The global In-wheel motors market is estimated to witness a 6% CAGR during the forecast period.
Functions such as stability and traction control in conventional vehicles are implemented by slowing down the wheel that is spinning faster than it should be. However, due to its limitations and slow response, the need of an in-wheel motor to unlock a skidding tire with the help of driving force occurs. In-wheel motors help in delivering controlled motoring or braking torque in a millisecond thus improving traction and stability control.
In-wheel motors are engaged in providing different torques to different wheels resulting in markedly improved handling and stability during high speeds. In-wheel motors help in increasing the overall efficiency of the vehicle by approx. 20% and reducing the overall propulsion system price which is expected to drive the global in-wheel motors market. Furthermore, in-wheel motors are efficient.
Based on the driver’s command and vehicle’s condition, the need of taking decisions about torque delivered by each motor at each instant is critical. However, road shocks, additional mass of the vehicle, and higher cost are the major factors hampering the growth and penetration of in-wheel motors vehicles. Another challenge witnessed in the in-wheel motors installation is the designing of motor-control software which may hinder the growth. Moreover, under normal conditions, running on a single motor is straightforward rather than on two, but a dangerous asymmetry may develop during a fault in one motor which could cause the vehicle to be pulled in an uncontrollable way.
The prominent players in the global In-wheel Motors industry include Schaeffler AG (Germany), Nissan Motors Corporation (Japan), Tesla (US), e-Traction B.V. (Netherlands), Printed Motors Works (UK), ZIEHL-ABEGG (Germany), Elaphe Ltd (Slovenia), NTN Corporation (Japan), Protean Electric (US), ECOmove GmbH (Germany), among others.
The global In-wheel Motors Market is segmented on the basis of motor type, power output, vehicle type, cooling type, and region. On the basis of motor type, the market has been segmented into inner rotor type and outer rotor type. On the basis of power output, the market has been segmented into Up to 50 KW, 50-90 KW, and Above 90 KW. On the basis of vehicle type, the market has been segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. On the basis of cooling type, the market has been segmented into air cooling and liquid cooling.
Geographically, the global In-wheel electric motors market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. The Europe region is estimated to hold the prominent market share during the forecast period owing to stringent emission norms & regulations, and investments by prominent vehicle OEMs to cater the demand for fuel-efficient and light weight vehicles in the region. Furthermore, Asia Pacific is expected to register substantial growth in the in-wheel motors market with the increasing sales of electric vehicles in the region supported by government schemes and incentives.
The report for global In-wheel Motors Market of market research future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
|Market Size||2030: Significant Value|
|CAGR||20% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Motors Type, Power Output, Vehicle Type, Cooling Type, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Schaeffler AG (Germany), Nissan Motors Corporation (Japan), Tesla (US), e-Traction B.V. (Netherlands), Printed Motors Works (UK), ZIEHL-ABEGG (Germany), Elaphe Ltd (Slovenia), NTN Corporation (Japan), Protean Electric (US), ECOmove GmbH (Germany), among others.|
|Key Market Opportunities||Increasing sales of electric vehicles in the region supported by government schemes and incentives.|
|Key Market Drivers||Growing need for tpqrue decisions, and improved efficiency.|
Frequently Asked Questions (FAQ) :
The global inwheel motors market is expected to record a substantial market valuation due to the growing need for tpqrue decisions, and improved efficiency.
The global inwheel motors market is projected to register a moderate 20% CAGR in the forecast period.
The HVC inwheel motors segment is slated to expand as the fastest-growing segment.
The air cooling segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global inwheel motors market are ECOmove GmbH (Germany), NTN Corporation (Japan), Protean Electric (US), among others.