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
This study provides a particularized anatomy according to the L.E.A.P mechanism
- Latest trends and cardinal growth prospects
- Existing and future insights in growth
- Ascensions in technology
- Pain points
The regional analysis offers market assays across:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
Pain Points
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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