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.
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. Moreover, integrating power electronics into the system simplifies the vehicle's design, reducing the number of parts, complexity, and costs associated with production.
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A key driver for the market is the capability of in-wheel motors to enhance vehicle performance to levels comparable to traditional Internal Combustion Engine (ICE) vehicles. This performance parity is crucial for the broader adoption of EVs as consumers expect similar or superior driving experiences compared to conventional vehicles.
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.
Prominent Players
· 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
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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.
The In Wheel Motor Market Segmentation:
Based on Propulsion
· BEV
· FCEV
· HEV
· PHEV
Based on Cooling
· Air-cooled
· Liquid-cooled
Based on the Power Output
· Up to 60 KW
· 60–90 KW
· Above 90 KW
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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