In-Wheel Motor Market

Market Leaders - In-Wheel Motor Market

The global in-wheel motor market is projected to grow at a CAGR of 40.3% during the forecast period to reach USD 4,395 million by 2026 from an estimated USD 808 million in 2021. The base year for the report is 2020, and the forecast period is from 2021 to 2026. The growth of the in-wheel motor market is driven by increased performance, driving range, reduced weight, reliability, and provision for improved electric vehicle performance similar to Internal Combustion Engine (ICE) vehicles. Additionally, it can reduce vehicle part count, complexity, and cost by integrating power electronics into the system. The system can also be combined with regenerative braking to enhance performance and increase distance coverage per charge.

Agreements, partnerships, collaborations, and joint ventures were the most dominant strategies adopted by key market players to achieve growth in the in-wheel motor market. Automobile manufacturers such as Protean Electric (US), Elaphe (Solvenia), ZIEHL-ABEGG (Germany), Printed Motor Works (Hampshire), and NTN (Japan) are the major companies that adopted these strategies. For instance, in April 2018, NTN developed the air-cooled in-wheel motor driving system and vehicle motion control system. It would provide technical support to the FSAT, which in turn will produce lightweight New Energy Vehicles (NEVs) that adopt the in-wheel motor driving system.

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New product launches and developments were the second most dominant strategies adopted by the automotive in-wheel motor market players to cater to the growing demand from customers. NTN (Japan), Elaphe (Solvenia), Schaeffler (Germany), NSK (Japan), and ECOmove (Germany) were the auto OEMs that have adopted these strategies. In January 2019 Hanseatische Fahrzeug Manufaktur (HFM) partnered with Elaphe to use in-wheel motors developed by Elaphe for its autonomous electric vehicle platform “Motionboard”. In May 2018, Elaphe launched the second-generation Elaphe L1500 in-wheel motor at the Electric & Hybrid Vehicle Technology Expo show.

Protean is one of the leading players of the global in-wheel motor market. The company is continuously delivering innovative technologies for in-wheel motors. Additionally, it is known for the high rate of innovation in in-wheel motors.

Another important player in the industry is Elaphe, which is the second largest player of the in-wheel motor market, followed by ZIEHL-ABEGG, Printed Motor Works, and NTN. Elaphe’s motor uses electromagnetic topology, which integrates new solutions into in-wheel motors. The main advantages of Elaphe’s in-wheel motors are high torque capability, high efficiency, and efficient cooling.

Related Reports:

In-Wheel Motor Market by Propulsion (BEV, HEV, PHEV & FCEV), Vehicle Type (PC & CV), Motor (Axial & Radial), Cooling (Air & Liquid), Power Output (Up to 60 kW, 60-90 kW & Above 90 kW), Vehicle Class, Motor Weight, and Region - Global Forecast to 2026

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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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USA : 1-888-600-6441
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Report Code
AT 6559
RI Published ON
10/28/2021
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