Introduction
The Radial flux automotive In-Wheel motors segment is pegged to witness widespread adoption in high-performance vehicles as they are easy to manufacture. Axial flux automotive In-Wheel motors, on the other hand, offer high performance and thus, the demand for them is estimated to grow over the forecast period.
The global report provides complete information about the global market value (US$ Mn) and volume (units) projections, market dynamics (drivers, restraints, trends & opportunities in the market) and competition and latest key developments in the global automotive In-Wheel motors market for the study period 2019 to 2027.
The global automotive In-Wheel motors market is estimated to have reached US$ 467.5 Mn by 2017 end and is estimated to be valued at US$ 824.6 Mn by 2019 end, registering a CAGR of 37.7% for the period between 2019 and 2027.
Factors Influencing Growth of Automotive In-Wheel Motors Market
An automotive In-Wheel motor is an essential part of the transmission assembly and is used to drive the wheel of an electric vehicle, thereby facilitating better control. Automotive In-Wheel motors are used in all electric vehicles, including passenger cars, light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs). Thus, growing production of electric vehicles is the key factor expected to drive the global automotive In-Wheel motors market during the forecast period.
On the flip side, the high cost of the target product as well as electric vehicles are projected to be major hindrances for the growth of the global automotive In-Wheel motors market in the coming years. Currently, electric vehicles are in the introductory phase. However, after ten to fifteen years, these electric vehicles will dominate the global automotive market, thereby creating lucrative opportunities for the automotive In-Wheel motors market.
Battery Electric Vehicle Segment Expected to Dominate the Global Automotive In-Wheel Market
Among segments by technology, the BEV (battery electric vehicle) segment is pegged to be a prominent segment and will grow at 39.3% CAGR. This segment is estimated to create incremental $ opportunity worth US$ 8,012.0 Mn between 2019 and 2027. Growing electric vehicle charging infrastructure in key countries, such as the U.S., the U.K., China and Japan, is also estimated to boost the sales of automotive In-Wheel motors for plug-in hybrid electric vehicles (PHEVs). This segment is projected to be valued at US$ 38.1 Mn by 2019 and reach US$ 558.6 Mn by the end of the forecast period.
Prominent Manufacturers Are Offering Automotive In-wheel Motors with Liquid Cooling
By cooling, the liquid cooled automotive In-Wheel motors segment is projected to dominate the global as well as the regional market. This is primarily owing to their exceptional ability to cool motors at high temperatures and high loads. The liquid cooled segment is estimated to gain 1586 BPS points between 2019 and 2029 while expanding at a healthy CAGR of 41.2% during the forecast period.
Passenger Car Segment to Be a Prominent Segment in Automotive In-Wheel Motors Market
The passenger car segment is projected to account for 90% value share in the global automotive In-Wheel motors market. The growth of the automotive In-Wheel motors market for first fit vehicles is directly dependent on automotive vehicle production. In terms of annual growth, the passenger car electric vehicles segment is projected to register remarkable growth rate during the latter half of the forecast period.
The commercial vehicle segment is expected to grow at a moderate rate in the global automotive In-Wheel motors market. The value of this segment is projected to grow and become 14.4x by the end of 2027 and the segment is estimated to create absolute $ opportunity worth US$ 1,197.2 Mn between 2019 and 2027.
Key Strategies Adopted by Major Players in Automotive In-Wheel Motors Market
Manufacturers of automotive In-Wheel motors have been observed to be adopting mainly three strategies: acquisition, collaboration and product launches. Many automotive In-Wheel motors manufacturers are also focusing entirely on developing efficient axial flux automotive In-Wheel motors in the global market.
Automotive In-Wheel Motors Market Structure
The global automotive In-Wheel motors market is a consolidated market, with Tier-1 and Tier-2 players holding major share.
Tier-1 players are projected to account for 55% to 65% share in the global automotive In-Wheel motors market. Players, such as Protean Electric, Elaphe, ZIEHL-ABEGG, Printed Motor Works, NTN and others, make up the Tier-1 category while players, such as TM4, HEINZMANN GmbH & Co. KG and YASA Limited, amongst others, make up the Tier-2 category.
Key Questions Answered in the Report
- How has the automotive In-Wheel motors market evolved over the past four years?
- What shape is the automotive In-Wheel motors market expected to take in terms of volume and value during the study period?
- What are some of the prevailing market dynamics in the automotive In-Wheel motors market?
- What are the competition developments and trends in the automotive In-Wheel motors market?
- What are some of the underlying macro-economic and industry factors impacting the growth of the automotive In-Wheel motors market?
- What are the important key challenges, opportunities and improvement factors for automotive In-Wheel motors market players?
- What are the important market positioning and key strategies of key manufacturers as per the automotive In-Wheel motors market taxonomy?
- How is the competition structured at present? How has it evolved in the automotive In-Wheel motors market over the past few years?
Need specific information?
In the news
by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
Our Clients
View Our Reports from Automotive
View Reports