In-wheel Motor Market

In-wheel Motor Market Outlook (2023 to 2033)

The global in-wheel motor market is valued at US$ 1.2 billion in 2023 and is predicted to reach US$ 17 billion by 2033-end. Global demand for in-wheel motors is forecasted to propel at a CAGR of 30% from 2023 to 2033.

• Sales of axial motors are estimated to surge at a CAGR of 31% over the next ten years.

Axial motors that are small, light, and strong are gaining popularity. In electric cars, they can be employed as direct drives to boost output torque and effectiveness. In terms of power density and efficiency, axial motors perform better than radial motors. They are mostly employed in low-speed, high-torque circumstances.

In-wheel motors are widely used to enhance the performance of electric vehicles. These motors are installed directly on the wheels to power the wheel by sending torque to the respective tires. They make the vehicle lighter and more efficient. During the projection period, there will likely be a major increase in the demand for in-wheel motors.

The ability to put more components on the vehicle chassis is one of the main advantages of in-wheel motors. All forms of in-wheel motors have a substantial competitive advantage over more conventional electrical machines due to their flexibility to add batteries, range extenders, or simply retain baggage and passenger capacity during retrofits or new vehicle designs.

In-wheel motors are becoming more popular in the automotive sector due to their numerous advantages. Both motors and brakes must fit inside a vehicle's wheels to maintain the benefit of not having to move the friction brake to a location on the sprung mass. In-wheel motors are more compact, efficient, and environmentally friendly compared to conventional car engines. In-wheel motors are also less prone to overheating and offer superior traction and control.

Regenerative-braking in-wheel motors can collect energy during braking and store it in the battery of a car for later use. Both hybrid and electric vehicles can employ in-wheel motors, which provide several benefits over conventional powertrain systems.

One of the main prospects for market participants in in-wheel motors is the use of renewable energy to power charging stations. To increase their revenue, key industry players are rapidly developing innovative technology.

Solar-powered charging stations are becoming more popular for residential and commercial structures as a result of solar panels' decreasing cost and easy installation. Residential buildings, malls, theater complexes, convention centers, parks, and other institutions can all have these charging stations installed.

Report Attributes	Details
In-wheel Motor Market Size (2023)	US$ 1.2 Billion
Projected Market Value (2033)	US$ 17 Billion
Global Market Growth Rate (2023 to 2033)	30% CAGR
Market Share of Battery Electric Vehicles (BEV) (2023)	60%
Key Companies Profiled	Protean Electric Printed Motor Works NTN Corporation ECOmove Lordstown Motors General Motors Tesla YASA Limited Volkswagen AG Schaeffler AG

Why is Demand for In-wheel Motors Surging Across the World?

“Increasing Penetration of Electrical Vehicles Worldwide”

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. There is a boom in interest in alternative road transportation propulsion technologies due to concerns about the limited supply of fossil-based fuels.

The use of in-wheel motors in electric cars reduces the weight of the vehicles by eliminating the area that the machines take up. Electric cars employ in-wheel motors, which have several benefits, including high power and torque densities, the capacity to run at high speeds with great efficiency, and at a comparatively lower cost.

Plug-in electric vehicles provide an enticing alternative to internal combustion engines due to regulatory restrictions to reduce city noise, CO2 emissions, and environmental impact. Worldwide demand for electric vehicles is expanding rapidly.

Manufacturers provide electric vehicles all over the world due to several factors, including the increase in demand for low-emission vehicles and government policies that promote long-range, zero-emission vehicles through subsidies and tax incentives. Sales of electric vehicles are increasing along with the need for their parts and components, which propels market expansion.

“Enhancing Vehicle Performance with In-wheel Motors”

The need for fuel-efficient vehicles is rising, and this is one of the main factors driving the growth of the worldwide in-wheel motor market. The advantages of in-wheel motors, such as their greater driving range, dependability, and enhanced vehicle performance, are also credited with boosting market expansion.

An increase in R&D investments will present the makers of in-wheel motors with profitable chances to improve a vehicle's efficiency. The development of an effective in-wheel motor car system is the main emphasis of manufacturers. The worldwide in-wheel motor market will expand as a result of rising environmental consciousness and interest in sustainable solutions.

Surge in the demand for vehicles with better comfort, safety, and convenience is driving market growth. Features such as steering-mounted controls, heads-up displays, improved infotainment systems, gesture control systems, telematics, and centralized controllers are required to give comfort, luxury, safety, and security advantages.

What Hindrances are Encountered by In-wheel Motor Providers?

“Fluctuating Raw Material Prices and High Production Costs”

One of the main issues that can impede market expansion is an increase in failure rates. In-wheel motors’ major drawback, which lowers the ride comfort and quality, is the weight of the wheel.

Throughout the anticipated period, market expansion can be constrained by high production costs and complex speed wheel control. Pricing trends indicate that fluctuating raw material prices would limit market expansion.

How Can Start-ups Settle Down in This Competitive Industry?

“Emerging Market Players Emphasizing Advancements in In-wheel Motors”

New businesses are making significant investments in creating scalable breakthroughs that offer the next generation of self-driving technology. They are utilizing a data-driven strategy together with iterated algorithms and the in-wheel motor strategy to make their goods compatible with fully autonomous driving. New entrants are focusing on advancements in in-wheel motors to improve the efficiency of vehicles.

