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.
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.
Significant Considerations
Improved electric vehicle performance that is comparable to ICE vehicle performance in terms of performance, range, and dependability is what’s driving the demand for automotive in-wheel motors. The system includes power electronics to reduce its cost, complexity, and part count. To increase effectiveness and increase the range of a single charge, the technique can also be utilised with regenerative braking.
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Element of Limitation
The additional unsprung weight that in-wheel motor technology brings may make the ride less pleasurable. If the brakes are mounted on the wheel, the wheel will be put under extra strain because it will immediately be under unsprung weight. The rise in unsprung weight may result in a decrease in demand for in-wheel motor technology in the automotive sector.
APAC Automotive In-wheel Motors Market
Throughout the forecast period, it is expected that the APAC automotive in-wheel motors market would outperform the global market in terms of value. Radial flux automotive in-wheel motors are expected to be used in a sizable number of high-performance cars because to their affordable production prices.
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
- ME
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