The major factors driving the global in-wheel motor market are environmental concerns related to gasoline and diesel emissions, increased performance, driving range, rise in demand for electric mobility and government subsidies. However, high price and increase in unsprung weight are some of the factors that are hindering the growth of the global in-wheel motor market. By motor type, i.e., Radial In-Wheel Motor and Axial In-Wheel Motor, axial motor acquires the major market share. Further, BEV (Battery Electric vehicle) propulsion segment holds a tremendous opportunity in the coming years. Asia Pacific remains the most lucrative regional market during the forecast period. Prominent Players Across Value Chain: Elaphe, Printed Motor Works, NTN, Protean Electric, ZIEHL-ABEGG, BYD, BMW, Tesla, Nissan Motor Corporation, and Volkswagen among others.
Patna, July 22, 2021 (GLOBE NEWSWIRE) -- The hub of each electric vehicle (EV) wheel is modified, in new in-wheel motor systems where a complete drivetrain is added which supplies to its associated tire. Further, braking components and the motor-drive electronics are also included with these in-wheel motor systems. In-wheel motor systems can provide advantages in several areas. For instance, conventional vehicles slow down the spinning wheel by implementing functions such as traction and stability and this approach is slow as it is limited to applying retarding force. Unlocking a skidding tire requires some driving torque to be applied which is possible with in-wheel motors by delivering precisely controlled braking or motoring torque on a millisecond timescale. These advantages would enhance the growth of in-wheel motor market during the forecast period.
Global In-Wheel Motor market is segmented into: By Propulsion, By Motor Type, By Cooling, By Power Output, and by Region. Propulsion segment is further segmented and analyzed into FCEV, HEV, BEV and PHEV. BEV (Battery Electric Vehicles) would lead among the propulsion sub-segments during the estimated period. BEV is expected to be the most noticeable propulsion segment experiencing a CAGR of 29.7% during the forecast period. Thus, Battery Electric Vehicle segment holds incremental opportunity in the coming years.
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By Motor Type, the report further covers Radial Flux Motor and Axle Flux Motor in detail. Between Radial In-Wheel Motor and Axial In-Wheel Motor, axial motor acquires the major market share comparatively at present in the in-wheel motor market. The growth of this segment is attributed to the rising penetration of Electric Vehicles (EVs) across the globe. However, the radial in-wheel motor segment is expected to grow at a significant CAGR of 31.5% during the forecast period. Cooling Type segment is further bi-furcated into Liquid Cooling and Air Cooling. Power Type further covers Up-to 60 KW, 60 – 90 KW, and Above 90 KW. 60 KW segment holds the major share at present; however, 60 – 90 KW is expected to attain significant growth during the forecast period. The In-Wheel Motor with Above 90 KW is expected to foresee slow growth comparatively in the coming years due to its high cost and heavy weight.
By Geography, the market is studied across North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). Among the major geographies, APAC holds a substantial share and is also expected to attain significant CAGR during the forecast period. North America is expected to be the second largest market by 2027. The key countries across these major geographies have also been extensively covered under the scope of the report. North America is further divided and studied across the U.S., Mexico and Canada. The key countries covered under the European market are U.K., Germany, France and Rest of Europe. Japan, India and China are extensively studied under the scope of the report under Asia Pacific; whereas Rest of the World (RoW) covers South and Central America, Middle East, and Africa.
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The key companies operating in the in-wheel motor market are Printed Motor Works (UK), NTN (Japan), Protean Electric (US), Elaphe (Slovenia), ZIEHL-ABEGG (Germany), Nissan Motor Corporation (Japan), BYD (China), BMW (Germany), Tesla (US), and Volkswagen (Germany) among others. The scope of the report covers the market share of the key players, global positioning, and their business strategies. The market would witness tremendous growth opportunities during the forecast period; thereby expected to raise the competition among the existing and upcoming players. Production innovation, new product launch, collaborations, mergers, acquisitions, and expansion would be the key strategies adopted by the market players to grab the major chunk of the market.
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