In-Wheel Motors Market to Surpass 12041.5 Million by 2030 Drives Due to the Rising Demand for Driving Range
SkyQuest projects that the in-wheel motors market will attain a USD 12041.5 million value by 2030, with a CAGR of 35.8% over the forecast period (2023-2030). The market is experiencing significant growth, primarily fueled by the demand for increased driving range, enhanced vehicle performance, and improved reliability. The in-wheel motor system reduces the complexity and part count of the vehicle, leading to cost savings and simplified manufacturing processes by integrating the power electronics directly into the wheel.
Westford, USA, June 22, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the rise in R&D expenditures presents lucrative opportunities for manufacturers of in-wheel motors to develop innovative technologies to improve vehicle efficiency. Numerous component manufacturers are placing their focus on the development of efficient systems for future transportation needs. The demand for advanced technologies, including in-wheel motors, is expected to surge with the increasing interest in self-driving and autonomous vehicles.
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Browse in-depth TOC on “In-Wheel Motors Market.”
- Pages – 253
- Tables – 63
- Figures – 75
An in-wheel motor is an electric motor specifically designed to be mounted directly on the wheels of a vehicle, forming part of the drivetrain system in electric vehicles. This innovative technology offers numerous advantages for electric vehicle performance and efficiency. The in-wheel motor eliminates the need for complex mechanical transmission systems, such as driveshafts and differentials, found in traditional internal combustion engine vehicles by placing the motor directly on the wheel.
Prominent Players in In-Wheel Motors Market
- Ecomove GmbH
- NSK Ltd.
- Protean Electric
- Elaphe Propulsion Technologies
- Ziehl-Abegg
- Printed Motor Works
- NTN Corporation
- TM4 Inc.
- Schaeffler Technologies AG & Co. KG
- NSK-Warner Korea Ltd.
- NTN-SNR Roulements SA
- GEM motors d.o.o.
- TMC Mechatronics Co., Ltd.
- Yasa Limited
- Heinzmann GmbH & Co. KG
- E-Traction BV
- QS Motor
- Hi-Pa Drive
- Brusa Elektronik AG
- Magnetic Systems Technology Ltd.
Passenger Vehicle Segment is Expected to Grow the Market Due to the Increased Power
The passenger vehicle category emerged as the leader in the in-wheel motors market, capturing the largest market share. This can be attributed to the significant benefits of in-wheel motors in efficiency improvements, high torque, increased power, and superior vehicle handling. These advantages have led to the widespread adoption of in-wheel motors in modern passenger cars.
The market in Europe is poised for significant growth in the forecast period within the market. The region has experienced the highest electric vehicle (EV) sales in recent years, driving the demand for in-wheel motors. The market is expected to expand rapidly as consumers increasingly embrace electric mobility solutions and governments implement stringent emission rules and regulations to address environmental concerns.
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Axial Flux Motor Segment is Expected to Dominate the Market Due to its Efficiency
The axial flux motor segment holds the leading position in the market and is anticipated to experience significant growth in the forecast period. The axial flux motor surpasses the radial flux motor, making it a preferred choice for various applications regarding power density and efficiency. Its compact size enables easy integration within or near each wheel, allowing for direct power transmission.
Regional markets in the Asia-Pacific region hold the largest market share in the global market and is poised for further growth in the forecast period. This growth can be attributed to the increasing sales of electric vehicles in countries such as China and Japan. The Asia-Pacific region has witnessed a significant rise in the adoption of electric vehicles, driven by government initiatives, favorable policies, and increasing consumer environmental consciousness.
A comprehensive analysis of the major players in the in-wheel motors market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the In-Wheel Motors Market
- Elaphe and Lightyear collaborated to develop an efficient production powertrain with an impressive in-wheel motor efficiency of 97% in 2022. This breakthrough achievement enhances vehicles’ overall performance and reliability with in-wheel motors. The high efficiency improves the driving experience and contributes to increased range and reduced energy consumption, further driving the adoption of electric vehicles.
- Lordstown Motors Corp recently made significant announcements regarding its strategic partnerships. The company sold its Lordstown facility and entered into a contract manufacturing agreement and joint venture agreement with Hon Hai Technology Group affiliates, also known as Foxconn. These agreements enable the manufacturing of the MIH EV (Modular Intelligent Vehicle Electric Platform) for the North America region.
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Key Questions Answered in In-Wheel Motors Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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