In-Wheel Motor Market to Grow with a CAGR of 6.67% Globally through to 2028
Rapid Growth in Electric
Vehicle Adoption, Advancements in In-Wheel Motor Technology, and Technological
Advancements and Connectivity Solutions are factors driving the Global In-Wheel
Motor market in the forecast period 2024-2028.
According
to TechSci Research report, “Global In-Wheel Motor Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global In-Wheel Motor Market stood at USD 2.93 billion in 2022 and is
anticipated to grow with a CAGR of 6.67% in the forecast period, 2024-2028. Electric motors known as "in-wheel
motors" are mounted within the wheels of electric cars and are designed to
provide increased performance by providing direct power to the wheels. When
in-wheel motor systems were introduced, independent motors were mounted on the
wheels of vehicles and oversaw each individual operation, as opposed to
conventional electric vehicles, which had a single motor powering every wheel.
A car's in-wheel motor, which is positioned around the wheel, powers the wheel
directly and provides a responsive accelerator. Additionally, the addition of
in-wheel motors to electric cars improves driving alignment and makes it more
enjoyable and natural. The global in-wheel motor market is expected to grow in
part due to factors like the growing demand for safety and convenience
features, the rise in demand for electric vehicles, and the strict safety
regulations imposed by governments on the automotive industry.
Browse over
market data Figures spread through 180 Pages and an in-depth TOC on
"Global In-Wheel Motor Market”
The Global
In-Wheel Motor market is experiencing a paradigm shift as the automotive
industry undergoes a transformative phase of electrification and sustainable
mobility. In-wheel motors, also known as hub motors, have emerged as a
revolutionary technology, reshaping the way vehicles are powered and propelled.
At the heart of the in-wheel motor concept lies a fundamental departure from
traditional drivetrain architectures. In-wheel motors integrate the electric
motor, power electronics, and control systems directly into the wheel hub,
eliminating the need for a centralized drivetrain. This innovative design not
only simplifies the vehicle's mechanical structure but also offers advantages
in terms of efficiency, vehicle dynamics, and design flexibility. As the
automotive industry pivots towards electric and hybrid vehicles, in-wheel
motors have gained prominence as a key enabler of this electrification journey.
Technological
advancements form a cornerstone of the Global In-Wheel Motor market, driving
innovation and shaping the competitive landscape. The integration of power
electronics directly into the in-wheel motor unit represents a significant
leap, optimizing the efficiency of the electric drivetrain. Advanced materials
and manufacturing processes contribute to the continuous improvement of
in-wheel motor technology, addressing challenges related to power density,
thermal management, and overall performance. This technological evolution is
not only instrumental in enhancing the capabilities of in-wheel motors but also
in making them more adaptable to a diverse range of vehicles. The rise of
electric and hybrid vehicles stands as a pivotal trend propelling the Global
In-Wheel Motor market. Electric vehicles (EVs) and hybrid electric vehicles
(HEVs) leverage in-wheel motors to simplify the drivetrain and enhance overall
efficiency. The advantages of in-wheel motors, such as improved vehicle
dynamics and torque vectoring, make them an attractive choice for electric
propulsion systems. As the automotive industry embraces a cleaner and more
sustainable future, in-wheel motors play a crucial role in meeting the demands
of consumers seeking environmentally friendly and technologically advanced
mobility solutions.
However,
alongside the promising trends, the Global In-Wheel Motor market faces a
spectrum of challenges. Technological complexities and integration challenges
pose hurdles in designing compact, lightweight, and efficient in-wheel motor
units that seamlessly integrate with diverse vehicle architectures. The weight
and unsprung mass challenges associated with in-wheel motors impact vehicle
dynamics and ride comfort, necessitating careful engineering solutions. Cost
considerations loom large in the competitive landscape, as manufacturers strive
to deliver cost-effective in-wheel motor solutions amidst intense competition
and a push for affordable electric vehicles.
Navigating a
complex regulatory landscape is another challenge for the Global In-Wheel Motor
market. Compliance with safety and environmental regulations, varying across
different regions, demands meticulous attention to testing and certification
processes. The absence of standardized norms specific to in-wheel motors adds
complexity, requiring manufacturers to actively engage with regulatory bodies
to shape industry standards. Additionally, limited market penetration and
consumer awareness present challenges as in-wheel motors seek broader
acceptance and recognition in the automotive market.
Despite these
challenges, the Global In-Wheel Motor market holds immense potential for growth
and innovation. The technology's ability to enhance vehicle dynamics, simplify
drivetrain architecture, and contribute to the electrification of vehicles
positions it as a key player in the evolving automotive landscape.
Collaborations between in-wheel motor manufacturers, vehicle OEMs, and
technology providers are essential for overcoming challenges, fostering
innovation, and driving the widespread adoption of in-wheel motor technology.
Looking ahead,
the future of the Global In-Wheel Motor market is characterized by a dynamic
interplay of technological advancements, market trends, and regulatory
developments. Continued research and development efforts will focus on further
optimizing in-wheel motor designs, addressing challenges related to weight,
efficiency, and cost-effectiveness. Standardization initiatives will play a
crucial role in establishing clear guidelines for testing and compliance,
fostering a more consistent regulatory framework for in-wheel motors.
As the
automotive industry continues to evolve, the Global In-Wheel Motor market
stands at the forefront of innovation, offering a glimpse into the future of
electric propulsion systems. The transformative potential of in-wheel motors
extends beyond the conventional boundaries of vehicle design, opening avenues
for sustainable and efficient mobility solutions. In the pursuit of a cleaner
and smarter automotive future, in-wheel motors are poised to play a central
role in shaping the vehicles of tomorrow.
Major companies
operating in Global In-Wheel Motor Market are:
- Protean Electric
- NTN
- NSK
- Printed Motor Works
- Elaphe Ltd.
- Ziehl-Abegg
- e-Traction
- DANA TW
- YASA
- Schaeffler
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“The
Global In-Wheel Motor market is a pioneering force in the automotive industry,
revolutionizing vehicle propulsion. Integrating electric motors directly into
wheel hubs, in-wheel motors enhance efficiency, vehicle dynamics, and design
flexibility. As a key enabler of electrification, they contribute to the rise
of electric and hybrid vehicles. Despite technological advancements, challenges
like integration complexities and weight considerations persist. However, the
market's potential remains vast, with continuous research driving innovation.
As the industry navigates toward sustainability, the Global In-Wheel Motor
market stands as a beacon of transformative technology, reshaping the future of
automotive propulsion with its compact and efficient design.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“In-Wheel Motor Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, Segmented By Vehicle Type
(Passenger Cars, Commercial Vehicles), By Propulsion Type (Battery Electric
Vehicle (BEV), Plug-in Hybrid Vehicle (PHEV), Fuel Cell Electric Vehicle
(FCEV)), By Motor Type (Radial, Axial), By Region, Competition, 2018-2028”,
has evaluated the future growth potential of Global In-Wheel Motor Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global In-Wheel Motor Market.
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