How Big Is The In-Wheel Motor Market?
The global in wheel motors market is projected to reach $28076.64 million by 2030, registering a CAGR of 32.31% from 2022 to 2030.
The increasing demand for electric vehicles (EVs) is the primary driver of the growth of the in-wheel motor market. In-wheel motors offer several advantages over traditional electric motors, such as improved performance, efficiency, and vehicle range. They also free up space in the vehicle chassis, which can be used for other purposes such as battery storage or passenger seating.
The Asia Pacific region is expected to be the fastest-growing in-wheel motor market during the forecast period. This is due to the increasing adoption of EVs in the region, particularly in China and India.
Some of the key players in the global in-wheel motor market include:
· Protean Electric
· Elaphe
· REE Automotive
· Hubner
· Hiwin Technologies
· Nidec Corporation
· Denso Corporation
· BorgWarner
What are the benefits of in-wheel motors?
In-wheel motors offer a number of benefits over traditional electric motors, including:
· Improved performance: In-wheel motors can deliver torque directly to the wheel, eliminating the need for a transmission. This results in better acceleration and handling.
· Improved efficiency: In-wheel motors are more efficient than traditional electric motors because they eliminate the energy losses associated with the transmission and drivetrain.
· Increased vehicle range: The improved efficiency of in-wheel motors can lead to an increase in vehicle range.
· Reduced packaging constraints: In-wheel motors free up space in the vehicle chassis, which can be used for other purposes such as battery storage or passenger seating.
· Improved vehicle dynamics: In-wheel motors can be used to independently control the torque at each wheel. This can improve vehicle stability and handling, especially in challenging conditions such as slippery roads or tight corners.
In addition to these benefits, in-wheel motors are also more scalable than traditional electric motors. This means that they can be used in a wider range of vehicles, from small passenger cars to large commercial vehicles.
Overall, in-wheel motors offer a number of advantages over traditional electric motors. They can improve vehicle performance, efficiency, range, and dynamics. They also free up space in the vehicle chassis and are more scalable.
However, there are also some challenges associated with in-wheel motors. One challenge is the cost. In-wheel motors are currently more expensive than traditional electric motors. Another challenge is the unsprung mass. In-wheel motors add weight to the wheel, which can reduce ride quality and handling.
What is the in-wheel motor configuration?
The in-wheel motor configuration is a type of electric vehicle (EV) drive system where the electric motors are located inside the wheel hubs. This eliminates the need for a traditional drivetrain, which includes the transmission, driveshaft, and differential.
There are two main types of in-wheel motor configurations:
· Direct drive: In a direct drive configuration, the electric motor is directly coupled to the wheel. This is the simplest and most efficient type of in-wheel motor configuration, but it is also the most expensive.
· Geared drive: In a geared drive configuration, the electric motor is coupled to the wheel through a gearbox. This reduces the cost and weight of the in-wheel motor system, but it also reduces efficiency and increases complexity.
The In-wheel Motors Market enhances the fun and intuitiveness of the driving experience. As per the market report, the market has an estimated 6% CAGR of growth during the forecast period. The in-wheel motors are designed to provide the right engagement in the different wheels that improve the market’s stability and handling. This increases the improved efficiency of the vehicle and minimizes the propulsion system.
In-wheel motors are a kind of electric motors installed on the wheels of electric vehicles. These motors play an important role in better performance. The in-wheel motors installed in the electric vehicles deliver direct power to the wheel. It is used to receive a good accelerator response. The introduction of in-wheel motors to the market brings the driving more aligned.
It is essential to understand the torque delivered by the motor at each instant is critical. Moreover, the additional mass of the vehicle, road shocks, and higher cost are some of the major factors which keep the market at a high pace. There are certain complications also which hamper the growth of the market. But because of the collaborative steps of the market researchers and the experts, growth is possible in the market. There are certain factors like high demand for safety, convenience, rising demand for electric vehicles, and safety regulations that the government passes to help the industry grow. Many people are using electric vehicles, and maintaining that, they use in-wheel motors. This factor brings lucrative opportunities which supplement the growth of In-wheel Motors Market.
Market segmentation:
The global In-wheel Motors Market is segmented into different segments: propulsion type, vehicle class, vehicle type, cooling type, weight, power output type, and region. The market has been segmented into hybrid electric vehicles, battery electric vehicles, and plug-in hybrid electric vehicles based on propulsion type.
The global In-wheel Motors Market has been segmented into passenger cars and commercial vehicles based on vehicle type. Simultaneously By vehicle class, the market has been classified into mid-priced and luxury. The market has segmented the cooling type into air cooling and liquid cooling. When it comes to power output, the market has classified into 60 KW, 60–90 KW, and above 90 KW, and based on weight; it is divided into the 20 kg, 20 kg to 30 kg, and more than 31 kg.
Regional analysis:
Based on the region, the market has segmented into North America, Asia-Pacific, Europe, and LAMEA. Among Europe, the region holds the largest market share and has the chance of respective growth at the end of the forecast period. Moreover, the Asia Pacific is expected to register growth, followed by the European region. The reason is the changing interest among people and the advancements in the market, which is shifting the region by region. Due to the collaborative decisions and steps of the key players of In-wheel Motors Market size, the industry will reach its expected growth.
Industry News:
The recent panel presentation at EVS29 in Montreal decided to upgrade the in-wheel motor market. The discussion is all about the wireless version of in-wheel motors. The University of Tokyo is working on this, and soon, they will share the updates.
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