Global In-wheel Motors Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global In-wheel Motors Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The in-wheel motor is an EV (Electric Vehicle) drive system. The design feature of traditional electric vehicles is that the gasoline engine is replaced by an electric motor. However, the in-wheel motor EV installs a motor around each drive wheel to directly provide power to the wheel.

Market Overview:

The latest research study on the global In-wheel Motors market finds that the global In-wheel Motors market reached a value of USD 46.31 million in 2022. It’s expected that the market will achieve USD 306.71 million by 2028, exhibiting a CAGR of 37.04% during the forecast period.

For manufacturers of in-wheel motors, the production activities of in-wheel motors have ceased due to lockdowns imposed by the governments of many countries/regions during the Covid-19 pandemic. In addition, various countries and regions around the world have implemented blockade measures in transportation due to the epidemic. This puts a lot of pressure on manufacturers who need to import key components. For the downstream automobile manufacturing industry, automobile companies have been facing various problems in production due to the forced closure of factories by the government. In addition, raw material shortages and supply chain disruptions have brought challenges to full-scale production. Due to the suspension of production in the automotive industry, the demand for in-wheel motors in the production of commercial vehicles and passenger vehicles has been drastically reduced. However, with the resumption of daily operations, it is expected that the demand after the lock-in will grow steadily. Especially in the post-epidemic era, people's demand for new energy vehicles continues to increase, which to a certain extent will attract the continuous participation of major manufacturers of in-wheel motors, thereby promoting the development of the industry.

Strengths

Product technical advantages

From the perspective of product technology, the in-wheel motor has six major advantages compared to the central motor: First, the transmission efficiency and energy recovery efficiency are 30% higher than that of the central motor, which can greatly reduce the battery usage during operation and reduce the amount of battery Deal with pollution and carbon emissions brought about; second, non-contact transmission can achieve zero maintenance costs and zero failures in millions of kilometers; third, the line control power is 10 times faster than the traditional power response time, which solves the problem of smart car system delay; Fourth, the in-wheel motor has great potential for intelligent applications in driving, braking, energy recovery, differential steering, data acquisition, etc.; Fifth, it is very suitable for hydrogen fuel-powered vehicles, and has advantages in space layout, light weight, and comprehensive cost reduction. Advantages; Sixth, the gearbox, transmission shaft, and mechanical differential are removed, which greatly reduces the consumption of steel in automobiles and reduces carbon emissions during the manufacturing process of the entire automobile. These advantages of the in-wheel motor make it the most perfect basic platform for the realization of intelligent electric vehicles. It will solve the ultimate solution to the cost, energy consumption, pollution and other problems of new energy vehicles, and become one of the promising frontier technologies.

Weaknesses

The cost of the product is relatively high

In developed regions such as Europe and the United States, in-wheel motors are being used in some passenger cars. However, in developing regions such as China, high costs and the immature technology for complete vehicle transformation are still the main reasons restricting the industrialization of in-wheel motors. Because the in-wheel motor has the advantages of high efficiency and high integration, it is very compatible with new energy vehicles and has very good development prospects in the field of new energy vehicles. However, because the in-wheel motor has not yet been mass-produced and the cost remains high, it will take some time to popularize. In this regard, the problem of high manufacturing costs of in-wheel motors can be solved through the simultaneous progress of localization, industrialization and large-scale production.

Region Overview:

Europe dominated the In-wheel Motors market in 2021, with a market share of 41.02%.

Company Overview:

Protean Electric is one of the major players operating in the In-wheel Motors market, holding a share of 29.46% in 2021.

Protean Electric

Protean Electric focused on the first product ProteanDrive in-wheel motor. So far, Protean Electric has completed more than 2 million kilometers of exploration-of which more than 675,000 people walked out of the laboratory in 31 different types of vehicles.

e-Traction B.V.

Dutch e-Traction company, founded in 1981, is Europe's largest manufacturer of in-wheel motors for new energy vehicles and a pioneer in direct drive in-wheel motor solutions in the field of medium and heavy commercial vehicles. It has strong R&D and system integration capabilities. As a global in-wheel motor technology leader, the company has more than 200 invention patents and holds six key core technologies such as in-wheel motor body design, distributed control system, motor controller, and bridge assembly, and successfully solved the problem of heat dissipation. , Sealing, unsprung quality, differential control and other technical problems, build multiple application platforms.

Segmentation Overview:

By type, Air Cooling segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Battery Electric Vehicles segment occupied the biggest share from 2017 to 2022.

Key Companies in the global In-wheel Motors market covered in Chapter 3:

Printed Motor Works
MW Motors
Ziehl-Abegg SE
Ecomove GmbH
REE
Nissan Motor Company LTD
Protean Electric
HEINZMANN Electric Motors
NSK
Elaphe Ltd.
Schaeffler AG
Hyundai Mobis
e-Traction B.V.
Lordstown Motors
NTN Corporation
Evans Electric

In Chapter 4 and Chapter 14.2, on the basis of types, the In-wheel Motors market from 2018 to 2029 is primarily split into:

Air Cooling
Liquid Cooling

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the In-wheel Motors market from 2018 to 2029 covers:

Battery Electric Vehicles
Hybrid Electric Vehicles
Plug-in Hybrid Electric Vehicles

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)