In-wheelMotors Industry Analysis:
The global in-wheelmotors market size will develop at a 20% CAGR between the forecast period 2018-2023, according to the new Market Research Future (MRFR) analysis. In-wheelmotors are a form of electric vehicle driven system. The motors are mounted onthe wheel directly to energize the wheel directly via supplying the torque tothe associated tires.
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Various factors arepropelling the global in-wheelmotors market share. According to the recent MRFR market estimates, suchfactors include innovations in vehicle development, latest vehicle dynamics,autonomous driving, advances in-wheel motor technology, rising production ofelectric cars, increasing penetration in EVs, increasing environmentalawareness such as noise and air pollution, degradation of naturally occurringresources, and global warming, stringent emission regulations, the growingpopularity of energy-efficient products, and implementation to reduce vehicleweight by deducting the space that the machines occupy.
On the contrary, anincrease in unsprung weight in wheel, high price, complex speed wheel, and theon-going COVID-19 pandemic are factors that may deter the global in-wheelmotors market growth in the region.
MarketSegmentation
The MRFR reporthighlights an inclusive segmental analysis of the global in-wheel motors marketbased on cooling type, vehicle type, power output, and motor type.
By motor type, theglobal in-wheel motorsmarket is segmented into outer rotor typeand inner rotor type.
By power output, theglobal in-wheel motors market is segmented into above 90 KW, 50-90 KW, and upto 50 KW.
By vehicle type, theglobal in-wheel motors market is segmented into heavy commercial vehicles,light commercial vehicles, and passenger cars. Of these, the passenger carssegment will lead the market over the forecast period.
By cooling type, theglobal in-wheel motors market is segmented into liquid cooling and aircooling.
RegionalAnalysis
By region, thein-wheel electric motors market covers the growth opportunity and recent trendsacross Europe, North America, the Asia Pacific (APAC), & the Middle Eastand Africa (MEA). Of these, Europe will have the lion's share in the marketover the forecast period. Investments by top vehicle OEMs, and stringentemission norms and regulations are adding to the global in-wheel electricmotors market growth in the region.
In the APAC region, thein-wheel electric motors market is predicted to have healthy growth over theforecast period. Favorable government incentives and schemes, rising sales ofelectric cars, significant production of electric cars in Japan, China, andIndia, and the growing need for cost-effective and efficient alternatives forconventional cars are adding to the global in-wheel electric motors marketgrowth in the region.
In North America, thein-wheel electric motors market is predicted to have sound growth over theforecast period. Adoption of advanced technologies to make efficient andlightweight cars, rising investments by OEMs in the research and developmentdepartment to make in-wheel motors free from dirt and shocks, and capability toimprove car efficiency to eliminate mechanical components and reduce wear andtear are adding to the global in-wheel electric motors market growth in theregion.
In the Rest of theWorld, the in-wheel electric motors market is predicted to have admirablegrowth over the forecast period.
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KeyPlayers
Leading contendersprofiled in the global in-wheel motors market report include ECOmove GmbH(Germany), Protean Electric (US), NTN Corporation (Japan), Elaphe Ltd (Slovenia),ZIEHL-ABEGG (Germany), Printed Motors Works (UK), e-Traction B.V.(Netherlands), Tesla (US), Nissan Motors Corporation (Japan), and Schaeffler AG(Germany). Industry players have incorporated several strategies to remain atthe forefront and also cater to customers surging needs, such as mergers andacquisitions, partnerships and joint ventures, new product launches, andothers.
AboutMarket Research Future:
Market Research Future(MRFR) is a global market research firm that takes great pleasure in itsservices, providing a detailed and reliable study of diverse industries andconsumers worldwide. MRFR's methodology integrates proprietary information withdifferent data sources to provide the client with a comprehensive understandingof the current key trends, upcoming events, and the steps to be taken based onthose aspects.
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