The automotive in-wheel motors market is expected to grow 38.0% year on year in 2022, reaching a value of around US$ 2,127.5 million by the
end of 2022. Sales of automotive in-wheel motors were estimated to be
worth approximately US$ 1,541.4 million at the end of 2021. By 2032, the
automotive in-wheel motors market is anticipated to expand at a 38.0% CAGR, reaching a worth of US$ 53291.81 Million.
Significant Considerations
Higher efficiency, driving range, stability, and assistance for enhanced
electric vehicle performance comparable to Internal Combustion Engine
(ICE) vehicles are driving the automotive in-wheel motors market. By
incorporating power electronic devices into the system, it helps to
reduce the number of vehicle parts, complexity, and cost. The system can
also be consolidated with regenerative braking to enhance efficiency
and boost the distance covered per charge.
Element of Limitation
The use of in-wheel motor technology in a vehicle raises unsprung weight,
which can reduce ride comfort. If the vehicle's brakes are mounted on
the wheel, which is directly subjected to unsprung weight, the wheel's
stress will increase. The increase in unsprung weight may limit the use
of in-wheel motor technology in vehicles, thereby restraining the
automotive in-wheel motors market.
APAC Automotive In-wheel Motors Market
The APAC automotive in-wheel motors market is expected to dominate the
global market in terms of value, and it is expected to grow during the
forecast period. The radial flux automotive in-wheel motors category is
expected to see significant usage in high-performance automobiles due to
their ease of manufacture.
Key Takeaways:
- The APAC automotive in-wheel motors market is expected to grow at a CAGR of 41.6% by value.
- Germany is expected to grow at a CAGR of 42.9% in the global automotive
in-wheel motors market due to an increase in the number of vehicles in
the country during the forecast period. - The United States is expected to account for more than 88% of the North American automotive in-wheel motors market in 2022.
- China is expected to control nearly 93% of the APAC in-wheel motor market by 2022.
- The liquid cooled segment of the market for automotive in-wheel motors is predicted to grow at a CAGR of 41.2%.
- Among technology segments, the BEV (battery electric vehicle) category is projected to expand at a 39.5% CAGR.
- The passenger car segment is estimated to hold for 88% of the value share in the automotive in-wheel motors market.
Start-up Ecosystem:
- NTN, a Japanese bearing manufacturer, is set to supply in-wheel motor
technology to Chinese electric vehicle startup Changchun Fawsn Auto
Tech, or FSAT, introducing the new drive system to the world's largest
electric market. - REE, a Tel Aviv-based Israeli startup that uses in-wheel motors, has a $580 million valuation. Meitav Dash, an Israeli
investment firm, put in 70 million shekels. The company has
collaborations with Mitsubishi of Japan, Honda's Musashi Seimitsu,
American Axle & Manufacturing, and Linamar, Canada's second-largest
auto parts manufacturer.
Competitive Landscape:
Protean Electric, Elaphe, ZIEHL-ABEGG, Printed Motor Works, and NTN are among
the market for automotive in-wheel motors ecosystem's players. Tesla,
Nissan Motor Corporation, BYD, BMW, and Volkswagen are also part of the
ecosystem.
The market for automotive in-wheel motors is expected to grow over the forecast period, as contenders in the global automotive
in-wheel motors market emerge and competition with existing players
intensifies in the coming years.
Recent Development:
Date
Company
Strategy
Details
2018
Printed Motor Works
Redesign
Printed Motor Works improved their existing PMW XR15 in-wheel motors in 2018.
With the redesign of its compact XR15 series, Printed Motor Works
improved the specification of its strong in-wheel motor range. The
updated models have greater radial and axial load bearing capacity due
to larger diameter shafts and heavier duty bearing sets.
2018
Yasa
New Factory
Yasa opened a new factory in Oxford, United Kingdom, in 2018. The
inauguration came after the company signed long-term research and supply
agreements with automotive customers, as well as a new US$ 17 million
investment in growth funds.
