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Global Electric Vehicle in Wheel Motor Market Report and Forecast 2024-2032
Market Report I 2024-02-15 I 172 Pages I EMR Inc.
Global Electric Vehicle in Wheel Motor Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global electric vehicle in wheel motor market reached a value of USD 278.74 million in 2023. Aided by the growing electrification of the automobile industry, the market is projected to further grow at a CAGR of 31.7% between 2024 and 2032 to reach a value of USD 3,464.25 million by 2032.
The dawn of electric vehicles (EVs) marks a pivotal shift in the automotive landscape, introducing innovations that promise to redefine mobility. According to the electric vehicle in wheel motor market analysis, the in-wheel motor technology stands out as a game-changer, offering a glimpse into the future of electric transportation. As we delve into the intricacies of this emerging market, it is clear that the electric vehicle in-wheel motor is not just an incremental advancement but a revolutionary leap forward. This comprehensive analysis explores the market dynamics, growth drivers, challenges, and the prospective future of in-wheel motor technology in electric vehicles from 2024 to 2029.
In-wheel motors, also known as wheel hub motors, are electric motors positioned directly in the wheels of a vehicle. This configuration allows for direct propulsion, eliminating the need for traditional drivetrains and thereby freeing up space, reducing weight, and improving energy efficiency. The concept, while not new, has found its moment in the spotlight with the rise of electric vehicles, driven by the global push for cleaner, more sustainable modes of transportation.
The electric vehicle in wheel motor market growth is propelled by several key factors. Firstly, the inherent advantages of in-wheel motors, such as improved vehicle handling, increased cabin space, and reduced complexity, align perfectly with the evolving demands of modern EVs. Secondly, advancements in electric motor technology, materials science, and battery efficiency have made it feasible to overcome previous limitations, making in-wheel motors a viable option for mass-market EVs.
The global surge in electric vehicle adoption is the primary catalyst for the electric vehicle in wheel motor market demand. Governments worldwide are implementing policies and incentives to encourage the shift towards electric mobility, in response to growing environmental concerns and the need to reduce greenhouse gas emissions. Additionally, consumer preferences are increasingly leaning towards EVs, driven by lower operating costs, reduced maintenance, and the desire for innovative technology.
Market Segmentation
The market can be divided based on vehicle type, propulsion type, power output, motor type, motor weight, and region.
Market Breakup by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Market Breakup by Propulsion Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
Market Breakup by Power Output
- Up To 100KW
- 100-200 KW
- Above 200 KW
Market Breakup by Motor Type
- Axial Flux Motor
- Radial Flux Motor
Market Breakup by Motor Weight
- Less Than 20 Kg
- 20-30 Kg
- Above 30 Kg
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electric vehicle in wheel motor market. Some of the major players explored in the report by Expert Market Research are as follows:
- Nidec Corporation
- Protean Electric Limited
- Elaphe Propulsion Technologies Ltd.
- NTN Corp.
- SIM-Drive Corporation
- PMW Dynamics Limited
- NSK Ltd.
- GEM Motors d.o.o.
- Saietta Group Plc (e-Traction)
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electric Vehicle in Wheel Motor Market Analysis
8.1 Key Industry Highlights
8.2 Global Electric Vehicle in Wheel Motor Historical Market (2018-2023)
8.3 Global Electric Vehicle in Wheel Motor Market Forecast (2024-2032)
8.4 Global Electric Vehicle in Wheel Motor Market by Vehicle Type
8.4.1 Passenger Vehicle
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Commercial Vehicle
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Electric Vehicle in Wheel Motor Market by Propulsion Type
8.5.1 Battery Electric Vehicle
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Hybrid Electric Vehicle
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Plug-in Hybrid Electric Vehicle
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Electric Vehicle in Wheel Motor Market by Power Output
8.6.1 Up To 100KW
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 100-200 KW
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Above 200 KW
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Electric Vehicle in Wheel Motor Market by Motor Type
8.7.1 Axial Flux Motor
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Radial Flux Motor
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Electric Vehicle in Wheel Motor Market by Motor Weight
8.8.1 Less Than 20 Kg
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 20-30 Kg
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Above 30 Kg
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.9 Global Electric Vehicle in Wheel Motor Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Electric Vehicle in Wheel Motor Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electric Vehicle in Wheel Motor Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Electric Vehicle in Wheel Motor Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Electric Vehicle in Wheel Motor Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Electric Vehicle in Wheel Motor Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Nidec Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Protean Electric Limited
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Elaphe Propulsion Technologies Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 NTN Corp.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 SIM-Drive Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 PMW Dynamics Limited
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 NSK Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 GEM Motors d.o.o.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Saietta Group Plc (e-Traction)
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Vehicle in Wheel Motor Market: Key Industry Highlights, 2018 and 2032
2. Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
3. Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
4. Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Propulsion Type (USD Million), 2018-2023
5. Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Propulsion Type (USD Million), 2024-2032
6. Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Power Output (USD Million), 2018-2023
7. Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Power Output (USD Million), 2024-2032
8. Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Motor Type (USD Million), 2018-2023
9. Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Motor Type (USD Million), 2024-2032
10. Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Motor Weight (USD Million), 2018-2023
11. Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Motor Weight (USD Million), 2024-2032
12. Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Region (USD Million), 2018-2023
13. Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Region (USD Million), 2024-2032
14. North America Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
15. North America Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Europe Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
17. Europe Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Asia Pacific Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
19. Asia Pacific Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Latin America Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
21. Latin America Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Middle East and Africa Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
23. Middle East and Africa Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
24. Global Electric Vehicle in Wheel Motor Market Structure
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