With the increasing use of in-wheel motors in providing high power output for vehicles with enhanced efficiency, the global in-wheel motor market is expected to grow at a CAGR of 27.10% till 2028.
As per the latest report by Research Dive titled - In-wheel Motor Market, by vehicle type, propulsion, distribution channel and regional analysis - Global Opportunity Analysis and Industry Forecast, 2021-2028, the global in-wheel motor market is estimated to generate a revenue of $4.12 billion by 2028.
The growing demand for installing in-wheel motors close to each drive wheel to reduce the time lag associated with the rotation and control them more precisely is expected to foster the in-wheel motor market growth over the forecast timeframe. Moreover, the increasing adoption of electric in-wheel motors across developing economies, owing to the growing demand for low-emission vehicles, is expected to create expansive growth opportunities for the market during the estimated period. However, the reduction in the production of vehicles worldwide may impede the market's growth throughout the forecast period, the report said.
The outbreak of the COVID-19 pandemic has devastated the in-wheel motor market, likewise other several industries, primarily because of the stringent lockdowns and strict transportation restrictions imposed by the Governments of various nations to control the spread of the virus. This further affected the automobile industry for new vehicle sales and transportation of raw materials. Furthermore, the reduction in utilisation of commercial vehicles due to decreased mobility all across the globe has badly impacted the growth of the market during the period of pandemics.
According to Research Drive, the passenger vehicles sub-segment is predicted to be the most lucrative and is expected to generate a revenue of $3.28 billion during the estimated timeframe. The growing demand for environment-friendly mobility options and the rising utilisation of electric cars in the passenger vehicles category are the factors expected to bolster the growth of the in-wheel motor market sub-segment over the forecast period.
Some of the major players in the in-wheel motor market include Elaphe Propulsion Technologies, NSK, Schaeffler Technologies, GEM Motors, NTN Corporation, Lordstown Motors Corporation, Ziehl-Abegg SE, Tesla, Protean Electric and Printed Motor Works.
By propulsion type, the battery electric vehicle sub-segment is expected to be most productive and is predicted to generate a revenue of $1.9 billion during the analysis timeframe. In addition, the increasing electrification of commercial vehicles due to their cost-effectiveness and the potential to carry heavy loads is further expected to amplify the growth of the in-wheel motor market sub-segment.
In terms of distribution channel, the original equipment manufacturer sub-segment is projected to be most profitable and is expected to garner a revenue of $3,041.00 million during the forecast period, the report said. In addition, the increasing production of vehicles and the growing importance of fuel efficiency are expected to amplify the growth of the market sub-segment during the analysis period.
According to Research Drive, the Asia-Pacific in-wheel motor market is expected to hold the maximum share of the market and is predicted to generate a revenue of $ 1.68 billion over the estimated timeframe. The growing urbanisation and rising demand for eco-friendly mobility solutions in developing countries of this region are predicted to boost the regional growth of the market during the forecast period.
Courtesy: Research Dive. Photo is representational; courtesy: NSK.