PUBLISHER: The Business Research Company | PRODUCT CODE: 1531990
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531990
An in-wheel motor, also known as a wheel hub motor, is an electric motor integrated directly into a vehicle's wheel hub. This technology eliminates the need for traditional transmission components such as drive shafts, axles, and differentials, offering several potential benefits in vehicle design and performance.
The primary propulsion types for in-wheel motors include battery electric vehicles (BEV), fuel cell electric vehicles (FCEV), hybrid electric vehicles (HEV), plug-in hybrid electric vehicles, and others. A battery electric vehicle (BEV) relies solely on a battery for power, without an internal combustion engine. These motors can be cooled using air or liquid methods, with varying power outputs ranging from up to 60 kW, 60-90 kW, to above 90 kW. They are employed across different vehicle types such as passenger cars and commercial vehicles, serving various applications within the automotive industry, industrial equipment, and other sectors.
The in-wheel motor research report is one of a series of new reports from The Business Research Company that provides in-wheel motor market statistics, including in-wheel motor industry global market size, regional shares, competitors with an in-wheel motor market share, detailed in-wheel motor market segments, market trends, and opportunities, and any further data you may need to thrive in the in-wheel motor industry. This in-wheel motor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The in-wheel motor market size has grown strongly in recent years. It will grow from $0.95 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 32.1%. The growth observed in the historical period can be attributed to several factors, enhanced design flexibility offered by in-wheel motors, improved efficiency driving market expansion, increased unsprung weight considerations, rising production volumes of vehicles utilizing these motors, and the growing production of electric vehicles overall.
The in-wheel motor market size is expected to see string growth in the next few years. It will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 32.3%. The projected growth in the forecast period can be attributed to several factors, growing interest in autonomous vehicles, rising customer demand, increasing focus on electric and hybrid vehicles, and the expanding market for electric vehicles (EVs). Key trends expected in this period include increased adoption of in-wheel motors in passenger vehicles, technological advancements in motor technology, growing demand for axial motors, and continuous developments in in-wheel motor technology.
The in-wheel motor market is anticipated to grow significantly due to the increasing demand for electric vehicles (EVs). Electric vehicles rely primarily or entirely on electric motors for propulsion, driven by factors such as environmental awareness, cost efficiency, fuel independence, urbanization, and infrastructure development. In-wheel motors offer a distinct approach to EV propulsion, delivering benefits in efficiency, performance, and design flexibility, while also posing challenges related to weight distribution, heat management, and cost-effectiveness. For example, the International Energy Agency reported in March 2023 a substantial growth in the electric car market, with sales surpassing 10 million units in 2022. Approximately 14% of all new car sales in 2022 were electric vehicles, marking a notable increase from around 9% in 2021. This underscores the driving force behind the in-wheel motor market's expansion.
Leading companies in the in-wheel motor sector are concentrating on innovation, exemplified by products such as Uni Wheel, designed to transform EV propulsion systems. Uni Wheel integrates key drivetrain components within the wheel hub, optimizing space utilization and enhancing overall EV efficiency. Dongfeng, a China-based automaker, launched Uni Wheel in March 2023, featuring a compact design achieved through a system of planetary gears. This setup includes a central sun gear connected to an outer ring gear via pinion gears, reducing gear ratios and enabling secure mounting of the motor to the chassis. Consequently, the wheel achieves higher speeds with decreased torque.
In November 2021, BEDEO, a UK-based technology firm, acquired Protean Electric to bolster its position in the transportation electrification sector. This strategic move integrates Protean Electric's pioneering in-wheel motor technology and expertise into BEDEO's portfolio. Protean Electric, based in the UK, specializes in manufacturing in-wheel motors, aligning with BEDEO's commitment to advancing electric vehicle propulsion systems.
Major companies operating in the in-wheel motor market are Tesla Inc., Daimler Truck AG, Magnetic Systems Technology Ltd., NTN Corporation, NSK Corporation, Schaeffler Group, Nissan Motor Corporation, e-Traction, Protean Electric Limited, BEDEO, Brusa Eleckronik AG, Elaphe Propulsion Technologies Ltd., Heinzmann GmbH & Co. KG, Ziehl-Abegg SE, Printed Motor Works, ECOmove GmbH, Lordstown Motors, MW Motors International Ltd., Nu Ride Inc., GEM Motors
Asia Pacific was the largest region in the In-wheel motor market in 2023. The regions covered in the in-wheel motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the in-wheel motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The in-wheel motor market consists of sales of direct-drive in-wheel motors, geared in-wheel motors, dual in-wheel motors, and axial flux in-wheel motors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
In-Wheel Motor Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on in-wheel motor market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for in-wheel motor ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The in-wheel motor market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.