Global In-Wheel Motor Market Expected to Grow Exponentially by 2033, Finds New Report
Are you interested in the latest trends in the automotive industry? If so, you’ll be excited to learn about the booming market for in-wheel motors. According to a recent report, the global in-wheel motor market is expected to skyrocket from USD 1.42 billion in 2023 to a staggering USD 28.33 billion by 2033, with a compound annual growth rate of 34.89%.
In-wheel motors are electric motors that are installed within the wheels of electric cars to directly power the wheels, resulting in improved performance. These motors were initially installed on automobile wheels when in-wheel motor systems were first introduced. With the increasing interest in self-driving cars, modern technologies like in-wheel motors are expected to be developed faster, providing drivers with the best possible experience.
One of the main drivers of the global in-wheel motor industry is the growing demand for fuel-efficient automobiles. Manufacturers worldwide are ramping up the production of electric vehicles due to government regulations favoring long-range, zero-emission vehicles with tax credits and subsidies, as well as the increased demand for low-emission vehicles. However, challenges such as rising unsprung weight and high costs may limit the use of in-wheel motors in cars, potentially hindering market growth.
The report also highlights key industry insights, with 240 pages of data tables and figures, covering the market size, share, and COVID-19 impact analysis. The market is segmented based on type (Battery Electric Vehicles, Hybrid Electric Vehicles, Plugin-Hybrid Electric Vehicles), motor (Axial, Radial), application (Passenger Vehicles, Commercial Vehicles, Industrial Equipment), and region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa).
The hybrid electric vehicles (HEV) segment is expected to dominate the in-wheel motor market during the forecast period, with the axial segment projected to grow at the fastest CAGR. Additionally, the passenger vehicles segment is expected to hold a significant share of the market, driven by the increasing popularity of in-wheel motors in passenger cars.
Asia Pacific is forecasted to lead the in-wheel motor market, with countries like China, India, and Japan driving growth. On the other hand, Europe is expected to experience the fastest CAGR growth, fueled by green recovery funds, attractive EV models from top automakers, and increased consumer demand.
The report also provides a competitive analysis of key players in the market, including Protean Electric, Elaphe Ltd., Printed Motor Works, ZIEHL-ABEGG, and others. Recent developments, such as BMW and Continental’s collaboration to create an in-wheel motor with an integrated brake, showcase the industry’s innovation and progress.
For more information on the global in-wheel motor market and to stay updated on the latest trends, contact Spherical Insights & Consulting. With a focus on actionable market research and trends analysis, the company aims to provide forward-looking insights for decision-makers across various industries. Don’t miss out on this exciting opportunity to delve into the future of automotive technology!