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Market Overview of Global In-wheel Motors market:
According to our latest research, the global In-wheel Motors market looks promising in the next 5 years. As of 2022, the global In-wheel Motors market was estimated at USD 193.51 million, and it's anticipated to reach USD 816.16 million in 2028, with a CAGR of 27.11% during the forecast years.
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.
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.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global In-wheel Motors market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global In-wheel Motors Market Report:
Market Size Estimates: In-wheel Motors market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: In-wheel Motors market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the In-wheel Motors market
Segment Market Analysis: In-wheel Motors market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: In-wheel Motors market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the In-wheel Motors Market: Revenue and sales volume of major countries in each region
In-wheel Motors Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the In-wheel Motors market in major regions.
In-wheel Motors Industry Value Chain: In-wheel Motors market raw materials & suppliers, manufacturing process, distributors, downstream customers
In-wheel Motors Industry News, Policies & Regulations
Key players in the global In-wheel Motors market are covered in Chapter 12:
Printed Motor Works
MW Motors
Protean Electric
REE
Lordstown Motors
Ecomove GmbH
HEINZMANN Electric Motors
Hyundai Mobis
NSK
Schaeffler AG
Nissan Motor Company LTD
NTN Corporation
Evans Electric
Elaphe Ltd.
e-Traction B.V.
Ziehl-Abegg SE
In Chapter 2 and Chapter 15.1, based on types, the In-wheel Motors market from 2018 to 2028 is primarily split into:
Air Cooling
Liquid Cooling
In Chapter 3 and Chapter 15.2, based on applications, the In-wheel Motors market from 2018 to 2028 covers:
Battery Electric Vehicles
Hybrid Electric Vehicles
Plug-in Hybrid Electric Vehicles
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the In-wheel Motors market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028