In Wheel Motor Market

According to Stratistics MRC, the Global In-Wheel Motor Market is accounted for $1,510.3 million in 2023 and is expected to reach $1, 4250.1 million by 2030 growing at a CAGR of 37.8% during the forecast period. In-wheel motors are a particular kind of electric motor that are inserted in the wheels of electric cars in order to improve performance by directly driving the wheels. With the introduction of in-wheel motor systems, separate motors were added to wheels of cars and were responsible for individual operations, as opposed to conventional electric vehicles, which only had one motor responsible for powering all of the wheels of an EV. A vehicle's fitted in-wheel motor directly powers the wheel, providing a responsive accelerator. Additionally, the addition of in-wheel motors to electric vehicles improves alignment while also making driving more enjoyable and intuitive.

According to the International Energy Agency predicted that by 2020, there would be 10 million vehicles on the planet's roads, with sales of electric vehicles accounting for 4.6% of the total.

Market Dynamics:

Driver:

Increasing penetration of electric vehicles

A vibrant transport industry is critical to economic and social growth because it allows communication and trade between firms and individuals. Plug-in electric vehicles are now a more alluring option to traditional cars thanks to regulations intended to reduce traffic noise, pollution, and carbon dioxide emissions in metropolitan areas. Due to reasons including increased demand for low emissions vehicles and government regulations that promote long-range, zero-emission vehicles through subsidies and tax breaks, manufacturers all over the world have been obliged to boost the production of electric vehicles.

Restraint:

Integration and Compatibility Challenges

It can be difficult to integrate in-wheel motors into current car architectures and to guarantee their compatibility with different vehicle systems. To get beyond these integration obstacles, automakers must spend a lot of money on research and development. One of the main issues that can impede the growth of in-wheel motors is an increase in failure rates. The high cost of automotive wheel motors, the difficulty of regulating individual wheel speed, and the rise in failure rates are impeding market expansion.

Opportunity:

High demand for safety and convenience features

The demand for cutting-edge technologies in cars, such as power steering, climate control, anti-lock braking, and others, has been rising, according to the automotive industry. Additionally, there is an increase in demand for cars with greater comfort, safety, and convenience in developed nations. Additionally, the automobile industry has seen a surge in the quantity of electronic parts and software used in cars around the world that offer the newest telematics and infotainment systems.

Threat:

Increase in unsprung weight in wheel

To enhance the ride quality, automakers prefer to reduce the unsprung mass of the vehicle to a minimum. A vehicle's unsprung weight increases when in-wheel motor technology is used, which might worsen ride comfort. The suspension, brakes, bearings, wheels or tracks, and a few additional parts that are directly connected to the wheel all contribute to the unsprung weight or mass of the vehicle. The weight of the components is also included in the unsprung weight. As a result, the inclusion of in-wheel motor technology in cars may be constrained by the rise in unsprung weight.

Covid-19 Impact

COVID-19 epidemic had a huge influence on the automotive sector, which in turn led to a sharp decrease in vehicle sales as well as a lack of raw materials and other things. Players in the automotive industry are dealing with problems like the entire cessation of manufacturing and government-mandated plant closures. All regions of Europe and North America saw a decrease in demand for cars as a result of the expansion of quarantine regulations and the rise in cases around the world. During the epidemic, the supply chain was impeded along with logistics operations. However, because of the lifting of the restrictions, it is anticipated that the market for automobile in-wheel motors will pick up speed in the post-pandemic environment.

The passenger cars segment is expected to be the largest during the forecast period

The passenger cars segment is estimated to have a lucrative growth, due to increases in efficiency, torque, power, and vehicle control may contribute to the widespread adoption of in-wheel motors in modern passenger vehicles. The majority of electric car manufacturers prioritise improving their vehicles' longer ranges, lighter weights, and more effective designs. By mounting motors on the wheels, electric vehicle creators may ensure effective use of space and greater power output. It follows that during the predicted time frame, the market for cars with passenger seats will continue to be the largest.

The axial flux motor segment is expected to have the highest CAGR during the forecast period

The axial flux motor segment is anticipated to witness the fastest CAGR growth during the forecast period. In terms of power density and efficiency, the axial flux motor performs better than the radial flux motor. It can fit within or next to each wheel. It is mostly employed in low-speed, high-torque circumstances. Axial flux motors that are small, light, and powerful are gaining popularity. Because of this, it is anticipated that this industry will continue to dominate the market throughout the forecast period.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to an increase in the urban population and a subsequent rise in per capita income, both encouraging people to buy electric vehiclesSince in-wheel motors are utilised in electric vehicles, the market is expanding as a result of the countries' rapid increase in sales of these vehicles, rapid urbanisation, and rising desire for greener transportation options in emerging economies.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the highest EV sales. The region's growth is also fueled by strict emission standards, as well as by leading automakers' significant investments to meet the region's need for lightweight and fuel-efficient vehicles. Due to the huge volume of traffic in cities, there are also an increasing number of additional criteria for preserving air quality and noise pollution. Major in-wheel motor producers are present in Europe, which helps the market grow.

Key players in the market

Some of the key players profiled in the In-Wheel Motor Market include Elaphe Ltd., NSK, Schaeffler AG, NTN Corporation, Lordstown Motors, Ecomove GmbH, Nissan Motor Company LTD, Volkswagen, MW Motors, BMW, Ford, Volvo, General Motors, Mitsubishi Motors, Toyota, Honda, E-Traction, Printed Motor Works, Tesla and Protean Electric.

Key Developments:

In June 2022, Elaphe and Lightyear develop an efficient production powertrain that has an in-wheel motor efficiency of 97%. That provides a great experience and better reliability for the vehicles.

In May 2022, Lordstown Motors Corp, announced that it has sold its Lordstown facility and signed a contract manufacturing agreement and joint venture agreement with Hon Hai Technology Group affiliates ("Foxconn") to manufacture MIH EV for the North American region.

Propulsion types Covered:
• Plug-in Hybrid Electric Vehicles
• Hybrid Electric Vehicles
• Battery Electric Vehicles
• Other Propulsion Types

Vehicle Types Covered:
• Commercial Vehicles
• Passenger Cars
• Other Vehicle Types

Cooling Types Covered:
• Liquid Cooling
• Air Cooling
• Other Cooling Types

Motor Types Covered:
• Radial Flux Motor
• Axial Flux Motor
• Other Motor Types

Weights Covered:
• More than 31 kg
• 20 kg to 30 kg
• Less than 20 kg

Power Output Types Covered:
• Up to 60 KW
• 60–90 KW
• Above 90 KW

Vehicle Classes Covered:
• Mid-priced
• Luxury
• Other Vehicle Classes

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances