In-Wheel Motors for Electric Vehicles is expected to exhibit a notable CAGR of 20% over the forecast period

global In-Wheel Motors for Electric Vehicles is expected to exhibit a notable CAGR of 20% over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global in-wheel motors market is mainly driven by the growing demand for electric vehicles, which can easily incorporate in-wheel motors, as well as hybrid cars. The global in-wheel motors market is extensively analyzed in the report, which presents a comprehensive overview of the market’s major drivers and restraints, leading players, and major segments.

In-wheel motors are a revolutionary concept in the automotive industry and comprise the installation of electric motors inside the wheel assembly, providing propulsion at the point of contact with the road rather than through a separate engine. In-wheel motor technology has several benefits, including the ability to provide significantly increased control and stability, due to the ability of the four in-wheel motors of a vehicle to run at different speeds. This also allows for easier and smoother turning maneuvers, reducing the risk of accidents due to loss of control during turns. The crucial upgrade provided by in-wheel motors in the ability of the driver to control the car in times of urgency is the major driver for the global in-wheel motor market.

On the other hand, in-wheel motors present several notable disadvantages. Firstly, the use of separate drive systems for separate wheels means that maintaining control over all four wheels simultaneously is imperative. If one of the four in-wheel motors malfunctions, this can result in uncontrollable vehicles, resulting in massive crashes. This is in stark contrast to conventional vehicles, where the loss of power or malfunctioning in one wheel can easily be compensated, in most cases, by the other three wheels. Another significant restraint on the global in-wheel motors market is the inability to develop robust in-wheel motors that can stand up to the abuse suffered by wheels on a regular basis. The increasing use of software systems to allow independent rotation of all four wheels is also a major restraint on the global in-wheel motor market, as this makes in-wheel motors redundant.

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Competitive Analysis:

Leading players in the global in-wheel motors market include ECOmove GmbH, Protean Electric, NTN Corporation, Elaphe Ltd., Ziehl-Abegg, Printed Motors Works, e-Traction B.V., Tesla, Nissan Motors Corporation, and Schaeffler AG.

In June 2019, China’s Evergrande Group announced that NEVS, an electric car firm resurrected from the remains of SAAB and owned by the Chinese group, has acquired Protean Electric, a leading specialist in the in-wheel motors market.

In May 2019, Elaphe announced the launch of its new high-torque in-wheel motor, the L1500. The 1500 in the product’s name refers to the amount of Newton-meters of torque it can generate.

The development of in-wheel motors that can be easily retrofitted onto conventional cars is likely to be a major trend in the global in-wheel motors market over the forecast period, as this is likely to be a more profitable avenue for major players in the market than focusing on the development of new vehicles designed with the use of in-wheel motors in mind.

Segmentation:

The global in-wheel motors market is segmented on the basis of motor type, power output, vehicle type, cooling type, and region.

On the basis of motor type, the global in-wheel motors market is segmented into inner rotor type and outer rotor type.

On the basis of power output, the market has been segmented into up to 50 KW, 50-90 KW, and more than 90 KW.

On the basis of vehicle type, the global in-wheel motors market has been segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles.

On the basis of cooling type, the market is segmented into air cooling and liquid cooling.

Regional Analysis:

Europe is likely to hold the largest share in the global in-wheel motors market over the forecast period due to the strong presence of leading automotive tech innovators in the region. The growing government support in Europe for technologies that make vehicles more environmentally viable is also likely to be a major driver for the in-wheel motors market in the region, as the use of in-wheel motors significantly reduces the overall fuel consumption of vehicles.

Asia Pacific is also likely to exhibit steady growth in the global in-wheel motors market over the forecast period, as the automotive industry in the region is rapidly emerging as a global leader and technological innovator. The growing production of electric vehicles in the region is also likely to promote the technological environment necessary for the development of in-wheel motors.