In-wheel Motors Market Size, Growth, Analysis, Share, Opportunities by Motors Type (Inner, Outer), Power Output (Up to 50 KW, 50-90 KW, Above 90 KW), Vehicle Type (Passenger Cars, LCV, HCV), Cooling Type (Air Cooling, Liquid Cooling) and Region – Global Forecast till 2023
In-wheel Motors Market Highlights
In-wheel motors, an Electric Vehicle (EV) system part, runs on electrical energy and are installed in the wheels of a vehicle. As compared to conventional vehicles, components such as driving shaft and differential, along with other central drive unit systems are eliminated. In-wheel motors helps electric vehicles in offering better turning capabilities and provides more space for cargo, fuel cells, and batteries in the vehicle. The reduced energy loss resulted from vehicle’s component eliminations help in-wheel motors to consume less electricity and offer larger driving range per charge.
Moreover, the driving force is directly transmitted to the driving wheels due to ability of in-wheel motors to work independently with no driving shaft, thus enhancing the control of the vehicle. Superior power and control is witnessed by vehicles equipped with in-wheel motors. Factors such as growing electric vehicle production, increasing penetration of in-wheels in EVs, stringent emission regulations, increasing environment awareness, and growing popularity of energy-efficient products to drive the global in-wheel motors market.
In-wheel Motors Market Size To Expand at a Notable CAGR Of 20% During 2018 – 2023.
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The prominent players in the global In-wheel Motors Market 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.
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.
Scope of the Report
This study provides an overview of the global In-wheel Motors Market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global In-wheel Motors Market by solutions, system, vehicle type, propulsion, and region.
By Motor Type
By Power Output
Up to 50 KW
50 – 90 KW
Above 90 KW
By Vehicle Type
Light Commercial Vehicles (LCV)
Heavy Commercial Vehicles (HCV)
By Cooling Type
Rest of the World
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