The global in-wheel motor market is expected to see striking growth by 2028, owing to the scope of improving fuel efficiency of the vehicles. The Asia-Pacific region is predicted to have wide growth opportunities during the forecast period.
NEW YORK, June 6, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, “In-wheel Motor Market, by Vehicle Type (Passenger Vehicles and Commercial Vehicles), Propulsion Type (Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle), Distribution Channel (Original Equipment Manufacturer and Aftermarket), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028.”
According to the report, the global in-wheel motor market is estimated to generate a revenue of $4,120.60 million and rise at a noteworthy CAGR of 27.10% over the forecast timeframe from 2021 to 2028.
Dynamics of the In-wheel Motor Market
With the increasing use of in-wheel motors in providing high power output for the engines with enhanced fuel efficiency, the market is expected to experience a remarkable growth during the analysis period. Besides, the growing demand for the installation of in-wheel motors close to each of the drive wheels to reduce the time lag associated with the rotation and control the 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 the factor 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 growth of the market throughout the forecast period.
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Covid-19 Impact on the In-wheel Motor Market
The outbreak of the COVID-19 pandemic has devastated the in-wheel motor market, likewise other several industries. This is mainly 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 utilization of commercial vehicles due to decreased mobility all across the globe has badly impacted the growth of the market during the period of pandemics.
Segments of the In-wheel Motor Market
The report has divided the in-wheel motor market into segments based on vehicle type, propulsion type, distribution channel, and region.
- By vehicle type, the passenger vehicles sub-segment is predicted to be the most lucrative and is expected to generate a revenue of $3,284.30 million during the estimated timeframe. The growing demand for environment-friendly options of mobility and the rising utilization 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.
- By propulsion type, the battery electric vehicle sub-segment is expected to be most productive and is predicted to generate a revenue of $1,910.90 million during the analysis timeframe. The increasing installation of battery vehicle engines in 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 over the estimated period.
- By 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 increasing production of vehicles along with the growing importance of fuel efficiency is expected to amplify the growth of the market sub-segment during the analysis period.
- By region, 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 $1,682.40 million over the estimated timeframe. The growing urbanization and rising demand for eco-friendly mobility solutions in developing countries of this region is predicted to boost the regional growth of the market during the forecast period.
Key Players of the In-Wheel Motor Market
The major players in the in-wheel motor market include
- Elaphe Propulsion Technologies Ltd
- NSK LTD
- Schaeffler Technologies AG & Co. KG
- GEM Motors d.o.o.
- NTN Corporation
- Lordstown Motors Corporation
- Ziehl-Abegg SE
- Tesla, Inc.
- Protean Electric
- Printed Motor Works
These players are working on the development of new business strategies and tactics to obtain the leading position in the global industry.
For instance, in September 2021, Saietta Group, a leading UK-based global motor design, and manufacturing organization announced its collaboration with Electric Assisted Vehicles (EAV), a renowned provider of last-mile transport solutions specifically for evolving urban environments. With this collaboration, the companies are aiming to promote eco-friendly mobility solutions within congested towns to reduce harmful emissions to the atmosphere.
Furthermore, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic developments.
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