USD 2072.27 million
In-Wheel Motors Market Size, Share, Growth Analysis, By Propulsion Type(Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plugin-Hybrid Electric vehicles), By Application(Passenger Vehicles, Commercial vehicles, Industrial Equipment), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG25A2133 |
Region:
Global |
Published Date: October, 2024
Pages:
253
|Tables:
63
|Figures:
75
In-Wheel Motors Market Insights
In-Wheel Motors Market size was valued at USD 9273.75 Million in 2023 and is poised to grow from USD 12593.75 Million in 2024 to USD 16352.36 Million by 2032, growing at a CAGR of 35.8% during the forecast period (2025-2032).
In-wheel motors are a specific kind of electric motor that is built into the wheels of electric cars to provide enhanced performance by directly driving the wheels. Traditional EVs had a single motor that drove all four wheels, but the advent of the in-wheel motor system allowed for the installation of separate motors that could be controlled independently. Vehicles with in-wheel motors have a quick acceleration response since the motor is mounted directly on the wheel. In addition, the introduction of in-wheel motors in electric vehicles improves driving alignment and boosts the fun and intuitiveness of driving. These are advanced systems that improve the driving experience and handling of the vehicles which is propelling the demand for in-wheel motors and driving the market growth during the analysis period.
US In-Wheel Motors Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Passenger Vehicles
Fastest Growth
Passenger Vehicles
Growth Rate
35.8% CAGR
Global In-Wheel Motors Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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In-Wheel Motors Market Segmental Analysis
The global in-wheel motors market is segmented based on propulsion type, application, and region. Based on propulsion type, the In-Wheel Motors Market is segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plugin-hybrid electric vehicles. Based on application, the In-Wheel Motors Market is segmented into passenger vehicles, commercial vehicles, and industrial equipment. Based on region, the global In-Wheel Motors market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
In-Wheel Motors Market Analysis by Application
In 2021, the passenger vehicle category accounted for the largest market share of the in-wheel motor market. Efficiency improvements, high torque, increased power, and superior vehicle handling has all contributed to the widespread adoption of in-wheel motors in modern passenger cars. Most electric car manufacturers are currently concentrating on increasing their vehicles' range, decreasing their vehicles' weight, and perfecting the vehicles' overall design. By installing motors into the wheels, EV manufacturers may maximize the use of available space and save wasted energy. Tier 1 firms are just as invested in enhancing the efficiency, range, comfort, and handling of EVs as the EV manufacturers themselves. Consequently, the market for passenger automobiles would continue to grow at a rapid clip over the anticipated time frame. Because of the greater need for power, in-wheel motors are more common in the commercial vehicles market. As a result, these subsegments are anticipated to have a higher rate of growth throughout the projected time frame.
Global In-Wheel Motors Market By Application, 2021 (%)
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In-Wheel Motors Market Regional Insights
In 2021 the Asia Pacific accounted for the largest market share of the global in-wheel motor market and is expected to dominate the market throughout the analysis period. The increasing demand for electric vehicles in nations like China, India, and Japan is the major reason for this dominance in the region. Since China has the largest EV market, major manufacturers like Protean Electric and Elaphe are working to establish a market there.
Due to the rising demand for electric vehicles, Europe is predicted to become the second largest market for in-wheel motors globally. Germany, the UK, and the Nordic countries are the primary market leaders in the European region. Market expansion is aided by the presence of many companies that produce in-wheel motors in the region which make it easy for supply chain establishment. These are some of the major factors that are driving the demand for the in-wheel motors market during the analysis period.
Global In-Wheel Motors Market By Geography, 2022 - 2028
- Largest
- Fastest
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In-Wheel Motors Market Dynamics
In-Wheel Motors Market Driver
The rapid expansion of the electric vehicle market is driving the demand in-wheel motor market.
- Rapid expansion of the electric vehicle market. Manufacturers throughout the world have been forced to increase the production of electric vehicles due to factors like rising demand for low emissions and government rules encouraging long-range, zero-emission vehicles through subsidies and tax refunds. The demand for electric vehicle parts and components is skyrocketing globally with the growing popularity of these vehicles. These are some of the major factors propelling the market growth.
In-Wheel Motors Market Restraint
Increasing unsprung weight and high cost can limit vehicle use of in-wheel motors that will retrain the in-wheel motor market growth.
- To improve ride quality, automakers reduce unsprung mass. In-wheel motors increase unsprung weight, hence reducing ride comfort. Increasing unsprung weight and high cost could limit vehicle use of in-wheel motors which will retrain the in-wheel motor market growth during the analysis period.
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In-Wheel Motors Market Competitive Landscape
The in-wheel motors market is relatively fragmented, with a high level of competition. Few large players, like Elaphe Ltd., Schaeffler AG, and Tesla Inc., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
In-Wheel Motors Market Top Player’s Company Profiles
- Ecomove GmbH
- NSK Ltd.
- Protean Electric
- Elaphe Propulsion Technologies
- Ziehl-Abegg
- Printed Motor Works
- NTN Corporation
- TM4 Inc.
- Schaeffler Technologies AG & Co. KG
- NSK-Warner Korea Ltd.
- NTN-SNR Roulements SA
- GEM motors d.o.o.
- TMC Mechatronics Co., Ltd.
- Yasa Limited
- Heinzmann GmbH & Co. KG
- E-Traction BV
- QS Motor
- Hi-Pa Drive
- Brusa Elektronik AG
- Magnetic Systems Technology Ltd.
In-Wheel Motors Market Recent Developments
- In June 2022, Elaphe and Lightyear develop an efficient production powertrain that has an in-wheel motor efficiency of 97%. That provides a great experience and better reliability for the vehicles.
- In May 2022, Lordstown Motors Corp, announced that it has sold its Lordstown facility and signed a contract manufacturing agreement and joint venture agreement with Hon Hai Technology Group affiliates ("Foxconn") to manufacture MIH EV for the North American region.
In-Wheel Motors Key Market Trends
- Governments across the globe have introduced various schemes and initiatives to encourage buyers to choose EVs over conventional vehicles. Asia Pacific, Europe, UK are some of the countries offering various incentives for people looking to purchase an EV due to this the Electric Vehicle Charging Station Market will have more demand in the upcoming years these are some of the major trends that will propel the demand for in-wheel motors market during the analysis period.
In-Wheel Motors Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, In-wheel motors are a specific kind of electric motor that is built into the wheels of electric cars to provide enhanced performance by directly driving the wheels. North America, Europe, Asia-Pacific, South America, and MEA account for the largest market share of the in-wheel motor market. Based on type, the market is segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plugin-hybrid electric vehicles. In 2021 the Asia Pacific accounted for the largest market share of the global in-wheel motor market and is expected to dominate the market throughout the analysis period. The increasing demand for electric vehicles in China, India, and Japan is the major reason for this dominance in the region. Since China has the largest EV market, major manufacturers like Protean Electric and Elaphe are working to establish a market there. In-wheel motors are more common in the commercial vehicle market because of the greater need for power. Europe could soon become the second largest market for in-wheel motors globally.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 2072.27 million |
| Market size value in 2031 | USD 12041.5 million |
| Growth Rate | 35.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on In-Wheel Motors Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on In-Wheel Motors Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the In-Wheel Motors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the In-Wheel Motors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the In-Wheel Motors Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the In-Wheel Motors Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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