In-wheel Motors Market Size was valued at USD 1.06 billion in 2022 and is expected to reach USD 16.2 billion by 2030 and grow at a CAGR of 40.5% over the forecast period 2023-2030.
An in-wheel motor is an electric motor that is mounted directly on a wheel in order to provide direct propulsion to those wheels. It is a component of the drivetrain system of an electric car. The overall driving experience is enhanced, and additional power is produced as a result. Because power is transferred directly from the motor to the wheel via an in-wheel motor, the amount of distance that power must travel is cut down, which results in an increase in the motor's overall efficiency. In conventional electric vehicles, there was only one motor that was responsible for propelling all of the wheels of the vehicle. However, when the in-wheel motor system was introduced, independent motors were installed on the wheels of vehicles, and these motors were responsible for the individual operations of the vehicle. This motor supplies direct power to the wheel, which results in an improved reaction from the accelerator.
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In 2021, Local Motors and Protean Electric will have extended their long-standing collaboration for an additional three years. As part of the expanded relationship, Protean Electric will give Local Motors its ProteanDrive in-wheel motors for the Olli 2.0 electric shuttles that drive themselves.
KEY DRIVERS:
Safety and convenience features are in high demand.
Demand for electric automobiles is on the rise.
As a result of government safety rules for the automobile industry, the market has grown.
RESTRAINTS:
Production costs are too high.
Reductions in worldwide car production are hampering the global market's expansion.
OPPORTUNITIES:
Electric motors are used in a large variety of contexts and applications.
Increasing the number of people using electric vehicles is projected to lead to new business opportunities.
Alterations to the regulatory landscape on a worldwide scale.
CHALLENGES:
Rising failure rates can challenge in-wheel motor expansion.
Increase in the weight of the wheel's upsprung portion.
The COVID-19 epidemic had a huge influence on the automotive industry, which in turn led to a considerable decrease in the number of automobiles sold as well as a scarcity of raw materials and other issues. The stakeholders in the automotive industry are currently dealing with difficulties such as a total halt in manufacturing activity and facility closures that have been enforced by various governments. COVID-19 affects raw materials used as inputs to manufacture internal combustion engines and the EV market by looking at how it affects raw materials used as inputs to manufacture internal combustion engines. Steel, copper, and aluminum extraction will not be affected by the COVID-19 pandemic, according to current predictions. Due to the surge in quarantine measures and the increase in COVID-19 cases across the world, there was a decrease in demand for autos in all regions of Europe and North America.
The global market has been divided into axial flux motors, and radial flux motors based on the motor type segment. The axial flux motor is more efficient and powerful than the radial flux motor. It is small enough to fit in or near the tire wells of a car. It is mostly employed in low-speed, high-torque applications. In terms of size, weight, and efficiency, axial flux motors are unmatched in the electric vehicle industry.
Market, By Propulsion Type:
The global market has been divided into Battery Electric Vehicles, Hybrid Electric Vehicles, and Plug-in Hybrid Electric Vehicles based on the propulsion type segment. This market will be dominated by battery electric vehicles (BEVs). In part, this might be ascribed to the fact that vehicle options are expanding and that governments are providing better subsidies and other forms of assistance.
Market, By Power Output Type:
The global market has been divided into Up to 60 KW, 60-90 KW, and above 90 KW based on the power output type segment. It is anticipated that the segment spanning 60-90 KW will hold the biggest market share over the time under consideration. In-wheel motors with 60-90 KW output power are expected to reach $856.4 Mn by 2030. In-wheel motors with outputs above 90 KW are expanding more slowly than others.
By Motor Type:
Axial Flux Motor
Radial Flux Motor
By Propulsion Type:
Battery Electric Vehicles
Hybrid Electric Vehicles
Plug-in Hybrid Electric Vehicles
By Power Output Type:
Up to 60 KW
60–90 KW
Above 90 KW
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Due to the quick development in EV sales across countries like Japan and China, it is anticipated that the Asia Pacific region would be the largest market for in-wheel motors and the market that will grow at the fastest rate. As a result of the sizeable electric vehicle (EV) market in China, major firms have already begun taking steps to bolster their position in the country. It is anticipated that Europe would demonstrate quick growth as a result of the strong sales of EVs that have occurred over the past few years, consequently becoming the second-largest market for in-wheel motors. Countries such as Germany, the United Kingdom, and other Nordic countries are the primary drivers of the market's direction. The expansion of the market is helped by the fact that key in-wheel motor manufacturers are headquartered in Europe.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Schaeffler AG (Germany), Printed Motors Works (UK), Nissan Motors Corporation (Japan), Tesla (US), e-Traction B.V. (Netherlands), NTN Corporation (Japan), ZIEHL-ABEGG (Germany), Elaphe Ltd (Slovenia), Protean Electric (US), ECOmove GmbH (Germany), are some of the affluent competitors with significant market share in the In-wheel Motors Market.
Nissan Motors Corporation (Japan)-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 1.06 Billion |
| Market Size by 2030 | US$ 16.2 Billion |
| CAGR | CAGR of 40.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Motor Type (Axial Flux Motor, Radial Flux Motor) • by Propulsion Type (Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles) • by Power Output Type (Up to 60 KW, 60–90 KW, above 90 KW) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Schaeffler AG (Germany), Printed Motors Works (UK), Nissan Motors Corporation (Japan), Tesla (US), e-Traction B.V. (Netherlands), NTN Corporation (Japan), ZIEHL-ABEGG (Germany), Elaphe Ltd (Slovenia), Protean Electric (US), ECOmove GmbH (Germany) |
| Key Drivers | •Safety and convenience features are in high demand. •Demand for electric automobiles is on the rise. |
| RESTRAINTS | •Production costs are too high. •Reductions in worldwide car production are hampering the global market's expansion. |
Ans:- The In-wheel Motors Market Size was valued at USD 1.06 billion in 2022
Ans:- Motor Type, Propulsion Type, and Power Output are the different segments of the market.
Ans:- Increasing the number of people using electric vehicles and alterations to the regulatory landscape is the most promising aspects/opportunities of the In-wheel Motors Market.
Ans;- Yes.
Ans:- Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, government agencies and NGOs, Importers and exporters, Trade/Industrial associations, and End-use industries are the stakeholder of this report.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global In-wheel Motors Market Segmentation, By Motor Type
8.1 Axial Flux Motor
8.2 Radial Flux Motor
9. Global In-wheel Motors Market Segmentation, By Propulsion Type
9.1 Battery Electric Vehicles
9.2 Hybrid Electric Vehicles
9.3 Plug-in Hybrid Electric Vehicles
10. Global In-wheel Motors Market Segmentation, By Power Output Type
10.1 Up to 60 KW
10.2 60–90 KW
10.3 Above 90 KW
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Nissan Motors Corporation (Japan),
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Schaeffler AG (Germany)
12.3 Printed Motors Works (UK)
12.4 Tesla (US)
12.5 e-Traction B.V. (Netherlands)
12.6 NTN Corporation (Japan)
12.7 ZIEHL-ABEGG (Germany)
12.8 Elaphe Ltd (Slovenia)
12.9 Protean Electric (US)
12.10 ECOmove GmbH (Germany)
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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