In-Wheel Motor Market worth $4,395 million by 2026 — Exclusive Report by MarketsandMarkets™
In Wheel Motor
Improved vehicle fuel efficiency, high torque, increased power, and provision of better vehicle handling are some of the factors that are set to drive the growth of the in-wheel motor market by 2026. The global In-Wheel Motor Market shows significant growth and is projected to grow at a CAGR of 40.3% during the forecast period to reach USD 4,395 million by 2026 from an estimated USD 808 million in 2021.
An in-wheel motor is an electric drive system for battery electric vehicles, hybrid electric vehicles, plug-in hybrids, and battery electric light-duty vehicles. It is designed for various vehicles such as sedans, SUVs, pickup trucks, and commercial vans. It can fit into any vehicle, with wheel size between 18 and 24 inches.
According to MarketsandMarkets analysis, the in-wheel motor market, by volume, is estimated to reach 507,121 units in 2021, and this number is projected to grow at a CAGR of 41.8% during the forecast period. The major factors driving this growth are increasing EV sales, investments by OEMs, and in-wheel motor providers.
The growth of the in-wheel motor market is directly proportional to the growth of electric vehicle sales. Electric vehicle sales are increasing globally, especially in countries such as Japan, China, Germany, France, Netherlands, Norway, the UK, and the US. These countries with favorable government policies, incentives, and infrastructure investments account for more than 90% of the world’s EV sales.
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The in-wheel motor market in China is estimated to be the largest during the forecast period because of several measures adopted by the Chinese government for the promotion of EVs. China’s growing dependence on imported oil and increasing pollution in the congested urban areas have forced the Chinese government to promote EVs in the country.
Increase in sales of the electric vehicles will lead to the increase in sales of the in-wheel motor as only EVs are equipped with in-wheel motors. For instance, Protean Electric, which is known for its In-wheel motors, has formed a joint venture with Weifu High-Technology Group in China in 2018, and the company will try to commercialize its ProteanDrive Pd18 motors on a larger scale.
The Europe region is the second largest in-wheel motor market after Asia-Pacific. Elaphe, one of the major players in the In-wheel motor markets is tapping on opportunities across globe. For instance, Elaphe entered a licensing deal with Lordstown Motors, an American EV manufacturer. The company will supply its Model L-1500 Endurance In-Wheel Motor which will be used in the Lordstown Endurance pickup.
Additionally, several initiatives by governments and policymakers are expected to boost the demand for electric vehicles in the region, which in turn would boost the demand for in-wheel motors.
Key Market Players:
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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