motor, cooling, power output, and region. The main objective of providing such a comprehensive report is to provide a deep insight into the market.
Global In-Wheel Motor Market: Notable Developments
In the last few years, the global in-wheel motor market has come across quite a few path-breaking developments. One such development of the market is mentioned below:
- In December 2018, Leader in automotive technology, Protean Electric Ltd, Wuxi Weifu e-Drive Technology Ltd, and Shanghai-based innovator of mobility technology, Human Horizons entered into strategic cooperation for the manufacture and development of in-wheel motors. These motors will be made to be used in next-generation of intelligent and connected vehicles. This cooperation and their innovations are likely to pave way for rapid expansion of the market.
Some of the key market players of the global in-wheel motor market are
- Bayerische Motoren Werke AG (BMW)
- Ziehl-Abegg SE
- Nissan Motor Corporation
- BYD Co Ltd
- Printed Motor Works Ltd
- NTN Corporation.
Global In-Wheel Motor Market: Growth Drivers
High Demand for Lightweight Vehicles to Shoot Up Demand in the Market
The global in-wheel motor market is estimated to be driven by the ability of in-wheel motors to better the performance of electric vehicles. It provides torque to the associated tires and produce power to better the efficiency of electric vehicles. Presence of increased government support and subsidies together with rising popularity of electric vehicles and expanding range of diverse vehicles equipped with in-wheel motors is likely to propel growth of the global in-wheel motor market in the years to come.
In addition to that, there has been a surge in demand for lightweight vehicles for fuel efficiency and environment-friendliness. Demand for lightweight vehicles together with increased space inside the vehicle fitted with in-wheel motors are estimated to pave way for rapid growth of the global in-wheel motor market in the years to come.
On the other hand, high cost of manufacturing costs together with complicated control system of speed wheel is likely to hamper the expansion of the global in-wheel motor market over the tenure of assessment. The market is likely to witness a drop in sale due to the ongoing outbreak of Covid-19. The pandemic has brought almost all the industries, including vehicles, to a standstill, which is likely to leave an adverse impact on the market for some time.
Global In-Wheel Motor Market: Regional Outlook
Asia Pacific is likely to account for a major chunk of the global in-wheel motor market over the period of assessment. Increasing popularity of electric vehicles and rise in the disposable income of the people is estimated to render Asia Pacific market a highly lucrative territory for the market in the years to come.
The global in-wheel motor market is segmented as:
Propulsion
- BEV
- HEV
- PHEV
- FCEV
Vehicle
- PC
- CV
Motor
- Axial Flux
- Radial Flux
Cooling
- Air
- Fluid
Power Output
- Up to 60 KW
- 60–90 KW
- Above 90 Kw
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