In-Wheel Motors Market Size, Share And Segmentation By Propulsion, By Vehicle Type, By Motor Type, By Vehicle Class, And Global Market Forecast 2024-2031

AUSTIN, TEXAS, UNITED STATES, June 11, 2024 /EINPresswire.com/ -- The In-wheel Motors Market Size was valued at USD 1.48 billion in 2023 and is expected to reach USD 22.61 billion by 2031 and grow at a CAGR of 40.5% over the forecast period (2024-2031).

Market Drivers

The market for in-wheel motors is expanding, fueled by the electric vehicle (EV) revolution. Traditional EVs struggle with bulky motors positioned beneath the chassis, limiting design options. In-wheel motors, embedded within the wheels themselves, offer a game-changing alternative. This innovative approach unlocks several advantages for carmakers: superior torque distribution and weight reduction lead to a more responsive and potentially better handling EV. Eliminating driveshaft’s and transmissions in in-wheel motor configurations reduces energy loss, potentially extending an EV's driving range on a single charge. Regenerative braking systems can be optimized with in-wheel motors, capturing more energy during deceleration and boosting overall efficiency. By placing motors within the wheels, carmakers gain valuable space previously occupied by traditional drivetrains. This design freedom opens doors for more creative interiors, increased cargo capacity, or even the development of entirely new vehicle concepts. As the EV landscape continues to evolve and autonomous driving technologies mature, the in-wheel motor market is positioned for significant growth, offering a path towards enhanced performance, efficiency, and design flexibility for the future of electric vehicles.

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Segment Analysis

By Vehicle Type

-Passenger Car

-Commercial Vehicle

Based On Vehicle Type

The in-wheel motor market is currently dominated by passenger cars, and this trend is expected to continue. Several factors contribute to this dominance. In-wheel motors offer significant advantages for passenger cars, such as increased efficiency, torque, and power, ultimately leading to a better driving experience. Secondly, a key focus for electric vehicle (EV) manufacturers is maximizing range, minimizing weight, and optimizing design layouts. In-wheel motors address these challenges by allowing for efficient use of space and increased power output within the vehicle. This focus on improved weight, range, interior space, and maneuverability resonates not only with EV manufacturers but also with Tier 1 automotive suppliers.

By Motor Type

-Radial Flux Motor

-Axial Flux Motor

Based On Motor Type

The in-wheel motor market is divided into two main motor types are radial flux and axial flux. Among these, axial flux motors are currently leading the market and are expected to maintain this dominance throughout the forecast period. Here's why: Axial flux motors outperform their radial counterparts in terms of power density and efficiency. This translates to a smaller motor size that can fit comfortably within or near the wheel, making them ideal for electric vehicles. Additionally, axial flux motors excel in low-speed, high-torque situations, a crucial factor for EVs. Their compact size, lightweight design, and powerful performance are driving their popularity as direct drives in electric vehicles, ultimately increasing output torque and efficiency. Furthermore, axial flux motors are generally easier to manufacture and assemble compared to radial flux motors. This combination of superior performance, compact size, and ease of production solidifies the position of axial flux motors as the leader in the in-wheel motor market for the foreseeable future.

The economic impact of the conflict and crisis between Russia and Ukraine

The war in Ukraine casts a shadow of uncertainty on the in-wheel motor market. Disruptions to global supply chains can limit access to crucial raw materials needed for motor production. Sanctions on Russia, a major supplier of metals like palladium and nickel used in electric vehicle batteries, could further exacerbate shortages. Additionally, rising energy costs and overall economic instability might cause car manufacturers to tighten budgets, potentially delaying investments in new technologies like in-wheel motors. The crisis could also present an unforeseen opportunity. The urgent need for energy independence and a push towards sustainable solutions could accelerate the adoption of electric vehicles. This, in turn, could benefit the in-wheel motor market as it is a key technology powering EVs. Ultimately, the war's true impact on the market remains to be seen. While challenges exist, the potential for increased EV adoption offers a ray of hope for the future of in-wheel motors.

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The effects of the Russia-Ukraine war and crisis on the economy

The war in Ukraine has sent shockwaves through the in-wheel electric motor market, disrupting its smooth operation. Sanctions placed on Russia, a key supplier of raw materials like palladium and nickel used in these motors, have caused price hikes and supply chain bottlenecks. This has squeezed profit margins for manufacturers and potentially delayed production timelines. Additionally, the overall economic uncertainty created by the conflict has dampened consumer confidence, potentially leading to hesitation in purchasing electric vehicles equipped with these motors. While the long-term impact remains to be seen, the war in Ukraine has undoubtedly cast a shadow over the near-term prospects of the in-wheel electric motor market.

Regional Analysis

The Asia-Pacific region reigns supreme in the in-wheel motor market, and its dominance is expected to accelerate. This growth is fueled by the surging electric vehicle (EV) market, particularly in China and Japan. Several factors contribute to this regional strength: Firstly, a rapid increase in EV sales creates a strong demand for in-wheel motors, the core technology powering these vehicles. Secondly, rapid urbanization across the region, coupled with a growing focus on environmental sustainability, is driving consumer interest in EVs and in-wheel motors, seen as a cleaner alternative. Finally, rising disposable incomes in emerging economies like India and China empower consumers to purchase EVs equipped with in-wheel motors. Fueled by these forces, along with a growing urban population, the Asia-Pacific in-wheel motor market is poised for significant expansion in the coming years.

Prospective findings for In-wheel Motors Market

Rising demand for electric vehicles (EVs) globally.
Development of more efficient and powerful motor designs.
Integration of in-wheel motors with autonomous driving systems.
Gain valuable insights to stay ahead of the curve in the rapidly evolving EV landscape.


Key Players

-Schaeffer AG (Germany)

-Printed Motors Works (UK)

-Nissan Motors Corporation (Japan)

-Tesla (US)

-e-Traction B.V. (Netherlands)

-NTN Corporation (Japan)

-ZIEHL-ABEGG (Germany)

-Elaphe Ltd (Slovenia)

-Protean Electric (US)

-ECO move GmbH (Germany)

-MW Motors

-NSK

are some of the affluent competitors with significant market share in the In-wheel Motors Market.

Recent Development

April 2022- Protean Electric, the industry pioneer in in-wheel motor (IWM) technology, has announced that it will present its IWM innovations at the prestigious Vienna Motor Symposium.

May 2021- e-Traction, a firm specializing in developing and deploying direct-drive in-wheel electric traction systems for automobiles and heavy-duty vehicles, has introduced Retro Motion, an in-wheel motor electric drivetrain explicitly targeted at the commercial fleet conversion market.

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Akash Anand
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