In-wheel motors are technologically advanced wheels used in electric vehicles. They provide more room for passengers and also helps with elimination of all transmission losses. The Global In-wheel Motors Market is estimated to value at around US$ 0.4 Bn in 2018, and is expected to register a CAGR of 9.0% over the forecast period.
Global In-wheel Motors Market Dynamics:
Advantages of in-wheel motors over conventional motors wheel as effective maximization of interior space and improved or enhanced driving performance due to the independent traction control ability of each wheel is a major factor driving growth of the global in-wheel motors market. It also provides accuracy and speed.
Growing adoption of electrical vehicles owing to rising environmental concerns among individuals is another factor fueling growth of the global market. Currently, there are two types of motor systems available for electric vehicles. First type of the motor system is installed within the vehicle and is able to drive both left and right wheels using differential device and drive shaft, or belt drive. The other in-wheel motor system is directly installed in vehicle wheels and are able to deliver torque as per requirement.
Analysis By Segmentation:
The market report has been segmented on the basis of type, application, and region/country. The type segment includes outer rotor type and inner rotor type. By application segment includes passenger vehicles, commercial vehicles, and others. The regions/countries covered in the analysis are North America, Europe, China, Japan, Southeast Asia, India, South America, and Middle East & Africa.
By Type: The inner rotor type segment is expected to account for highest revenue share contribution as compared to outer rotor type segment in the global market, and is expected to maintain its dominance over the forecast period by registering highest CAGR of over 9% over the forecast period
By Application: The passenger vehicles segment is estimated to account for major share in terms of revenue in the global market and is expected to register highest CAGR of over 9.5% over the forecast period.
By Region/Country: The market in China accounted for major share of revenue share in the global in-wheel motors market in 2017. The market in India is projected to register highest CAGR of over 10% in the global market over the forecast period.
Global In-wheel Motors Market: Competitive Analysis
The research report on the global in-wheel motors market includes profiles of some of major companies such as Protean Electric Inc., Elaphe Ltd., e-Traction Europe B.V., ZIEHL-ABEGG SE, Compagnie Générale des Établissements Michelin, Honda Motor Co., Ltd., GEM Motors d.o.o., Bridgestone Corporation, Schaeffler AG, and NSK Ltd.
The Global In-wheel Motors Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2018–2028 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global In-wheel motors market for 2018–2027.
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