The global expansion of electric vehicles (EVs) hinges on improvements in charging infrastructure, particularly the availability of fast and reliable charging stations. While conventional vehicles can refuel in minutes, EVs typically require over two hours for a full charge, limiting their appeal. However, direct current (DC) fast charging can reduce this time to under an hour, compared to the alternating current (AC) commonly used in many stations today. Enhancing access to high-power DC charging stations is essential to address this gap and support the widespread adoption of EVs.

NEWARK, DE / ACCESSWIRE / December 17, 2024 / According to Future Market Insights (FMI), the automotive in-wheel motors market is projected to reach approximately USD 2.93 billion by the close of 2023, up from an estimated USD 2.127 billion at the end of 2022. This market is anticipated to expand at a CAGR of 19.5% between 2023 and 2033, ultimately achieving a valuation of USD 17.457 billion.

The growth of the automotive in-wheel motors market is fueled by the pursuit of better performance, extended driving range, enhanced reliability, and electric vehicle (EV) capabilities that rival those of internal combustion engine (ICE) vehicles. The integration of power electronics into these systems helps reduce the number of vehicle components, minimize complexity, and lower costs. Additionally, pairing this technology with regenerative braking systems enhances efficiency and increases the distance vehicles can travel per charge.

Increased performance, driving range, reliability, and provision for improved electric vehicle performance comparable to Internal Combustion Engine (ICE) vehicles are driving the market for automotive in-wheel motors. By incorporating power electronics into the system, it helps to reduce the number of vehicle parts, complexity, and cost. The system can also be combined with regenerative braking to improve performance and increase the distance covered per charge.

Market Opportunities

• A shift in global regulatory frameworks.

• The rising adoption of autonomous vehicle technologies.

• Growing demand for vehicles that offer superior performance and reliability.

Window of Opportunity for the Automotive In-wheel Motors Market

Steadily increasing driving range, reliability, and improved vehicle performance are driving growth in the market for automotive in-wheel motors. Furthermore, incorporating power electronics into the system helps to reduce vehicle part count, complexity, and cost. To improve performance and increase distance coverage per charge, the system can be combined with regenerative braking. However, factors such as high pricing and an increase in unsprung weight in the wheel may limit the automotive in-wheel motors market's growth.

The automotive in-wheel motors market grows in direct proportion to the sales of electric vehicles. The number of electric vehicles sold has increased significantly. More than 90% of global EV sales are accounted for by countries with favorable government policies, incentives, and infrastructure investment.

Increased R&D costs can provide lucrative opportunities for automotive in-wheel motors market manufacturers to develop technologies that improve vehicle efficiency. Various component manufacturers are concentrating their efforts on developing an efficient system for future transportation. The growing interest in self-driving cars is expected to accelerate the development of cutting-edge technologies such as in-wheel motors, which may provide the best-in-class driving experience.

In-Depth Market Analysis: A Complete Report:
https://www.futuremarketinsights.com/reports/in-wheel-motors-market

Key Takeaways for the Automotive In-Wheel Motors Market

• Robust Market Growth:

  • The market is expected to grow from USD 2.93 billion in 2023 to USD 17.457 billion by 2033, exhibiting a CAGR of 19.5% over the forecast period.

• Technological Advancements:

  • Integration of in-wheel motors with power electronics simplifies vehicle architecture, reduces component count, and lowers manufacturing costs.

  • Compatibility with regenerative braking systems further enhances energy efficiency and extends vehicle range.

• Performance Benefits:

  • In-wheel motors contribute to improved performance, driving range, and reliability, enabling electric vehicles (EVs) to compete effectively with internal combustion engine (ICE) vehicles.

  • The technology delivers superior handling and responsiveness by independently controlling each wheel.

• Regulatory and Market Drivers:

  • Evolving global emissions regulations are fostering the transition to electric vehicles, boosting the demand for in-wheel motors.

  • The growing interest in autonomous and high-performance vehicles is creating new growth opportunities.

• Consumer Preferences:

  • Increasing demand for vehicles with high reliability and performance, coupled with a preference for reduced maintenance and operating costs, is driving adoption.

• Regional Potential:

  • The market is witnessing significant opportunities in Asia-Pacific, North America, and Europe, driven by government incentives, expanding EV adoption, and advancements in automotive technology.

• Competitive Advantage:

  • Automotive in-wheel motors enable manufacturers to design lightweight and compact vehicles, providing a competitive edge in the EV market.

