In-Wheel Motor Technology: Advancements and Market Dynamics 2024-2030

In Wheel Motor Market Overview:

The In-wheel motor market size was valued at USD 1598.90 million in 2023 and is projected to grow at a remarkable CAGR of 40.5% from 2024 to 2030, reaching nearly USD 17,280.4 million by the end of the forecast period. This market revolves around a type of electric vehicle (EV) propulsion system where motors are installed around each of the driving wheels to directly power them, providing benefits like high accelerator responsiveness and improved vehicle behavior in tune with steering.

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Market Dynamics:

Restraints:

1. Rise in Unsprung Weight: In-wheel motors add to the vehicle’s unsprung mass, affecting ride comfort by increasing the strain on suspension and related components.
2. Component Failures: Instances of motor failures, such as those experienced by Hyundai with rotor wear and moderator gear issues, pose significant challenges to market growth.

Opportunities:

1. Space Efficiency: In-wheel motors offer significant space savings on vehicle platforms, enabling better battery placement, range extension, or maintenance of passenger and luggage capacity.
2. Technological Advancements: Continuous innovations and improvements in motor design and materials are likely to enhance the efficiency and reliability of in-wheel motors.

In Wheel Motor Market Scope and Methodology:

The report’s major goal is to provide a comprehensive analysis of the In Wheel Motor industry, with a focus on a market-centered strategy. This involves understanding the dynamics of the In Wheel Motor market, main trends, growth drivers, challenges, and potential opportunities. Data is obtained using both primary and secondary research methodologies. To acquire primary data, key market players in the In Wheel Motor business are interviewed and surveyed, including manufacturers, suppliers, vendors, consumers, and specialists. Secondary data is gathered from a wide range of sources, including industry reports, market analysis, corporate websites, annual reports, trade journals, government publications, and databases.

The study examines a wide range of business strategies utilised by prominent businesses, including partnerships, mergers, acquisitions, and collaborations. The report assessed the company’s market position using a SWOT analysis, which identified its strengths, weaknesses, opportunities, and threats. The In Wheel Motor market was analysed using methods such as investment return assessment, feasibility study, and Porter’s five forces analysis. The sizes of the worldwide and regional In Wheel Motor markets were determined using a bottom-up approach.

In Wheel Motor Market Segmentation:

by Propulsion

BEV

FCEV

HEV

PHEV

By Propulsion, the hybrid electric vehicle (HEV) segment had the greatest market share of approximately xx% in 2023 and is predicted to increase significantly during the forecast period. To improve the efficiency of classic vehicle designs, hybrid and plug-in electric vehicles use electricity as their major fuel source. This new generation of vehicles, known as electric drive vehicles, can be divided into three categories: hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and all-electric vehicles. They have a significant potential to cut gasoline use when combined, and major manufacturers are producing this vehicle type. This segment’s growth is predicted to accelerate during the projection period due to the high volume of this vehicle type being manufactured.

by Vehicle Type

Passenger Car

Commercial Vehicle

by Motor Type

Axial Flux Motor

Radial Flux Motor

By Motor Type, the Axial Flux Motor segment has the biggest market share and is predicted to increase at a CAGR of xx% throughout the forecast period. Because of its high torque density, efficiency, and power factor, the Permanent Magnet (PM) motor has found several industrial applications and has emerged as a hotspot in power electronics drive technology. Recently, PM machine topologies have primarily been classified as radial flux PM machines or axial flux PM machines.

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In Wheel Motor Market Competitive Landscape:

1. General Motors (US)

2. Tesla (US)

3. The Orbis Ring Drive Wheel (US)

4. ORBIS Wheels, Inc. (US)

5. BYD Motors LLC (US)

6. DANA TM4 INC. (Canada)

7. YASA Limited (UK)

8. PMW Dynamics (UK)

9. Protean Electric (UK)

10.ECOmove GmbH (Germany)

11.Bayerische Motoren Werke AG (Germany)

12.Volkswagen AG (Germany)

13.Schaeffler AG (Germany)

14.Ziehl-Abegg SE (Germany)

15.ELAPHE LTD. (Slovenia)

16.GEM motors d.o.o. (Slovenia)

17.NSK Ltd. (Japan)

18.NTN Corporation (Japan)

19.Toyota Motor Corporation (Japan)

20.TAJIMA MOTOR CORPORATION (Japan)

21.Nissan Motor Corporation (Japan)

22.Honda Motor Co., Ltd. (Japan)

23.HYUNDAI MOTOR GROUP (South Korea)

In Wheel Motor Market Regional Insights

The study examines domestic aspects to analyse the state of the In Wheel Motor market in several countries across North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The In Wheel Motor market is finely split into four well-defined regions, allowing for a thorough grasp of demand composition and the constantly changing elements in each geographical location.

Key questions answered in the In Wheel Motor Market are:

• What is In Wheel Motor?
• What was the In Wheel Motor Market size in 2023?
• What is the growth rate of the In Wheel Motor Market?
• Which are the factors expected to drive the In Wheel Motor Market growth?
• What are the upcoming opportunities and trends for the In Wheel Motor Market?
• Who are the leading companies and what are their portfolios in In Wheel Motor Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the In Wheel Motor Market?
• Who are the key players in the In Wheel Motor Market?
• What are the different segments of the In Wheel Motor Market?
• Which is the fastest growing region in the In Wheel Motor Market?
• What growth plans are the players exploring for increasing their presence in In Wheel Motor?
• What is the CAGR at which the In Wheel Motor Market will grow over the predicted period?
• What segments are covered in the In Wheel Motor Market?

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