PUBLISHER: Global Insight Services | PRODUCT CODE: 1624271
PUBLISHER: Global Insight Services | PRODUCT CODE: 1624271
The in-wheel motor market is poised to expand from $2.8 billion in 2023 to $10.5 billion by 2033, driven by a robust CAGR of 14.0%.
The In-Wheel Motor Market encompasses the industry dedicated to the development, production, and integration of motors directly within the wheels of electric vehicles. This market includes advanced technologies that enhance vehicle efficiency, performance, and design flexibility. As a pivotal component in electric mobility, in-wheel motors offer benefits such as reduced weight, improved space utilization, and enhanced driving dynamics, supporting the global shift towards sustainable transportation solutions.
The in-wheel motor market is witnessing robust growth, propelled by the rising demand for electric vehicles and advancements in automotive technology. The passenger vehicle segment is the top-performing segment, driven by consumer preference for eco-friendly and efficient transportation solutions. The commercial vehicle segment follows as the second-highest performing, with logistics and delivery services seeking sustainable alternatives.nnRegionally, Europe leads the market, attributed to stringent emission regulations and substantial investments in electric mobility infrastructure. North America is the second most lucrative region, benefiting from technological innovations and supportive government policies. Within Europe, Germany stands out due to its strong automotive industry and commitment to electric vehicle adoption. In North America, the United States is the frontrunner, supported by a robust automotive sector and increasing consumer awareness of sustainable practices. The market is poised for further expansion as technological advancements continue to enhance the efficiency and appeal of in-wheel motor systems.
In 2023, the In-Wheel Motor Market was characterized by a dynamic landscape with a market volume of approximately 5 million units. The electric vehicle (EV) segment commands a dominant market share of 55%, driven by the increasing adoption of electric mobility solutions. Hybrid vehicles follow with a 30% share, while conventional vehicles account for the remaining 15%. This distribution reflects a growing consumer inclination towards sustainable transportation options. Key players such as Protean Electric, Elaphe Propulsion Technologies, and NTN Corporation are at the forefront, leveraging technological advancements to enhance vehicle efficiency and performance.
Protean Electric, Elaphe Propulsion Technologies, Ziehl- Abegg, Schaeffler, YASA Limited, e- Traction, Nidec Corporation, Komatsu, Printed Motor Works, Heinzmann GmBH, Zhongshan Broad- Ocean Motor, Taizhou Quanshun Motor, Saietta Group, GKN Automotive, Lordstown Motors, Aisin Seiki, AMZ- Kutno, e- Traction Europe, Qineti Q, TECO Electric
International Energy Agency, European Commission - Mobility and Transport, U.S. Department of Energy - Vehicle Technologies Office, National Renewable Energy Laboratory, Japan Automobile Manufacturers Association, International Transport Forum, World Electric Vehicle Association, Society of Automotive Engineers International (SAE), IEEE Transportation Electrification Community, United Nations Economic Commission for Europe - Sustainable Transport Division, Fraunhofer Institute for Systems and Innovation Research, The World Bank - Transport, International Council on Clean Transportation, American Society of Mechanical Engineers, Electric Vehicle Symposium (EVS), International Electric Vehicle Conference (IEVC), Advanced Automotive Battery Conference (AABC), International Conference on Electric Vehicles and Green Mobility, European Battery, Hybrid and Fuel Cell Electric Vehicle Congress (EHFC), Battery Show Europe.
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