In-wheel Motor Market By Type (Outer Rotor Type, Inner Rotor Type) By Application (Passenger Cars, Commercial Vehicles) and Region - Global Forecast to 2026
16th August 2018
- find_in_page Our Research Methodology is based on the following main points:
- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The Global In-wheel Motors Market is estimated to value at around US$ 0.4 Bn in 2018, and is expected to register a CAGR of 9.0% over the forecast period. The report offers in-depth insights, revenue details, and other vital information regarding the global in-wheel motors market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report also offers insightful and detailed information regarding the various key players operating in the global in-wheel motors market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global in-wheel motors market is segmented on the basis of type, application, and region/country.
In-wheel motors are technologically advanced wheels used in electric vehicles. They provide more room for passengers and also helps with elimination of all transmission losses.
Global In-wheel Motors Market Dynamics:
Advantages of in-wheel motors over conventional motors wheel as effective maximization of interior space and improved or enhanced driving performance due to the independent traction control ability of each wheel is a major factor driving growth of the global in-wheel motors market. It also provides accuracy and speed.
Growing adoption of electrical vehicles owing to rising environmental concerns among individuals is another factor fueling growth of the global market. Currently, there are two types of motor systems available for electric vehicles. First type of the motor system is installed within the vehicle and is able to drive both left and right wheels using differential device and drive shaft, or belt drive. The other in-wheel motor system is directly installed in vehicle wheels and are able to deliver torque as per requirement.
In-wheel motors are used in electric vehicles and provide various advantages such as high torque density and high power density, high output torque at low speeds, high power output at high speeds, ability to operate at high speeds in a highly-efficient manner, and at a comparatively lower cost. Government regulations on carbon emissions and increasing use of electrical vehicles are factors anticipated propel growth of the global market. Furthermore, availability of technologically advanced in-wheel systems is a factor expected to boost growth of the global market over the forecast period.
However, in-wheel motors increase weight of the unsprung mass, which reduces comfort of the ride and road holding capability of the vehicle, and increases suspension level in travel to a certain extent. This factor is anticipated to restrain growth of the global in-wheel motors market in the near future.
Nevertheless, increasing number of well-established car manufacturers as well as domestic players are focusing on introducing or setting up electric vehicle plants and manufacturing facilities across the globe is anticipated to fuel growth of global in-wheel motors market.
Introduction of cost effective in-wheels without its technical drawbacks can create revenue opportunities of the players in the global in-wheel motors market.
Market analysis by type:
On the basis of type segmentation, the inner rotor segment is expected to account for major market share in terms of revenue and expected to maintain its dominance in the near future. The inner rotor segment expected to register a CAGR of 9% over the forecast period.
Increasing adoption of electric vehicles with inner rotor systems us a factor supporting growth of the inner rotor segment in the global market.
Market analysis by application:
Currently, the passenger vehicles segment dominates the global market in terms of revenue ant anticipated to maintain its position growth over the forecast period. The passenger vehicles segment is projected to register a steady growth rate over the forecast period, owing to increasing demand for electric vehicles.
In addition, increasing sale of passenger electric vehicles, owing to rising fuel prices and increasing disposable income among consumers, especially in countries such as China and the US, is expected to support revenue growth of this segment during the forecast period. Growing use of commercial electric vehicles, owing to rising environmental concerns related to CO2 emissions in countries across the globe is expected to support revenue growth of this segment over the forecast period.
Analysis by Region:
Market in China dominates the global market in terms of revenue and expected to maintain its position in the near future, followed by North America and Europe. Rising pollution and increasing government initiatives to reduce carbon emission from vehicles coupled with various policies to replace polluting cars with cleaner electric vehicle are major factors driving growth of the electric vehicle market in China region, which in turn is expected to support growth of the target market. Moreover, increasing government initiatives supporting growth of the electric vehicle market, primarily to reduce heavy dependence on fuel-based vehicles and to reduce pollution, are other major factors expected to boost growth of the China market over the forecast period.
North America market is expected to account for second highest share in terms of revenue over the forecast period. Advancements in the automotive sector with a steady technological shift towards electric vehicles with zero emission, coupled with driverless technology is a major factor driving growth of the target market in this region. In addition, increasing investment in R&D activities and presence of major manufacturers in the US such as FCA US, Ford, and General Motors, deployment of in-wheel motors in electric and hybrid passenger vehicles with high power and improved efficiency are factors expected to support growth of the market in the US. Increasing adoption of advanced technology among end-users is also a factor anticipated to propel growth of the target market
In Europe market, growing zero emission vehicle sales in Europe, coupled with environmental concerns are factors driving growth of the global market in this region. High disposable income and increasing spending capacity are resulting into increasing demand for driverless electric vehicle is a major factor driving growth of the in-wheel motors market in this region. Additionally, high adoption of new technology is also a factor fueling growth of the target market. presence of major players such as Volkswagen, BMW, and Renault–Nissan and increasing R&D activities, coupled with various projects and ongoing partnerships are factors expected to create new opportunities in terms of revenue for player operating in this region, which in turn is expected to support growth of the market in this region.
Global In-wheel Motors Market Segmentation:
Segmentation on the basis of type:
- Outer Rotor Type
- Inner Rotor Type
Segmentation on the basis of application:
- Passenger Cars
- Commercial Vehicles
- Others (Forklift Trucks, Military Vehicles and Electric Golf Carts)
Segmentation on the basis of region/country:
- North America
- Southeast Asia
- South America
- Middle East & Africa
- Protean Electric Inc.
- Elaphe Ltd.
- e-Traction Europe B.V.
- ZIEHL-ABEGG SE
- Compagnie Générale des Établissements Michelin
- Honda Motor Co., Ltd.
- GEM Motors d.o.o.
- Bridgestone Corporation
- Schaeffler AG
- NSK Ltd.
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Type
- 2.2.2 Market Snapshot, By Application
- 2.2.3 Market Snapshot, By Region/Country
- 2.2.4 Prudour Opportunity Map Analysis
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