In Wheel Motor Market: Current Analysis and Forecast (2023-2030)
Emphasis on Propulsion (Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Electric Vehicle); Vehicle Type (Passenger Cars and Commercial Vehicles); and Vehicle Class (Mid-Priced and Luxury); Cooling Type (Air Cooling and Liquid Cooling); Power Output (Up to 60 KW, 60-90 KW, and Above 90 KW); Weight (Less than 20kg, 20kg to 30k, and More than 31kg); Region/Country.
In wheel Motor Market was valued at USD 0.7 billion in 2022 & is expected to grow at a CAGR of 35.0% from 2023-2030. Moreover, In-wheel motors are a sustainable solution for electric propulsion, as they are powered by clean energy sources such as electricity from the grid or renewable energy sources like solar or wind power. This makes them an attractive option for environmentally conscious consumers. For instance, NIO: In 2020, NIO announced that it had started mass-producing its in-wheel motors for use in its electric vehicles. The company claimed that its in-wheel motors provide improved efficiency and performance, as well as a more spacious and comfortable cabin.
Some of the major players operating in the market include ECOmove GmbH; Elaphe Propulsion Technologies Ltd.; Saietta Group; Lordstown Motors; MW Motors; NTN Corporation; Schaeffler AG; NSK Ltd.; Nissan Motor Co., Ltd.; and ZIEHL-ABEGG SE. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst vehicle type, the commercial vehicle segment held a significant growth in the market in 2022.”
By vehicle type, the market is characterized by passenger cars and commercial vehicles. Amongst these, the i commercial vehicles segment held significant growth because of increasing demand for commercial vehicles with better fuel efficiency and lower emissions: The commercial vehicle market is increasingly focused on improving fuel efficiency and reducing emissions. Wheel motors can help to improve the efficiency of commercial vehicles by reducing friction and increasing the efficiency of the drivetrain.
“Amongst cooling type, the liquid cooling segment held a significant growth in the market in 2022.”
By cooling type, the market is bifurcated into air cooling and liquid cooling. Among these, the aftermarket held a significant growth of the market of the in-wheel motor market in 2021. The significant growth of the aftermarket can be attributed to the electric vehicles requiring high-performance drivetrains to meet the demands of modern driving. Liquid cooling is an effective way to dissipate the heat generated by high-performance electric motors, and its demand is expected to increase as the adoption of high-performance electric vehicles grows.
“Europe held significant growth in the in-wheel motor market in 2022.”
The European Union has set ambitious targets for reducing carbon emissions and increasing the use of clean energy, which has led to a growing demand for electric and hybrid vehicles. Wheel motors are an essential component of these vehicles, and their demand is expected to increase as the adoption of electric and hybrid vehicles grows. The European Union is also focused on improving fuel efficiency and reducing emissions in the commercial vehicle market. Wheel motors can help to improve the efficiency of commercial vehicles by reducing friction and increasing the efficiency of the drivetrain. For instance, in 2019, Magna International announced that it had developed a new in-wheel motor technology called the “Magna Powertrain Wheel”. The company claimed that this technology would improve the efficiency and performance of electric vehicles, as well as reduce their weight and cost.
In Wheel Motor Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global in wheel motor market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the In Wheel Motor Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global in wheel motor market were the three major steps undertaken to create and analyze the adoption of in wheel motor in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global in wheel motor market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the in wheel motor market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the in wheel motor market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, technology, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the in wheel motor market. Further, we conducted factor analysis using dependent and independent variables such as product, technology, and end-users of the in wheel motor market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the in wheel motor market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global in wheel motor market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the in wheel motor market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global in wheel motor market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global in wheel motor market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global in wheel motor market.
The main objective of the Global In Wheel Motor Market Study
The current & future market trends of the global in wheel motor market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the in wheel motor market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of propulsion, vehicle type, vehicle class, cooling type, power output type and weight.
- Define and analysis of the regulatory framework for the in wheel motor
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the in wheel motor market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the in wheel motor market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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