The automotive in-wheel motors market is expected to be valued at around US$ 2.93 billion by the end of 2023. The automotive in-wheel motors market is predicted to increase at a 19.5% CAGR to be worth US$ 17.457 Billion by 2033.
The automotive in-wheel motors business is expected to witness significant growth in the coming years. Advancements in electric vehicle technology and the need for improved vehicle performance and efficiency are escalating the demand for automotive in-wheel motors. They offer benefits such as enhanced maneuverability, regenerative braking, and space savings.
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Technology Advancements Propelling the Automotive In-Wheel Motors Market:
Initiatives from the Government
The increase in government measures aimed towards the automotive industry, whether through advertising and promotions or through the application of rules. These initiatives encourage customers to focus on robust safety a solution, which boosts the market even further.
The expansions of the automotive sector, higher investment, and increased disposable income all have a favorable impact on the automotive in-wheel motors market.
Increased Vehicle Manufacturing
One of the primary factors driving the growth of the automotive in-wheel motors market is the increase in consumer demand for high-performance and dependability of automobiles. The increased demand for these improved automobiles drives up vehicle production.
Sales of Electric Vehicles (EVs)
The global surge in electric vehicle (EV) sales is propelling the electric vehicle market forward. Due to increased environmental consciousness, customer preference is fast shifting towards passenger and commercial electric vehicles (EVs).
Hindering Maintenance and Repair of Automotive In-Wheel Motors
The expensive expense of automotive in-wheel motors technology makes its wider implementation difficult. The intricacy of incorporating in-wheel motors into existing car designs and production processes creates additional challenges. The automotive in-wheel motors maintenance and repair infrastructure is also limited, limiting market expansion.
Concerns about the longevity and reliability of in-wheel motors, particularly in extreme weather and off-road applications, cause potential purchasers to be skeptical. These constraints, taken together, restrict the market’s quick expansion for automotive in-wheel motors.
Expanding Market Horizons for Automotive In-Wheel Motors
The automotive industry is seeing increased interest in automotive in-wheel motors, which presents good potential for market participants. Automotive in-wheel motors provide various benefits, including greater vehicle dynamics, increased energy efficiency, and lower pollutants. The market is expanding because of rising demand for electric and hybrid vehicles and motor technology developments.
The incorporation of modern control systems and regenerative braking capabilities improves market prospects. The automotive in-wheel motors industry is positioned for significant growth in the future years, thanks to continued research and development activities and cooperation between automakers and technology providers.
Regional Assessment of the Wheel Motors Industry:
Asia Pacific owns the leading market share of the worldwide market and is likely to continue to dominate during the forecast period. China, among other nations in the area, has the highest output of electric vehicles due to large government subsidies for electric vehicle manufacturing and an increase in imports and export. This has had an impact on the increase in electric vehicle sales in the United States.
Indian market is anticipated to expand during the forecast period due to the country’s use of renewable energy sources. Businesses are making significant investments in the creation of electric automobiles. As a result, the automotive in-wheel motors market to eventually grow and raise the percentage of electric vehicles on the road.
Key Takeaways from the Automotive In-Wheel Motors Market Report:
- The United States might increase its market share by 20.1% between 2023 and 2033.
- Between 2023 and 2033, Germany may hold 6.3% of the automotive in-wheel motors industry.
- Japan’s share of the automotive in-wheel motors industry could reach 6.9% between 2023 and 2033.
- Australia to hold a 0.3% share of the automotive in-wheel motors market from 2023 to 2033.
- During the forecast period, the Chinese automotive in-wheel motors business to expand at a CAGR of 22.1%.
- From 2023 to 2033, the United Kingdom automotive in-wheel motors industry registered at a 15.8% CAGR.
- Through 2033, the Indian automotive in-wheel motors market to record a CAGR of 23%.
- The radial flux motor segment to acquire a substantial market share of 79.7% in the product type category between 2023 and 2033.
- The BEV sector to grab a significant automotive in-wheel motors market share of 73% in the technology category between 2023 and 2033.
Competitive Landscape:
The competitive outlook of the automotive in-wheel motors market is highly promising and competitive. Key automotive in-wheel motors manufacturers are investing in research and development activities to enhance their product offerings and gain a competitive edge. The market is witnessing increased adoption of automotive in-wheel motors technology, driving competition among manufacturers to capture a larger market share.
Leading Key Players:
- Protean Electric
- Elaphe
- ZIEHL-ABEGG
- Printed Motor Works
- NTN
- TM4
- HEINZMANN GmbH & Co. KG
- YASA Limited
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Automotive In-Wheel Motors Market Segmentation:
By Product Type:
- Axial Flux Motor
- Radial Flux Motor
By Technology:
- BEV
- HEV
- PHEV
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
By Cooling:
- Air Cooled
- Liquid Cooled
By Region:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific
- Middle East Africa
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