Global In-wheel Motor Market Insights Forecasts to 2033

• The Global In-wheel Motor Market Size was Valued at USD 1.42 Billion in 2023
• The Market Size is Growing at a CAGR of 34.89% from 2023 to 2033
• The Worldwide In-wheel Motor Market Size is Expected to Reach USD 28.33 Billion by 2033
• Europe is Expected to Grow the fastest during the forecast period.

 

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The In-wheel Motor Market Size is Anticipated to Exceed USD 28.33 Billion by 2033, Growing at a CAGR of 34.89% from 2023 to 2033.

 

Market Overview

Electric motors fitted within the wheels of electric cars are known as in-wheel motors, and their purpose is to provide enhanced performance by providing direct power to the wheels. When in-wheel motor systems were introduced, autonomous motors were mounted on the wheels of cars. They were in charge of each operation, replacing the single motor that propelled the wheels of conventional electric vehicles. An in-wheel motor mounted around a vehicle's wheel drives the wheel directly, providing a responsive accelerator. Additionally, the addition of in-wheel motors to electric cars improves driving alignment and makes it more enjoyable and natural. Manufacturers of in-wheel motors could discover profitable chances of developing technology that boosts a vehicle's efficiency as a result of rising R&D costs. It is anticipated that the increased interest in self-driving cars will accelerate the development of cutting-edge technology like in-wheel motors to deliver the greatest possible driving experience. The demand for fuel-efficient vehicles is growing, which is one of the primary drivers of the global in-wheel motor industry.

 

Report Coverage

This research report categorizes the market for the In-wheel motor market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the In-wheel motor market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the In-wheel motor market.

 

Driving Factors

The demand for electric vehicle parts and components is growing quickly with the rise in sales of electric vehicles. Manufacturers are being forced to offer electric vehicles globally due to factors including the increasing demand for low-emission vehicles and government rules that favor long-range, zero-emission vehicles through tax breaks and subsidies. Government regulations supporting long-range, zero-emission vehicles through subsidies and tax refunds, along with the growing demand for low-emission vehicles, have prompted manufacturers all over the world to ramp up manufacturing of electric vehicles. These are a few of the key elements driving the market's expansion.

 

Restraining Factors

Automobile manufacturers lower unsprung mass to enhance ride quality. Ride comfort is decreased by in-wheel motors since they increase unsprung weight. The usage of in-wheel motors in vehicles may be restricted by rising unsprung weight and high cost, which may restrain the growth of the in-wheel motor market during the forecast period.

 

Market Segmentation

The In-wheel motor market share is classified into type, motor, and application.

 

• The hybrid electric vehicles (HEV) segment is expected to hold the largest share of the In-wheel motor market during the forecast period.   

Based on the type, the In-wheel motor market is categorized into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plugin-hybrid electric vehicles. Among these, the hybrid electric vehicles (HEV) segment is expected to hold the largest share of the In-wheel motor market during the forecast period. Using hybrid electric vehicles provides several benefits, including higher fuel economy and environmental friendliness compared to gasoline-powered automobiles. When compared to their gasoline-powered counterparts, hybrid electric vehicles produce greater torque, or pulling power. Throughout the projection period, these factors are anticipated to support the expansion of the hybrid electric car subsegment.

 

• The axial segment is expected to grow at the fastest CAGR during the forecast period.   

Based on the motor, the In-wheel motor market is categorized into axial and radial. Among these, the axial segment is expected to grow at the fastest CAGR during the forecast period. In comparison to the radial flux motor, the axial flux motor has a higher power density and efficiency. It is small and fits inside or close to any wheel on the car. Its primary applications are low-speed, high-torque ones. Axial flux motors are lightweight, small, and incredibly effective. They can be used as direct drives in electric cars and are utilized to boost output torque and efficiency. Comparing the production and assembly procedures to a radial flux motor, they are simple.

 

• The passenger vehicles segment is expected to hold a significant share of the In-wheel motor market during the forecast period.

Based on the application, the In-wheel motor market is categorized into passenger vehicles, commercial vehicles, and industrial equipment. Among these, the passenger vehicles segment is expected to hold a significant share of the In-wheel motor market during the forecast period. Higher power, higher torque, increased efficiency, and improved handling in both new and used automobiles are some of the reasons behind the growing popularity of in-wheel motors in passenger cars. A majority of EV manufacturers are concentrating on reducing weight, increasing overall driving range, and enhancing vehicle design. By utilizing in-wheel motors, EV manufacturers may guarantee optimal space usage in addition to enhanced power efficiency. Tier 1 firms are eager to enhance the performance of electric cars concerning weight, driving range, space, and overall handling, in addition to EV manufacturers.

 

Regional Segment Analysis of the Global In-wheel Motor Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacific is projected to hold the largest share of the In-wheel motor market over the forecast period.

 

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Asia Pacific is projected to hold the largest share of the In-wheel motor market over the forecast period. The primary driver of this dominance in the area is the rising demand for electric vehicles in countries like China, India, and Japan. Major EV manufacturers, such as Protean Electric and Elaphe, are trying to establish a market in China, which has the largest EV market. The region's automotive OEMs are collaborating more frequently and there is a growing need for charging infrastructure, which is driving the market's expansion. 

 

Europe is expected to grow at the fastest CAGR growth of the In-wheel motor market during the forecast period. EV usage has grown significantly in Europe. Sales of electric vehicles have also increased as a result of the European Union's new emissions regulation. Demand from consumers has also been boosted by green recovery funds, more appealing EV model options from leading automakers like Daimler AG, BMW, and Volkswagen, more availability, and aggressive local marketing of EVs.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the In-wheel motor market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Protean Electric
• Elaphe Ltd. 
• Printed Motor Works 
• ZIEHL-ABEGG 
• NTN Corporation
• Schaeffler
• TMC Mechatronics Co., Ltd.
• Yasa Limited
• Heinzmann GmbH & Co. KG
• E-Traction BV
• QS Motor
• Hi-Pa Drive
• Brusa Electronica AG
• Magnetic Systems Technology Ltd.
• Others

 

Key Market Developments

• In January 2024, A new partnership between BMW and Continental aims to develop an In-wheel Motor that incorporates an integrated brake. The key partner is Munich-based electric drive startup DeepDrive, which made history by developing the first twin rotor motor with radial flux and power electronics suitable for use in production cars.

 

• In March 2023, Hyundai Mobis announced that they had completed the development of the in-wheel system, allowing the motor to directly operate each wheel. Hyundai Mobis has internally developed the drive motor and controller, two essential components of the in-wheel system.

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global In-wheel motor market based on the below-mentioned segments: 

 

Global In-wheel Motor Market, By Type

• Battery Electric Vehicles (BEV)
• Hybrid Electric Vehicles (HEV)
• Plugin-Hybrid Electric Vehicles

 

Global In-wheel Motor Market, By Motor

• Axial
• Radial

 

Global In-wheel Motor Market, By Application

• Passenger Vehicles
• Commercial Vehicles
• Industrial Equipment

 

Global In-wheel Motor Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa