The global in-wheel motor market is projected to grow at a CAGR of 40.3% during the forecast period to reach USD 4,395 million by 2026 from an estimated USD 808 million in 2021 The major factors behind the growth of the in-wheel motor market are improved vehicle performance, replacement of transmission, drive shaft, axles, and differentials. In-wheel motor helps supply torque to its associated tire and generates more power to improve the efficiency of a vehicle.
Axial flux motor segment is estimated to account for the larger market share during the forecast period.
Based on motor type, the in-wheel motor market is segmented into axial flux motor and radial flux motor. The axial flux motor has higher power density and efficiency than the radial flux motor. It is compact and can be placed in or close to each wheel of the vehicle. It is mainly used in high-torque and low-speed applications. Axial flux motors are compact, lightweight, and highly efficient. They are used to increase the output torque and efficiency and can be used as direct drives in electric vehicles. The manufacturing and assembling processes are simple as compared to a radial flux motor. Thus, the segment would continue to lead the market over the forecast period.
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Passenger Car segment is estimated to account for the larger market share during the forecast period.
The growth of in-wheel motors in passenger cars can be attributed to factors such as improved efficiency, high torque, increased power, and better vehicle handling for new and existing vehicles. Most EV makers are focusing on improving the overall driving range, lowering weight, and optimizing the vehicles’ design. EV makers can ensure optimum space utilization as well as improved power efficiency by using in-wheel motors. Apart from the EV makers, Tier 1 companies are keen on improving the performance of electric cars in terms of weight, driving range, space, and overall handling. Thus, the passenger cars segment would remain dominant over the forecast period. The commercial vehicles segment has a relatively higher penetration of in-wheel motors due to the higher requirement of power. Thus, the segment is expected to register a faster growth rate during the forecast period.
Asia Pacific is expected to remain the dominant region during the forecast period.
Asia Pacific is expected to be the largest and fastest-growing market for in-wheel motors due to rapid growth in EV sales across countries such as Japan and China. Major players such as Protean Electric and Elaphe are already making efforts to strengthen their presence in China due to the large EV market in the country. Europe is expected to show rapid growth due to strong EV sales in recent years, thereby emerging as the second-largest market for in-wheel motors. The market is primarily governed by countries such as Germany, the UK, and other Nordic countries. Europe is also home to major in-wheel motor manufacturers, thereby supporting the market growth.
Key Market Players
The in-wheel motor market ecosystem consists of in-wheel motor manufacturers such as Protean Electric (US), Elaphe (Slovenia), ZIEHL-ABEGG (Germany), Printed Motor Works (UK), and NTN (Japan). The ecosystem also covers various OEMs such as Tesla (US), Nissan Motor Corporation (Japan), BYD (China), BMW (Germany), and Volkswagen (Germany).
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