• Lordstown Motors, a start-up based in the United States, offers Endurance motors for commercial pickup trucks. A leaf-spring solid rear axle distinguishes electric cars from conventional ones in various ways. Endurance will face the difficulty of building and enclosing motors into wheels, making them responsive to the hostile environment of unsprung components.

Which Region Enjoys a Leading Position in the Global In-wheel Motor Market?

“Surge in Environment-friendly Transportation Options in Asia Pacific”

• Asia Pacific accounts for 50% share of the global market in 2023.

Major factors influencing market growth in the region include rising pollution and increasing government initiatives to reduce carbon emissions from vehicles, along with various policies to replace polluting cars with cleaner electric vehicles. The rapid expansion of the electric vehicle industry and huge demand for environmentally friendly transportation options are boosting market expansion.

Country-wise Insights

Why is the United States a Prominent Market for In-wheel Motor Companies?

“Rapid Expansion of Automotive Industry”

One of the main factors influencing market growth in the United States is rapid expansion of the automotive industry. In-wheel motor deployment in electric and hybrid passenger vehicles with high power and improved efficiency and the presence of major manufacturers are additional factors anticipated to support market growth in the United States.

Increasing end-user adoption of cutting-edge technologies is another element fueling market expansion. Rising demand for EV traction motors is also supporting market growth in the United States.

How Will Sales of In-wheel Motors Fare in Japan?

“Increase in Government Subsidies for Vehicle Electrification”

The market in Japan is driven by strict emission rules and regulations, as well as significant investments made by major manufacturers to meet the demand for lightweight, fuel-efficient vehicles. An increase in government subsidies for the electrification of vehicles and expanding industrialization are the key factors driving market growth.

The market is expanding as a result of growing sales of passenger and commercial vehicles and rising demand for electric buses. The market value is supported by an expanding network of infrastructure for electric car charging stations and a rise in partnerships between automakers and automobile OEMs.

Will Germany Be an Investment-worthy Market?

“Huge Demand for Autonomous Electric Vehicles”

Environmental concerns and the increased sales of zero-emission vehicles in Germany are factors that are propelling market expansion. High disposable income, a rise in consumer spending, and huge demand for autonomous electric vehicles are boosting market value.

Rapid adoption of new technologies and increasing R&D activities, along with various projects and ongoing partnerships, are factors that are anticipated to open up new revenue opportunities for players operating in the country. Growing usage of electric vehicle (EV) batteries is stimulating market revenue.

Category-wise Insights

Why is the Preference for Battery Electric Vehicles Increasing Worldwide?

“New Developments in Electric Vehicle Charging Infrastructure”

Based on propulsion, the market is divided into battery electric vehicles (BEV), hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and fuel cell electric vehicles (FCEV).

• Battery electric vehicles (BEV) account for 60% share of the global market in 2023.

Sales of in-wheel motors for battery electric vehicles are anticipated to increase with constant innovations in electric vehicle charging infrastructure. This rising demand for electric mobility among consumers, coupled with growing awareness of gasoline and diesel emissions, are the factors boosting the usage of in-wheel motors in battery electric vehicles.

The use of in-wheel motors is growing at a relatively high pace as compared with other motors in the electric mobility industry. The factor that is driving the demand for in-wheel motors is reducing motor weight, which controls four wheels centrally, and increasing provisions for space in electric vehicles.

Which Vehicle Type is Generating Lucrative Opportunities for In-wheel Motor Producers?

“In-wheel Motor Deployment in Passenger Cars Increasing Fuel Efficiency”

The market is segmented into passenger cars and commercial vehicles by vehicle type.

• Currently, passenger cars account for 70% share of the global market.

Rising use of in-wheel motors in passenger cars may be attributed to elements such as greater vehicle handling for both new and used vehicles, high torque, and increased fuel efficiency. The majority of EV producers are concentrating on extending the total driving range, minimizing weight, and improving vehicle design. EV manufacturers may guarantee maximum space utilization and increased power efficiency by utilizing in-wheel motors.

Competitive Landscape

Leading companies are focusing on product launches, quality control, product standards, supply chain management, and collaborations to increase their competitive share. They are concentrating on fully autonomous driving solutions while following safety regulations, which may open up lucrative opportunities for industry participants.

For instance,

• For the future generation of intelligent connected vehicles, Human Horizons, Protein Electric, and Wuxi Weifu e-Drive Technology formed a partnership to produce in-wheel hub motors.
• A new generation of automotive entertainment systems was created in collaboration with Google and Renault-Nissan-Mitsubishi. The sector is also witnessing a surge in the demand for comfort and safety features.

Key Segments of In-wheel Motor Industry Research

• By Propulsion :

  • Battery Electric Vehicles (BEV)
  • Hybrid Electric Vehicles (HEV)
  • Plug-in Hybrid Electric Vehicles (PHEV)
  • Fuel Cell Electric Vehicles (FCEV)

• By Motor Type :

  • Axial
  • Radial

• By Cooling :

  • Air
  • Liquid

• By Power Output :

  • Up to 60 KW
  • 60 to 90 KW
  • Above 90 KW

• By Vehicle Type :

  • Passenger Cars
  • Commercial Vehicles

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa