In Wheel Motor Market size was valued at USD 1138 Mn. in 2022 and the total In-Wheel Motor revenue is expected to grow by 40.5% from 2023 to 2029, reaching nearly USD 12299.73 Mn.
In Wheel Motor Market Overview
As per Maximize Market Research, a global business research and consultancy firm, the total global market for In Wheel Motor Market was USD in 2022 and is expected to grow at a CAGR of percent over the forecast period to reach USD by 2029.
In Wheel Motor Market Dynamics
Since it brings people together and enables the exchange of goods and ideas, a healthy and efficient transportation sector is crucial for both economic and social development. Alternative road transportation propulsion technologies are experiencing a spike in attention due to worries about the limited supply of fossil-based fuels. In addition, legal mandates to reduce CO2 emissions, city noise, and urban pollution have elevated plug-in electric vehicles to a competitive alternative to internal combustion engines.
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In Wheel Motor Market Scope and Methodology
The report comprehensively assesses the In Wheel Motor market’s size estimation, encompassing existing and upcoming trends. It delivers an extensive examination of pivotal advancements, marketing tactics, supply and demand indicators, and profiles of market proprietors, leaders, potential contenders, and new entrants. Employing a bottom-up approach, the report estimates the In Wheel Motor Market. Primary data sources involve interviews with notable industry experts, business owners, and marketing specialists, while secondary sources encompass financial reviews and annual reports of top manufacturers. For comprehensive insights into market penetration, competitive landscape, demand analysis, and regional evaluation, the study spans local, regional, and global levels.
In Wheel Motor Market Regional Insights
The In Wheel Motor market exhibits extensive categorization across North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The Regional Analysis furnishes the current status of the In Wheel Motor market within the countries covered. This report offers a comprehensive assessment of factors, market dimensions, growth rates, and regional import-export dynamics.
In Wheel Motor Market Segmentation
In terms of propulsion, the hybrid electric vehicle (HEV) segment had the biggest market share of approximately% in 2022, and during the forecast period, it is anticipated to expand considerably. Hybrid and plug-in electric vehicles use electricity as their main fuel to improve the efficiency of conventional vehicle designs. Hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and all-electric vehicles (EVs) are the three subtypes of this new generation of automobiles, also referred to as electric drive vehicles. When combined, they have a significant potential to reduce petroleum consumption, and significant manufacturers are producing this kind of car. Due to the significant amount of this vehicle type’s manufacture, this segment’s growth is anticipated to accelerate during the projection period.
Axial Flux Motors held the biggest market share by motor type and are anticipated to expand at a CAGR of xx% over the course of the forecast period. The Permanent Magnet (PM) motor has numerous uses in industries and has grown to be a hotspot in power electronics drives due to its high torque density, efficiency, and power factor. Radial flux PM machines and axial flux PM machines have recently been used to categorize most PM machine topologies. Higher torque density, better heat removal, and a more compact design are just a few advantages that the axial flux machine has over the radial flux machine. These advantages are accentuated when the aspect ratio is low.
With the biggest market share of roughly xx% among all vehicle types in 2022, the passenger car segment dominated the in-wheel motor market, and it is anticipated that this dominance will persist at the conclusion of the projection period. Increased efficiency, high torque, higher power, and better vehicle control in both new and used vehicles may all be contributing causes to the growing use of in-wheel motors in passenger vehicles. The majority of EV manufacturers are focusing on extending the overall driving range, minimizing weight, and improving vehicle design. EV manufacturers may guarantee optimal space use and improved power efficiency by utilizing in-wheel motors. In addition to EV manufacturers, Tier 1 firms are interested in improving the performance of electric vehicles in terms of weight, driving range, space, and other factors.
1 Global In Wheel Motor Market, by Propulsion (2022-2029)
• BEV
• FCEV
• HEV
• PHEV
2 Global In Wheel Motor Market, by Vehicle Type (2022-2029)
• Passenger Car
• Commercial Vehicle
3 Global In Wheel Motor Market, by Motor Type (2022-2029)
• Axial Flux Motor
• Radial Flux Motor
4 Global In Wheel Motor Market, by Cooling Type (2022-2029)
• Air-cooled
• Liquid-cooled
5 Global In Wheel Motor Market, by Power Output Type (2022-2029)
• Up to 60 KW
• 60–90 KW
• Above 90 KW
6 Global In Wheel Motor Market, by Vehicle Class (2022-2029)
• Mid-priced
• Luxury
7 Global In Wheel Motor Market, by Motor Weight (2022-2029)
• Less than 20 Kg
• 20-30 Kg
• Above 30 Kg
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In Wheel Motor Market Key Players
• General Motors (US)
• Tesla (US)
• The Orbis Ring Drive Wheel (US)
• ORBIS Wheels, Inc. (US)
• BYD Motors LLC (US)
• DANA TM4 INC. (Canada)
• YASA Limited (UK)
• PMW Dynamics (UK)
• Protean Electric (UK)
• ECOmove GmbH (Germany)
• Bayerische Motoren Werke AG (Germany)
• Volkswagen AG (Germany)
• Schaeffler AG (Germany)
• Ziehl-Abegg SE (Germany)
• ELAPHE LTD. (Slovenia)
• GEM motors d.o.o. (Slovenia)
• NSK Ltd. (Japan)
• NTN Corporation (Japan)
• Toyota Motor Corporation (Japan)
• TAJIMA MOTOR CORPORATION (Japan)
• Nissan Motor Corporation (Japan)
• Honda Motor Co., Ltd. (Japan)
• HYUNDAI MOTOR GROUP (South Korea)
Key questions answered in the In Wheel Motor Market are:
- What is In Wheel Motor?
- What was the In Wheel Motor market size in 2022?
- What are the different segments of the In Wheel Motor Market?
- What growth strategies are the players considering to increase their presence in In Wheel Motor?
- What are the upcoming industry applications and trends for the In Wheel Motor Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the In Wheel Motor Market?
- Who are the key players in the In Wheel Motor market?
- What segments are covered in the In Wheel Motor Market?
- Who are the leading companies and what are their portfolios in In Wheel Motor Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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