In-Wheel Motor Market worth $4,395 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 29, 2021 /PRNewswire/ -- According to the new market research report "In-Wheel Motor Market by Propulsion (BEV, HEV, PHEV & FCEV), Vehicle Type (PC & CV), Motor (Axial & Radial), Cooling (Air & Liquid), Power Output (Up to 60 kW, 60-90 kW & Above 90 kW), Vehicle Class, Motor Weight, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Global In-Wheel Motor Market is projected to grow at a CAGR of 40.3% during the forecast period to reach USD 4,395 million by 2026 from an estimated USD 808 million in 2021.
The major factors behind the growth of the In-Wheel Motor Market are improved vehicle performance, replacement of transmission, drive shaft, axles, and differentials. In-wheel motor helps supply torque to its associated tire and generates more power to improve the efficiency of a vehicle.
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162 – Tables
52 – Figures
190 – Pages
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Electric passenger car segment: Expected to dominate the In-Wheel Motor Market
The electric passenger car segment is the largest of all segments of the In-Wheel Motor Market and is expected to witness significant growth during the forecast period. Passenger cars are expected to grow at a significant rate in the emerging economies of the Asia Pacific region. The growth of in-wheel motors in passenger cars can be attributed to factors such as improved efficiency, high torque, increased power, and better vehicle handling for new and existing vehicles. This vehicle segment is the most promising market for in-wheel motors as it is the largest in the automotive industry.
BEVs: Expected to dominate the In-Wheel Motor Market
Governments prefer BEVs as these are zero emission vehicles. Various governments around the world support the sales of BEVs with subsidies and tax rebates. Countries such as the US, Canada, the UK, and Germany are focusing heavily on electric vehicles. The BEV segment is the largest and majorly used across all four regions. Asia Pacific accounts for the largest BEV market, with countries such as China, Japan, and South Korea leading BEV sales. Strong government support and favorable policies are the major factors for the fast growth of BEVs in the region along with the fast popularization of EV charging stations. The top 5 selling BEV models in Europe are Renault Zoe, Nissan Leaf, Tesla Model S, BMW i3, and Volkswagen e-Golf. Among these, Tesla Model S, Chevy Volt, BMW i3, and Nissan Leaf are equipped with in-wheel motors.
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Asia Pacific: Largest market for in-wheel motors
The Asia Pacific region is estimated to be the largest In-Wheel Motor Market in 2026 because of government promotions and schemes that have led to the increase in the electric vehicle sales over the years, catering to the demand for in-wheel motors. For instance, NTN, which is a Japan-based company, supplies in-wheel motors to the electric vehicle start-up FSAT (Changchun Fawsn Auto Tech).
In-wheel motor is majorly found in electric commercial vehicles; therefore, governments of various countries in the Asia Pacific region are focusing on electric commercial vehicles. For example, even in developing countries like India, the government has announced phase 2 of its Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme in April 2019 with an outlay of over USD 1.4 billion. In 2021, the scheme got an extension till March 2024 to further facilitate the growth of EV and its infrastructure. Besides, OEMs such as BYD are planning to open manufacturing plants of electric buses and electric trucks to meet the regional demand in different countries of Asia Pacific.
The major In-Wheel Motor Market players are Protean Electric (US), Elaphe (Slovenia), ZIEHL-ABEGG (Germany), Printed Motor Works (UK), and NTN (Japan).
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