In-Wheel Motor Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The in-wheel motor market is expected to register a CAGR of 30.9% during 2023–2031. The evolution of advanced technologies and the introduction of high-end vehicles is likely to remain a key trend in the market.

In-Wheel Motor Market Analysis

• The market for automotive in-wheel motors is expanding steadily due to factors such as growing vehicle production, increasing adoption of electric vehicles, and advancements in technology in automobiles.
• The ability of in-wheel motors to improve the performance of vehicles by providing torque to the corresponding tires and the enhanced simplicity and efficiency of vehicles are major factors driving the growth of the in-wheel motors market.
• Additionally, these motors produce a lot of power to increase the efficiency of electric vehicles, which is another factor contributing to the predicted growth of the in-wheel motor market.
• Furthermore, the broad variety of vehicles with in-wheel motors and the global surge in popularity of electric vehicles are anticipated to contribute to the in-wheel motors market's growth during the forecast period.

In-Wheel Motor Market Overview

• The automobile industry is going through a revolutionary phase of electrification and sustainable mobility, which is causing a paradigm shift in the global in-wheel motor market.
• Growing consumer demand for safety and convenience features, increased interest in electric vehicles, and stringent government safety laws imposed on the automotive sector are all expected to drive the growth of the global in-wheel motor market.
• Furthermore, the in-wheel motors assist in minimizing the lag time associated with rotation and deliver instantaneous engine output to the wheels for precise control. As a result, the in-wheel motors reduce energy losses and improve wheel control. Additionally, factors that are projected to present lucrative opportunities and sustain the growth of the global in-wheel motor market include the rising number of electric motors and the rising popularity of electric vehicles.

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In-Wheel Motor Market: Strategic Insights

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In-Wheel Motor Market Drivers and Opportunities

Increasing Automobile Production to Favor the Market

• The growing sales of automobiles in emerging countries are anticipated to have a positive impact on the in-wheel motor market globally.
• Growing demand for electric vehicles and rising consumer preference for high-end vehicles are boosting the demand for in-wheel motors at the global level, which is acting as a major driver for the market.

Growing Adoption of Electric Vehicles

• Urbanization, rising disposable income in developing markets, and technological advancements and performance are driving a significant shift in the automotive industry's growth.
• The rapid adoption of electric vehicles (EVs) is the primary factor driving the global in-wheel motor market.
• Electric vehicles have become increasingly popular as the automotive industry strives to decrease its carbon footprint and shift towards more environmentally friendly mobility solutions.
•  The demand for in-wheel motor technology is rising as a result of governments around the world enacting aggressive goals and incentives to hasten the adoption of EVs.
•  An essential part of electric propulsion systems are in-wheel motors, sometimes referred to as hub motors. In-wheel motors increase vehicle design flexibility and efficiency by removing the requirement for a conventional centralized drivetrain by integrating the motor directly into the wheel hub.

In-Wheel Motor Market Report Segmentation Analysis

Key segments that contributed to the derivation of the in-wheel motor market analysis are type, cooling method, type of electric vehicle, and power output.

• Based on type, the in-wheel motor market is divided into radial flux and axial flux.
• Based on the cooling method, the in-wheel motor market is divided into liquid and air.
• Based on the type of electric vehicle, the in-wheel motor market is divided into battery electric vehicles, plug-in hybrid electric vehicles, hybrid electric vehicles, and fuel cell electric vehicles.
• Based on power output, the in-wheel motor market is divided into Up to 60 KW, 60-90 KW, and Above 90 KW.

In-Wheel Motor Market Share Analysis by Geography

• The in-wheel motor market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering in-wheel motor market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the in-wheel motor market in these regions.

In-Wheel Motor Market Regional Insights

The regional trends and factors influencing the In-Wheel Motor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses In-Wheel Motor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

In-Wheel Motor Market Report Scope

In-Wheel Motor Market Players Density: Understanding Its Impact on Business Dynamics

The In-Wheel Motor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the In-Wheel Motor Market are:

1. ECOmove GmbH
2. Elaphe Ltd.
3. MW Motors
4. Nu Ride Inc.
5. Protean Electric
6. Schaeffler AG

Disclaimer: The companies listed above are not ranked in any particular order.

In-Wheel Motor Market News and Recent Developments

The in-wheel motor market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the in-wheel motor market are listed below:

• One of the first companies to launch a multifunction vehicle comprising Schaeffler wheel hub motor technology onto the market is Jungo. Jungo and Schaeffler have been partnering to tailor the drive technology to the specific everyday requirements of commercial street sweeping. “The electric in-wheel motors and braking technology eliminates the need for oil changes and greatly enhances our vehicles’ performance in terms of efficiency, power-to-weight ratio, safety, handling, and braking reliability,” said Jungo founder and CEO Nicolas Jungo. (Source: Schaeffler, Press Release, March 2023)
• Local Motors, a leader in the design, manufacturing, and deployment of autonomous vehicles, and Protean Electric, the world leader of in-wheel motor technology for passenger cars, light commercial vehicles and future transport solutions, have expanded their long-standing partnership, inking a further three-year deal valued at $7.3 million. Under this significant new order, Protean Electric will deliver thousands of its ProteanDrive in-wheel motors (IWMs) to power Local Motors’ Olli 2.0 electric autonomous shuttles, accelerating the rollout of state-of-the-art vehicles around the world. (Source: Protean Electric, Press Release, June 2021)

In-Wheel Motor Market Report Coverage and Deliverables

The “In-Wheel Motor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• In-wheel motor market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• In-wheel motor market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• In-wheel motor market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the in-wheel motor market
• Detailed company profiles