In-Wheel Motor Market By Type (Radial Flux and Axial Flux); Cooling Method (Liquid and Air); Type Of Electric Vehicle (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle); Power Output (Up to 60 KW, 60-90 KW, and Above 90 KW) and Geography: Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 0.8 billion mark in 2022 and is expected to hit US$ 4.3 billion by 2030, recording a CAGR of 40.5% during the forecast period.
In-Wheel Motor Market rising with Surging demand for Increasing penetration of electric vehicles globally.
The market for electric cars is expanding quickly. Despite the conventional car industry suffering from the COVID-19 epidemic and experiencing negative growth, global EV sales increased by 38% in 2020 compared to 2019. Manufacturers have been forced to offer electric vehicles all over the world due to factors including the rising demand for low emission vehicles and government policies that favour long-range, zero-emission vehicles through subsidies and tax refunds. The demand for parts and components for electric vehicles is increasing quickly along with the sales of electric vehicles..
The In-Wheel Motor Market is experiencing a rise in Axial flux motor segment
The axial flux motor is more efficient and has a higher power density than the radial flux motor. It may fit within or close to each wheel of the car due to its compact size. It is mostly utilised in low-speed, high-torque applications. Axial flux motors are small, light, and extremely effective. They can be utilised as direct drives in electric vehicles and are used to boost output torque and efficiency. Assembling and manufacturing are straightforward compared to radial flux motors. As a result, during the forecast period, the segment would keep dominating the market.
Change in the regulatory environment globally is One of the major factors accelerating In-Wheel Motor Market growth.
The policy front has seen a tonne of support over the past ten years for promoting electric vehicles (EVs). The International Energy Agency reported that 10 million vehicles were on the road worldwide in 2020, with sales of electric vehicles accounting for 4.6% of all vehicle sales globally. These changes reflect the increased regulatory support for electric vehicles and the growing public concern about climate change brought on by the use of fossil fuels..
Recent strategic developments in the In-Wheel Motor Market
The In-Wheel Motor market has undergone several significant developments, and a few of these have been mentioned below:
- In June 2021, Local Motors and Protean Electric signed a new, three-year agreement worth USD 7.3 million to continue their long-standing alliance.
- In June 2019, For the purpose of creating next-generation electric and driverless vehicles, NEVS purchased UK-based Protean Electric, a provider of automotive technologies. Following the takeover, Protean Electric will continue to operate independently.
Several players drive the In-Wheel Motor market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. ECOmove GmbH; Elaphe Ltd.; e-Traction B.V; MW Motors; Lordstown Motors; Protean Electric; Schaeffler AG; TM4; The Nissan Motor Company, Ltd.; Ziehl-Abegg SE are among the prominent players operating in the In-Wheel Motor Market.
The target audience for the report:
- Raw material providers
- In-Wheel Motor Manufacturers
- In-Wheel Motor service providers
- Lawn Mowe-related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policymakers
- Venture capitalists, private equity firms, and start-up companies
- In-Wheel Motor component suppliers
- In-Wheel Motor and components distributors and sales firms
- End users of In-Wheel Motor
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the In-Wheel Motor market has been segmented based on:
- By Type:
- Radial Flux
- Axial Flux.
- By Cooling Method :
- Liquid
- Air
- HCV
- By Type of Electric Vehicle :
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
- By Power Output :
- Up to 60 KW
- 60-90 KW
- Above 90 KW
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- ECOmove GmbH
- Elaphe Ltd.
- e-Traction B.V
- MW Motors
- Lordstown Motors
- Protean Electric
- Schaeffler AG
- TM4
- The Nissan Motor Company, Ltd.
- Ziehl-Abegg SE.
The List of Companies
- ECOmove GmbH
- Elaphe Ltd.
- e-Traction B.V
- MW Motors
- Lordstown Motors
- Protean Electric
- Schaeffler AG
- TM4
- The Nissan Motor Company, Ltd.
- Ziehl-Abegg SE.