Delvens published a new research publication on "In Wheel Motor market Insights, to 2030" with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the In Wheel Motor market was mainly driven by the increasing R&D spending across the world.
The global In Wheel Motor market size was estimated at USD 1.4 billion in 2023 and is projected to reach USD 8.7 billion in 2030 at a CAGR of 30% during the forecast period 2024-2030.
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In the design and development of in-wheel motors, a meticulous process ensures they meet customer requirements, focusing on dimensions, technology, working conditions, battery capacity, cooling type, vehicle type, and applications. The initial design phase determines the layout, components, material type, size, and shape. A prototype is then developed and rigorously tested. High-quality raw materials like silicon steel, copper, and aluminium are crucial for longevity and efficiency. Components such as rotors, stators, and protective covers are assembled according to finalized designs. Quality checks follow assembly, ensuring compliance with performance standards. The finished products are then distributed through various channels to individual buyers, fleet owners, logistics providers, and government organizations.
The Delvens expert opinion on the in-wheel motor market highlights the importance of the detailed design and development stages, which are crucial for delivering high-performance, reliable products. The selection of high-quality raw materials and precise assembly ensures the motors' efficiency and lifespan. The market's primary end users rely heavily on these factors, along with working conditions, specifications, and cost, to make informed purchasing decisions. This comprehensive approach to in-wheel motor production underscores the sector's commitment to advancing electric vehicle technology and meeting diverse customer needs.
Companies Profiled:
Nevs (Protean Electric), Printed Motor Works, Ziehl-Abegg, Elaphe, Schaeffler, Nsk Ltd., Ecomove, Tajima Ev, Yasa, Ntn, E-Traction, Tm4, Gemmotors, General Motors, Tesla, Ford Motor Company, Volkswagen, Bmw, Daimler, Volvo, Mitsubishi Motors, Toyota, Honda, Hyundai, Nissan and More
Key Findings
· On the basis of Propulsion, The Global In-Wheel Motor Market is segmented into Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Fuel Cell Electric Vehicles (FCEVs) based on application. The BEV segment is projected to achieve the highest Compound Annual Growth Rate (CAGR) and dominate market share during the forecast period. BEVs are powered by chemical energy stored in rechargeable battery packs, using motor controllers instead of internal combustion engines. They are energy efficient, produce fewer greenhouse gases, and have gained significant traction, particularly in the U.S., due to advancements in battery capacity and reduced charging times.
· On the basis of Cooling, In the Global In-Wheel Motor Market, air cooling and liquid cooling are key segments based on application. The liquid cooling segment is projected to have the highest compound annual growth rate (CAGR) and dominate market share during the forecast period. This method is prevalent among electric vehicles, where water circulates through a jacket in the housing to exchange heat. Liquid cooling offers better cooling uniformity and lower system costs compared to oil cooling, although its overall cooling performance is less effective than that of oil cooling.
· On the basis of Power Output, The Global In-Wheel Motor Market is segmented by output power into 60 kW, 60–90 kW, and above 90 kW. The 60–90 kW segment is anticipated to have the highest CAGR and dominate the market share during the forecast period. This power range is the most widely used in in-wheel motors. For example, the M700 motor by Elaphe, designed to fit inside a standard 15- or 16-inch rim, delivers over 700 Nm of peak torque, 75 kW of peak power, and 50 kW of continuous power for various passenger cars. Other notable companies in this segment include Printed Motor Works, NTN Corporation, and Protean Electric.
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The global In-Wheel Motor Market is experiencing significant growth driven by the rising demand for enhanced electric vehicle (EV) performance, increased driving range, and reliability. In-wheel motors, which are electric motors mounted directly on the wheels, offer several advantages that make them an attractive choice for EV manufacturers. By directly powering the wheels, these motors reduce the distance power needs to travel, increasing efficiency and improving the driving experience.
Asia pacific to Dominate the Market
Asia Pacific is projected to be the largest market for in-wheel motors, fuelled by the rapid increase in EV sales in countries like Japan and China. Leading companies such as Protean Electric and Elaphe are enhancing their presence in China due to its significant EV market. Europe is anticipated to show substantial growth, becoming the second-largest market, driven by strong EV sales in Germany, the UK, and Nordic countries. Europe also hosts numerous in-wheel motor manufacturers, further supporting market expansion.
Recent Developments
In June 2021, Local Motors and Protean Electric extended their partnership with a new three-year agreement worth USD 7.3 million. This deal ensures Protean Electric will supply its ProteanDrive in-wheel motors for Local Motors' Olli 2.0, the electric autonomous shuttles. This collaboration aims to enhance the performance and efficiency of these innovative autonomous vehicles.
In June 2021, e-Traction partnered with ViriCiti to accelerate the adoption of electric buses by leveraging the advanced Motion 2.0 drivetrain. This collaboration aims to enhance the efficiency and performance of electric buses, promoting sustainable transportation solutions.
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