The automotive in-wheel motors market share is expected to be valued at around US$ 2.93 billion by the end of 2023. Automotive in-wheel motors are expected to be worth around US$ 2.127 billion by the end of 2022. Automotive in-wheel motors industry is predicted to increase at a 19.5% CAGR to US$ 17.457 billion by 2033.
Market Drivers:
Vehicle Electrification: The shift towards vehicle electrification, driven by environmental regulations and sustainability goals, accelerates the adoption of in-wheel motors as an efficient and compact propulsion solution for electric vehicles (EVs) and hybrid vehicles.
Performance Enhancement: In-wheel motors offer benefits such as instant torque delivery, improved traction control, and enhanced dynamic handling characteristics, contributing to superior vehicle performance, agility, and responsiveness.
Space-saving Design: Integration of electric motors into the wheels frees up space within the vehicle chassis, enabling designers to optimize interior space, enhance vehicle packaging, and introduce innovative vehicle architectures.
Regenerative Braking: In-wheel motors facilitate regenerative braking, capturing kinetic energy during deceleration and braking events and converting it into electrical energy, which can be stored in the vehicle’s battery pack and used to extend driving range.
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Market Challenges:
Cost Considerations: In-wheel motor systems may incur higher manufacturing costs compared to traditional drivetrain configurations, which could impact the overall cost-effectiveness and affordability of electric vehicles equipped with this technology.
Complexity and Integration: Integration of in-wheel motors with vehicle chassis, suspension systems, and braking systems requires careful engineering and integration to ensure compatibility, performance, and safety.
Weight and Unsprung Mass: In-wheel motors add unsprung mass to the vehicle’s suspension system, which may affect ride comfort, handling dynamics, and vehicle stability, requiring additional engineering efforts to mitigate potential drawbacks.
Durability and Reliability: Ensuring the durability, reliability, and serviceability of in-wheel motor systems under various operating conditions, including temperature extremes, road conditions, and load cycles, poses challenges for manufacturers and engineers.
Market Trends:
Modular Platforms: Development of modular in-wheel motor platforms and standardized components facilitates scalability, customization, and integration across different vehicle types, sizes, and applications.
Advanced Materials: Adoption of lightweight materials, such as carbon fiber composites and high-strength alloys, reduces the weight and mass of in-wheel motor systems, enhancing efficiency, performance, and energy density.
Integrated Control Systems: Integration of advanced control systems, motor controllers, and vehicle dynamics algorithms enables seamless coordination and optimization of in-wheel motor performance, traction control, and stability management.
Autonomous Vehicles: In-wheel motors support the development and deployment of autonomous vehicles by offering precise control, independent torque vectoring, and adaptive traction control capabilities for enhanced maneuverability and safety.
Key Takeaways
- The United States might increase its market share by 20.1% between 2023 and 2033.
- Between 2023 and 2033, Germany may hold 6.3% of the automotive in-wheel motors industry.
- Japan’s share of the automotive in-wheel motors industry could reach 6.9% between 2023 and 2033.
- Australia to hold a 0.3% share of the automotive in-wheel motors market from 2023 to 2033.
- During the forecast period, the Chinese automotive in-wheel motors business to expand at a CAGR of 22.1%.
- From 2023 to 2033, the United Kingdom automotive in-wheel motors industry registered at a 15.8% CAGR.
- Through 2033, the Indian automotive in-wheel motors market to record a CAGR of 23%.
- The radial flux motor segment to acquire a substantial market share of 79.7% in the product type category between 2023 and 2033.
- The BEV sector to grab a significant automotive in-wheel motors market share of 73% in the technology category between 2023 and 2033.
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Competitive Landscape
The competitive outlook of the automotive in-wheel motors market is highly promising and competitive. Key automotive in-wheel motors manufacturers are investing in research and development activities to enhance their product offerings and gain a competitive edge. The market is witnessing increased adoption of automotive in-wheel motors technology, driving competition among manufacturers to capture a larger market share.
Prominent Automotive In-Wheel Motors Manufacturers
- Protean Electric
- Elaphe
- ZIEHL-ABEGG
- Printed Motor Works
- NTN
- TM4
- HEINZMANN GmbH & Co. KG
- YASA Limited
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
- Asia Pacific
- Middle East Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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