The automotive in-wheel motors market share is expected to grow 38.0% year on year in 2022, reaching a value of around US$ 2,127.5 million by the end of 2022. Sales of automotive in-wheel motors were estimated to be worth approximately US$ 1,541.4 million at the end of 2021. By 2032, the automotive in-wheel motors market is anticipated to expand at a 38.0% CAGR, reaching a worth of US$ 53291.81 Million.
Significant Considerations
Higher efficiency, driving range, stability, and assistance for enhanced electric vehicle performance comparable to Internal Combustion Engine (ICE) vehicles are driving the automotive in-wheel motors market. By incorporating power electronic devices into the system, it helps to reduce the number of vehicle parts, complexity, and cost. The system can also be consolidated with regenerative braking to enhance efficiency and boost the distance covered per charge.
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Element of Limitation
The use of in-wheel motor technology in a vehicle raises unsprung weight, which can reduce ride comfort. If the vehicle’s brakes are mounted on the wheel, which is directly subjected to unsprung weight, the wheel’s stress will increase. The increase in unsprung weight may limit the use of in-wheel motor technology in vehicles, thereby restraining the automotive in-wheel motors market.
APAC Automotive In-wheel Motors Market
The APAC automotive in-wheel motors market is expected to dominate the global market in terms of value, and it is expected to grow during the forecast period. The radial flux automotive in-wheel motors category is expected to see significant usage in high-performance automobiles due to their ease of manufacture.
Key Takeaways:
- The APAC automotive in-wheel motors market is expected to grow at a CAGR of 41.6% by value.
- Germany is expected to grow at a CAGR of 42.9% in the global automotive in-wheel motors market due to an increase in the number of vehicles in the country during the forecast period.
- The United States is expected to account for more than 88% of the North American automotive in-wheel motors market in 2022.
- China is expected to control nearly 93% of the APAC in-wheel motor market by 2022.
- The liquid cooled segment of the market for automotive in-wheel motors is predicted to grow at a CAGR of 41.2%.
- Among technology segments, the BEV (battery electric vehicle) category is projected to expand at a 39.5% CAGR.
- The passenger car segment is estimated to hold for 88% of the value share in the automotive in-wheel motors market.
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Start-up Ecosystem:
- NTN, a Japanese bearing manufacturer, is set to supply in-wheel motor technology to Chinese electric vehicle startup Changchun Fawsn Auto Tech, or FSAT, introducing the new drive system to the world’s largest electric market.
- REE, a Tel Aviv-based Israeli startup that uses in-wheel motors, has a $580 million valuation. Meitav Dash, an Israeli investment firm, put in 70 million shekels. The company has collaborations with Mitsubishi of Japan, Honda’s Musashi Seimitsu, American Axle & Manufacturing, and Linamar, Canada’s second-largest auto parts manufacturer.
Competitive Landscape:
Protean Electric, Elaphe, ZIEHL-ABEGG, Printed Motor Works, and NTN are among the market for automotive in-wheel motors ecosystem’s players. Tesla, Nissan Motor Corporation, BYD, BMW, and Volkswagen are also part of the ecosystem.
The market for automotive in-wheel motors is expected to grow over the forecast period, as contenders in the global automotive in-wheel motors market emerge and competition with existing players intensifies in the coming years.
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Key Segments
By Product Type:
- Axial Flux Motor
- Radial Flux Motor
By Technology:
- BEV
- HEV
- PHEV
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
By Cooling:
- Air Cooled
- Liquid Cooled
By Region:
- North America
- Latin America
- Europe
- Japan
- APAC
- MEA
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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