In-Wheel Motor Market Poised for Explosive Growth, Projected to Hit USD 17.28 Billion by 2030

𝐈𝐧 𝐖𝐡𝐞𝐞𝐥 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐀𝐧𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐞𝐝 𝐆𝐫𝐨𝐰𝐭𝐡 (𝐂𝐀𝐆𝐑):

The Rise of In-Wheel Motors in Electric Vehicles

The In-Wheel Motor Market, valued at USD 1.60 billion in 2023, is set to experience a remarkable growth trajectory, with expectations to reach nearly USD 17.28 billion by 2030, reflecting a robust CAGR of 40.5% during the forecast period from 2024 to 2030.

𝐈𝐧 𝐖𝐡𝐞𝐞𝐥 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐨𝐫 𝐃𝐞𝐦𝐚𝐧𝐝 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐨𝐫 𝐃𝐞𝐜𝐫𝐞𝐚𝐬𝐞 𝐟𝐨𝐫 𝐰𝐡𝐚𝐭 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐬??

𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐢𝐧𝐠 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬 𝐚𝐧𝐝 𝐃𝐞𝐬𝐢𝐠𝐧

In-wheel motors, a cutting-edge electric vehicle (EV) propulsion system, revolutionize traditional vehicle designs by placing motors directly around each driving wheel. This innovation not only enhances accelerator responsiveness but also synchronizes the car's behavior with the steering, allowing for intuitive maneuvering. The elimination of a centralized engine provides more packaging space for batteries, range extenders, or additional passenger and luggage capacity, giving in-wheel motors a competitive edge over conventional electrical machines.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬 𝐃𝐫𝐢𝐯𝐢𝐧𝐠 𝐆𝐫𝐨𝐰𝐭𝐡

The surge in demand for electric vehicles globally is a significant driver for the in-wheel motor market. As governments push for low-emission vehicles through subsidies and tax breaks, manufacturers are responding with an increasing range of electric vehicles. Despite the COVID-19 pandemic negatively impacting the traditional automobile market, global EV sales surged by 38% in 2020 compared to 2019, fueling demand for electric vehicle components, including in-wheel motors.

Major OEMs are making strategic commitments to EVs, launching new models, increasing manufacturing objectives, and advancing sales targets. These commitments are expected to lead to a seismic shift in the market, enhancing model availability and affordability over the next decade.

𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐚𝐧𝐝 𝐂𝐨𝐧𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬

Despite the promising outlook, the in-wheel motor market faces challenges. One significant restraint is the rise in unsprung strain on the wheels, which can reduce ride comfort. Additionally, the increased unsprung weight due to in-wheel motors can lead to higher stress on the vehicle's wheels and brakes, potentially limiting the adoption of this technology.

Another challenge is the rising failure rates of in-wheel motors. For instance, Hyundai Motor had to cease the use of in-wheel motors in its electric buses due to frequent motor failures, rotor wear, and dissimilarity issues, leading to recalls and a shift back to conventional electric motors.

𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐋𝐢𝐧𝐤 𝐃𝐞𝐭𝐚𝐢𝐥𝐬 𝐂𝐥𝐢𝐜𝐤 𝐇𝐞𝐫𝐞: https://www.maximizemarketresearch.com/request-sample/16631/

𝐈𝐧 𝐖𝐡𝐞𝐞𝐥 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

In-wheel motors are a sort of electric vehicle (EV) propulsion technology. Traditional EVs use an electric motor instead of a gasoline engine. In contrast, the in-wheel motor EV installs motors directly around each of the driving wheels to provide direct power to the wheels. In addition to the high accelerator responsiveness that EVs provide, the in-wheel motor brings the car's behavior closer to the steering by regulating the left and right wheels separately. When accelerating or turning, the car intuitively moves in the direction the driver desires.

𝐈𝐧 𝐖𝐡𝐞𝐞𝐥 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐜𝐨𝐩𝐞 𝐚𝐧𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐌𝐞𝐭𝐡𝐨𝐝𝐨𝐥𝐨𝐠𝐲

The research includes detailed information on the strategies of the industry's top firms, as well as a study of the major market segments and geographies. The Global In Wheel Motor Market Share research investigates the global market, including growth trends, competitive landscape analysis, and regional development status. Policies and development plans are analyzed, as well as production processes and cost structures. This report includes figures for import/export consumption, supply and demand, cost, price, income, and gross margins.

The In Wheel Motor Market study relies heavily on both primary and secondary data sources. The research process entails looking into a variety of industry-related factors, including government policy, market environment, competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and technical progress in related industries, as well as market risks, opportunities, market barriers, and challenges. To produce the final quantitative and qualitative data, all possible factors influencing the markets included in this research study were investigated, thoroughly examined, validated via primary research, and evaluated. The market size for top-level markets and sub-segments is normalized, and the market prediction takes into account inflation, economic downturns, policy changes, and other variables.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 (𝐓𝐨 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐒𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 [𝐒𝐮𝐦𝐦𝐚𝐫𝐲 + 𝐓𝐎𝐂]) : https://www.maximizemarketresearch.com/request-sample/16631/

𝐈𝐧 𝐖𝐡𝐞𝐞𝐥 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧

𝐛𝐲 𝐏𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧

BEV
FCEV
HEV
PHEV

The hybrid electric vehicle (HEV) segment dominated the market in 2023, driven by the efficiency gains from combining traditional fuel sources with electric motors. The axial flux motor, known for its high torque density, efficiency, and compact design, is expected to lead the market, particularly in high-torque, low-speed applications.

