In-Wheel Motor Market

Global In-Wheel Motor Market Size (2023 to 2028)

The global in-wheel motor market is worth USD 2202.71 million in 2023 and is anticipated to reach a valuation of USD 11974.18 million by 2028. It is predicted to register a CAGR of 40.30% during the forecast period 2023 to 2028.

The In-wheel motor for battery electric vehicles is expected to be the foremost prominent propulsion segment within the global In-wheel motor market, increasing at a big CAGR of about 30% over the envisioned period. The increasing interest in electric mobility among consumers including a growing awareness of gasoline and diesel emissions has led the in-wheel motor market toward significant growth. In this market, motor systems are employed to enhance the performance of varied electric vehicles. These systems replace driveshaft, transmission, differentials, and axles. The in-wheel motors also assist in supplying torque to their associated tires alongside generating more power to enhance a vehicle’s efficiency.

Global In-Wheel Motor Market Drivers:

The major aspect that's driving the interest in the in-wheel motor market is reducing motor weight, which controls four wheels centrally, and increasing provisions for space within electric vehicles. The utilization of in-wheel motor applications is growing at a comparatively high pace as compared with other motors within the electric mobility industry. It's projected that the market size for the BEV (Battery Electric vehicle) propulsion segment of In-wheel motors will create an incremental opportunity of 2477.5 million by 2027 in the global In-wheel motor business. 

An automotive In-Wheel motor is an important part of the transmission assembly and is employed to drive the wheel of an electric vehicle, thereby facilitating better control. In-wheel motors are utilized in all-electric vehicles, including passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). Hence, increasing production of electric vehicles is the key factor expected to drive the global automotive In-Wheel motors market during the evaluated period. Moreover, after 10 to 15 years, electric vehicles will dominate the worldwide automotive sector, thereby creating lucrative opportunities for the automotive In-Wheel motors market.

Global In-Wheel Motor Market Restraints:

However, the higher cost of the trigger product such as electric vehicles is expected to be a major hindrance to the expansion of the worldwide In-Wheel motors market within the coming years. However, electric vehicles are still in the introductory phase.

REPORT COVERAGE:

This research report on the global In-wheel motor market is segmented and sub-segmented into the following categories.

Global In-Wheel Motor Market - By Propulsion:

• BEV (battery electric vehicle)
• HEV
• PHEV
• FCEV

By technology, the BEV segment is projected to be an important part and can grow at 39.3% CAGR. This segment is expected to make an increasing opportunity worth US$ 8,012.0 M between 2019 and 2027. Rising electric vehicle charging infrastructure in key countries, like the U.S., the U.K., China, and Japan, is additionally estimated to spice up the sales of automotive In-Wheel motors for plug-in hybrid electric vehicles (PHEVs). This segment was estimated to be t US 38.1$ M in 2019 and reach US$ 558.6 M by the end of the forecast period.

Global In-Wheel Motor Market - By Electric Vehicle:

• PV
• CV

By this segment, passenger vehicles (PV) are predicted to account for 90% value share within the global automotive In-Wheel motors market. The expansion of the automotive In-Wheel motors marketplace for first-fit vehicles is directly hooked to motor vehicle production. In terms of growth, the passenger car electric vehicles segment is foreseen to register a remarkable rate of growth during the latter half of the forecast period. The commercial vehicle segment is predicted to grow at a moderate rate within the global automotive In-Wheel motors market. The worth of this segment is projected to grow and become 14.4x by the end of 2027 and therefore the segment is estimated to make an opportunity worth US$ 1,197.2 Mn between 2019 and 2027. 

Global In-Wheel Motor Market - By Motor:

• Axial Flux
• Radial Flux

In the motor segment, with the growing penetration of electric vehicles across the planet, demand for autonomous technology is increasing. The radial in-wheel motors are expected to rise at a big CAGR of 31.1% over the forecast period. The axial in-wheel motor is growing at a comparatively slower pace as compared to radial motors. The axial motor has a huge market share within the global market creating an incremental opportunity of US$ 2245.8 M by 2027 end.  

Global In-Wheel Motor Market - By Cooling:

• Air
• Liquid

By cooling, the liquid automotive In-Wheel motors segment is predicted to dominate the worldwide and regional markets. This is often primarily due to their exceptional ability to chill motors at high temperatures and high loads. The liquid-cooled segment is projected to realize 1586 BPS points between 2019 and 2029 while expanding at a healthy CAGR of 41.2% over the calculated period.

Global In-Wheel Motor Market – By Region:

• North America
• Europe 
• Asia Pacific
• Latin America
• Middle East and Africa

North American marketplace for in-wheel motors is likely to carry major shares in this market over the estimated period. This will be attributed to the growing trend of autonomous vehicles and the rising penetration of electrical automobiles in these regions. Asia Pacific is predicted to grow at the very best CAGR during the forecast period. Rising economics and geographic position also influence the favoring of aluminum. The surge in disposal income, rapid modifications in regulations to introduce more advancement in the transportation sector, and the expanding population of this area will create tremendous opportunities in the APAC In-Wheel Motor business. China topped the list in the APAC and the world in terms of automobile production.

KEY MARKET PLAYERS:

NTN, Printed Motor Works, ZIEHL-ABEGG, BMW, BYD, Tesla, Volkswagen, Nissan Motor Corporation, Elaphe, Protean Electric. Are some of the major key players involved in the global in-wheel market.

RECENT HAPPENINGS IN THE MARKET:

•  NTN (Hereafter, NTN) Corporation has generated both Mie Prefecture and Kuwana City with a changed electric vehicle (converted EV) grabbed with the newly built “In-wheel Motor System” as a component of assistance for the “Ise-Shima Summit.”
•  A subsidiary of National Electric Vehicle Sweden (NEVS), where the China group Ever Grande Health has provided a British pioneer of in-wheel motors (IWMs) for electric vehicles, Protean Electric.
•  BMW X6 is one of the special automobiles that is purely electric. This hugely impressive tank turn is accomplished by an electric car on ice in Sweden. The term 'turns on a dime' takes on an entirely new meaning with tank turns.