- Growing electric vehicle production is expected to drive market growth.
- The Asia Pacific region is estimated to witness the highest CAGR during the forecast period.
- The Europe region is estimated to hold the prominent market share during the forecast period.
In-wheel Motors Market Size To Expand at a Notable CAGR Of 20% during 2018 – 2023. In-wheel motors are engaged in providing different torques to different wheels resulting in markedly improved handling and stability during high speeds. In-wheel motors help in increasing the overall efficiency of the vehicle by approx. 20% and reducing the overall propulsion system price which is expected to drive the global in-wheel motors market. Furthermore, in-wheel motors are efficient.
Key Players In-wheel Motors Market
The prominent players in the global In-wheel Motors Market include Schaeffler AG (Germany), Nissan Motors Corporation (Japan), Tesla (US), e-Traction B.V. (Netherlands), Printed Motors Works (UK), ZIEHL-ABEGG (Germany), Elaphe Ltd (Slovenia), NTN Corporation (Japan), Protean Electric (US), ECOmove GmbH (Germany), among others.
In-wheel Motors Market Overview:
In-wheel motors, an Electric Vehicle (EV) system part, runs on electrical energy and are installed in the wheels of a vehicle. As compared to conventional vehicles, components such as driving shaft and differential, along with other central drive unit systems are eliminated. In-wheel motors helps electric vehicles in offering better turning capabilities and provides more space for cargo, fuel cells, and batteries in the vehicle. The reduced energy loss resulted from vehicle’s component eliminations help in-wheel motors to consume less electricity and offer larger driving range per charge.
Moreover, the driving force is directly transmitted to the driving wheels due to ability of in-wheel motors to work independently with no driving shaft, thus enhancing the control of the vehicle. Superior power and control is witnessed by vehicles equipped with in-wheel motors. Factors such as growing electric vehicle production, increasing penetration of in-wheels in EVs, stringent emission regulations, increasing environment awareness, and growing popularity of energy-efficient products to drive the global in-wheel motors market.
Market Research Analysis:
In terms of region, the global market for the In-wheel Motors is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is estimated to witness the highest CAGR during the forecast period owing to significant production of electric vehicles in countries such as India, China, and Japan. Moreover, rising demand for efficient and cost-effective alternatives for conventional vehicles to augment the growth of the global in-wheel motors market during the forecast period.
Electric vehicle manufacturers in Europe and North America have adopted advanced technologies to make vehicles light weight and efficient. Furthermore, OEMs in the region are investing in the R&D department to make in-wheel motors free from shocks and dirts. The in-wheel motors market is estimated to register substantial growth owing to its capability to enhance efficiency of the vehicle by 20% and thus eliminating mechanical componets, thus reducing wear and tear.
Geographically, the global In-wheel motors market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. The Europe region is estimated to hold the prominent market share during the forecast period owing to stringent emission norms & regulations, and investments by prominent vehicle OEMs to cater the demand for fuel-efficient and light weight vehicles in the region. Furthermore, Asia Pacific is expected to register substantial growth in the in-wheel motors market with the increasing sales of electric vehicles in the region supported by government schemes and incentives.