𝐛𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞

Passenger Car
Commercial Vehicle

Passenger cars are the primary beneficiaries of in-wheel motor technology, with manufacturers focusing on increasing efficiency, power, and vehicle control. The trend towards optimizing vehicle design and reducing weight further fuels the adoption of in-wheel motors in this segment.

𝐛𝐲 𝐌𝐨𝐭𝐨𝐫 𝐓𝐲𝐩𝐞

Axial Flux Motor
Radial Flux Motor
by Cooling Type Air-cooled
Liquid-cooled

𝐛𝐲 𝐏𝐨𝐰𝐞𝐫 𝐎𝐮𝐭𝐩𝐮𝐭 𝐓𝐲𝐩𝐞

Up to 60 KW
60-90 KW
Above 90 KW

𝐛𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐂𝐥𝐚𝐬𝐬

Mid-priced
Luxury

𝐛𝐲 𝐌𝐨𝐭𝐨𝐫 𝐖𝐞𝐢𝐠𝐡𝐭

Less than 20 Kg
20-30 Kg
Above 30 Kg

𝐈𝐧 𝐖𝐡𝐞𝐞𝐥 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

1. General Motors (US)
2. Tesla (US)
3. The Orbis Ring Drive Wheel (US)
4. ORBIS Wheels, Inc. (US)
5. BYD Motors LLC (US)
6. DANA TM4 INC. (Canada)
7. YASA Limited (UK)
8. PMW Dynamics (UK)
9. Protean Electric (UK)
10.ECOmove GmbH (Germany)
11.Bayerische Motoren Werke AG (Germany)
12.Volkswagen AG (Germany)
13.Schaeffler AG (Germany)
14.Ziehl-Abegg SE (Germany)
15.ELAPHE LTD. (Slovenia)
16.GEM motors d.o.o. (Slovenia)
17.NSK Ltd. (Japan)
18.NTN Corporation (Japan)
19.Toyota Motor Corporation (Japan)
20.TAJIMA MOTOR CORPORATION (Japan)
21.Nissan Motor Corporation (Japan)
22.Honda Motor Co., Ltd. (Japan)
23.HYUNDAI MOTOR GROUP (South Korea)

𝐈𝐧 𝐖𝐡𝐞𝐞𝐥 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬: 𝐖𝐡𝐨'𝐬 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐢𝐧𝐠 𝐭𝐡𝐞 𝐇𝐢𝐠𝐡𝐞𝐬𝐭 𝐆𝐫𝐨𝐰𝐭𝐡??

The Asia-Pacific region held the largest market share in 2023, driven by rapid urbanization, rising demand for eco-friendly transportation, and a surge in EV sales in countries like China and Japan. Government initiatives and investments in automotive sectors across emerging economies such as India and Thailand further bolster the market growth.

Europe is also expected to witness rapid growth, supported by stringent emission regulations and substantial investments by major vehicle OEMs. The presence of key in-wheel motor manufacturers and the increasing adoption of EVs in cities with stringent air quality and noise pollution controls contribute to the regional market expansion.

𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧

The In-Wheel Motor Market is on the brink of significant growth, driven by the global shift towards electric vehicles, continuous technological advancements, and strategic commitments by major OEMs. Despite challenges, the market's potential to transform vehicle dynamics and design positions it as a pivotal player in the future of automotive technology.

𝐂𝐡𝐞𝐜𝐤 𝐎𝐮𝐭 𝐚 𝐁𝐫𝐢𝐞𝐟 𝐒𝐮𝐦𝐦𝐚𝐫𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞: https://www.maximizemarketresearch.com/market-report/global-in-wheel-motor-market/16631/

𝐊𝐞𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐬𝐰𝐞𝐫𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐈𝐧 𝐖𝐡𝐞𝐞𝐥 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞:

What is In Wheel Motor?
What was the In Wheel Motor market size in 2023?
What is the growth rate of the In Wheel Motor Market?
Who are the key players in the In Wheel Motor market?
Who are the leading companies and what are their portfolios in In Wheel Motor Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the In Wheel Motor Market?
Which are the factors expected to drive the In Wheel Motor market growth?
What are the different segments of the In Wheel Motor Market?
What growth strategies are the players considering to increase their presence in In Wheel Motor?
What are the upcoming industry applications and trends for the In Wheel Motor Market?
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Past Market Size and Competitive Landscape
Past Pricing and price curve by region
Market Size, Share, Size & Forecast by Different Segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
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