According to a new market research report "In-wheel Motor Market by Propulsion (BEV, HEV, PHEV, and FCEV), Vehicle (PC and CV), Motor (Axial Flux and Radial Flux), Cooling (Air and Liquid), Power Output (Up to 60 KW, 60-90 KW, and Above 90 Kw), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the market is projected to grow at a CAGR of 35.02% from USD 322.8 million in 2018 to reach USD 2,641.1 million by 2025.
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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.
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. The market growth of in-wheel motors can be attributed to factors such as improved fuel efficiency, high torque, increased power, and better vehicle handling to both 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. BEVs were the most preferred vehicles in China in 2017. Countries such as the US, Canada, the UK, and Germany are focusing heavily on electric vehicles. 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.
Asia Pacific: Largest market for in-wheel motors
The Asia Pacific region is estimated to be the largest In-Wheel Motor Market in 2018 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 instance, 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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