What is the global market size of In-Wheel Motors Market?

In-Wheel Motors Market size was valued at USD 2072.27 million in 2021 and is poised to grow from USD 9273.75 million in 2022 to USD 12041.5 million by 2030, growing at a CAGR of 35.8% in the forecast period (2023-2030).

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.

In-Wheel Motors Market Report Snapshots

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In-Wheel Motors Market size was valued at USD 2072.27 million in 2019 and is poised to grow from USD 9273.75 million in 2023 to USD 12041.5 million by 2031, growing at a CAGR of 35.8% in the forecast period (2024-2031).

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. '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.'

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.

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 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.

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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

In-Wheel Motors Market Insights

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