In-wheel Motors Market 2022, Revenues, Business Overview, Growth Rate, SWOT Analysis by 2030
In-Wheel Motors Market Analysis
The Global In-Wheel
Motors Market size will develop at a 20% CAGR between the forecast
period., according to the new Market Research Future (MRFR) analysis. In-wheel
motors are a form of electric vehicle-driven system. The motors are mounted on
the wheel directly to energize the wheel directly via supplying the torque to
the associated tires.
Various factors are propelling the global in-wheel motors
market share. According to the recent MRFR market estimates, such factors
include innovations in vehicle development, latest vehicle dynamics, autonomous
driving, advances in-wheel motor technology, rising production of electric
cars, increasing penetration in EVs, increasing environmental awareness such as
noise and air pollution, degradation of naturally occurring resources, and
global warming, stringent emission regulations, the growing popularity of
energy-efficient products, and implementation to reduce vehicle weight by
deducting the space that the machines occupy.
On the contrary, an increase in unsprung weight in the
wheel, high price, complex speed wheel, and the ongoing COVID-19 pandemic are
factors that may deter the global in-wheel motors market growth in the
region.
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Key Players
Leading contenders profiled in the global in-wheel motors
market report include ECOmove GmbH (Germany), Protean Electric (US), NTN
Corporation (Japan), Elaphe Ltd (Slovenia), ZIEHL-ABEGG (Germany), Printed
Motors Works (UK), e-Traction B.V. (Netherlands), Tesla (US), Nissan Motors
Corporation (Japan), and Schaeffler AG (Germany). Industry players have
incorporated several strategies to remain at the forefront and also cater to
customers surging needs, such as mergers and acquisitions, partnerships and
joint ventures, new product launches, and others.
Market Research Analysis
In terms of region, the global market for the In-wheel
Motors is segmented into North America, Europe, Asia-Pacific, and the Rest of
the World. The Asia Pacific region is estimated to witness the highest CAGR
during the forecast period owing to significant production of electric vehicles
in countries such as India, China, and Japan. Moreover, rising demand for
efficient and cost-effective alternatives for conventional vehicles to augment
the growth of the global in-wheel motors market during the forecast period.
Electric vehicle manufacturers in Europe and North America
have adopted advanced technologies to make vehicles light weight and efficient.
Furthermore, OEMs in the region are investing in the R&D department to make
in-wheel motors free from shocks and dirts. The in-wheel motors market is
estimated to register substantial growth owing to its capability to enhance
efficiency of the vehicle by 20% and thus eliminating mechanical componets,
thus reducing wear and tear.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis
of the global in-wheel motors market based on cooling type, vehicle type, power
output, and motor type.
By motor type, the global in-wheel motors market is
segmented into outer rotor type and inner rotor type.
By power output, the global in-wheel motors market is
segmented into above 90 KW, 50-90 KW, and up to 50 KW.
By vehicle type, the global in-wheel motors market is segmented
into heavy commercial vehicles, light commercial vehicles, and passenger cars.
Of these, the passenger cars segment will lead the market over the forecast
period.
By cooling type, the global in-wheel motors market is
segmented into liquid cooling and air cooling.
Regional Analysis
By region, the in-wheel electric motors market covers the
growth opportunity and recent trends across Europe, North America, the Asia
Pacific (APAC), & the Middle East and Africa (MEA). Of these, Europe will
have the lion's share in the market over the forecast period. Investments by
top vehicle OEMs, and stringent emission norms and regulations are adding to
the global in-wheel electric motors market growth in the region.
In the APAC region, the in-wheel electric motors market is
predicted to have healthy growth over the forecast period. Favorable government
incentives and schemes, rising sales of electric cars, significant production
of electric cars in Japan, China, and India, and the growing need for
cost-effective and efficient alternatives for conventional cars are adding to
the global in-wheel electric motors market growth in the region.
In North America, the in-wheel electric motors market is
predicted to have sound growth over the forecast period. Adoption of advanced
technologies to make efficient and lightweight cars, rising investments by OEMs
in the research and development department to make in-wheel motors free from
dirt and shocks, and capability to improve car efficiency to eliminate
mechanical components and reduce wear and tear are adding to the global
in-wheel electric motors market growth in the region.
In the Rest of the World, the in-wheel electric motors
market is predicted to have admirable growth over the forecast period.
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