The In-Wheel Motor Market is estimated to grow from USD 322.8 million in 2018 at a CAGR of 35.02% to reach USD 2,641.1 by 2025.
Government subsidies and tax rebates for electric vehicles increased driving range, reliability, and improved vehicle performance are the factors responsible for the growth of the in-wheel motor market. However, high price and increase in unsprung weight in wheels are considered to be the major restraints for the growth of the in-wheel motor market.
"Radial flux motor segment, by motor type, is the fastest growing segment of the in-wheel market"
The radial flux motor segment, by motor type, is the fastest growing segment of the in-wheel motor market. The radial flux motor is the most common motor type adopted for in-wheel motors as the rotor can be directly fixed to the wheel. Moreover, in radial flux motors, the outer rotor design is about 15% lighter than the inner rotor machine, which generates the same torque due to their longer air gap diameter. In-wheel motors are almost radial because of integration benefits, durability, and torque density.
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"North America is the fastest growing in-wheel motor market"
North America is the fastest growing market for EVs, followed by the Asia Pacific. North America is a regional hub for many renowned EV manufacturers, which are known for delivering quality and high-performance vehicles. OEMs in North America such as Tesla and GM are focused on the development of faster, cleaner, and high-performance electric vehicles. BMW, Nissan, Volkswagen, and Daimler are the leading OEMs in the US that have launched electric vehicles nationwide, resulting in the large demand for in-wheel motors. The top-selling electric vehicles in the US are Tesla Model S, Chevy Volt, and Nissan Leaf and are equipped with in-wheel motors.
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The major in-wheel motor market players are Protean Electric (US), Elaphe (Slovenia), ZIEHL-ABEGG (Germany), Printed Motor Works (UK), and NTN (Japan).
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