"The Automotive In-Wheel Motors Market is witnessing transformative growth, driven by the surge in electric vehicle adoption and advancements in power electronics. This technology not only enhances vehicle efficiency and performance but also aligns with the global shift toward sustainable and autonomous transportation solutions. With promising innovations on the horizon, in-wheel motors are set to redefine the future of mobility." - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Roadblocks of the Automotive In-wheel Motors Market to Resolve

Elevated Unsprung Weight

The in-wheel motor technology progresses unsprung weight in a vehicle that mitigates the passengers' comfort. If the vehicle's brakes are mounted on a wheel directly subjected to unsprung weight, the stress on the wheel may increase. Increased unsprung weight may limit the use of in-wheel motor technology in vehicles, stifling the automotive in-wheel motors market.

Global Vehicle Production Reduction to Curtail Market Growth

The reduction in vehicle production due to events such as the global pandemic of Covid-19, which resulted in a decrease in vehicle utilization around the world, may impede the growth of the market for automotive in-wheel motors, as demand for in-wheel motors is dependent on vehicle usage. A lack of financing or expensive financing options for manufacturers in many countries is expected to deter market growth for automotive in-wheel motors.

Country - Wise Insights

What Causes the Demand for Automotive In-wheel Motors Boosting in the United States?

The United States is expected to account for 90% of the North American automotive in-wheel motors market 2023. Automobiles with improved convenience, safety, and comfort are becoming more popular in developed economies like the United States. Steering-mounted controls, modern infotainment systems, telematics, central controllers, and comfort, safety, luxury, and security benefits are in high demand.

How Much is the Growth Rate of the Automotive In-wheel Motors Market in Germany?

As the country's vehicle fleet grows, Germany is expected to evolve at a CAGR of 43.9% in the global automotive in-wheel motors industry. Government-mandated safety standards require installing power windows, airbags, and anti-lock brake systems (ABS) in all vehicles to benefit the automotive industry. These restrictions have been observed to be more strictly enforced in Europe.

Separate motors are required for these safety systems to operate smoothly and communicate with other car components to ensure comprehensive passenger safety. Demand for vehicular engines is expected to rise due to the mandated inclusion of safety features, resulting in market growth for automotive in-wheel motors.

What is China's Economic Expansion for Automotive In-wheel Motors Market?

China may control nearly 92% of the Asia Pacific market in 2023. Given the rapid increase in EV sales, China is a speedy-growing market. Due to various China's vast EV industry, leading players such as Protean Electric and Elaphe are already attempting to strengthen their positions.

With rising sales of electric vehicles in the region and government schemes and incentives, Asia Pacific is expected to see significant market growth.

Value CAGR (From 2023 to 2033):

What are the Predominant Opportunities in the Automotive In-wheel Motors Market?

New opportunities may emerge as charging infrastructure improves. The availability of quick and dependable charging stations is critical to the global expansion of electric vehicles. Electric vehicles may account for approximately 4% of all vehicles sold globally by 2020. This is due to the greater refueling flexibility provided by conventional vehicles.

A conventional vehicle can be fully refueled in minutes, whereas an electric vehicle's batteries can take more than two hours to recharge for the same driving range. When using direct current to recharge the batteries, the charging time can be reduced to less than an hour.

The significant proportion of electric vehicle charging stations presently use alternating current sourced directly from the overhead grid lines network. As a result, direct current charging ought to be accessible in higher-power charging stations to reduce charging time.

What Emerging Innovations Directly Affect the Automotive In-wheel Motors Market?

Environmental concerns have been raised by high-level officials in a number of countries. One of the most pressing issues confronting many governments has been the decline in conventional car sales and the shift to encourage consumers to purchase automotive in-wheel motors.

As a result, governments in several countries, including the United States, Canada, and Germany, began offering incentives, subsidies, and tax breaks to electric vehicle buyers in order to boost sales. Other countries have used this strategy and found it to be successful, as evidenced by increased sales of automotive in-wheel motors in these countries.

Other countries, especially in the Asia Pacific region, intend to provide consumer incentive schemes in order to diversify the automotive in-wheel motors market.

Prominent Automotive In-Wheel Motors Manufacturers

• Protean Electric

• Elaphe

• ZIEHL-ABEGG

• Printed Motor Works

• NTN

• TM4

• HEINZMANN GmbH & Co. KG

• YASA Limited

Key Segmentations

By Product Type:

• Axial Flux Motor

• Radial Flux Motor

By Technology:

• BEV

• HEV

• PHEV

By Vehicle Type:

• Passenger Car

• Commercial Vehicle

By Cooling:

• Air Cooled

• Liquid Cooled

By Region:

• North America

• Latin America

• Europe

• Japan

• Asia Pacific

• Middle East Africa

Authored By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Have a Look at Related Research Reports of Automotive

The automotive brake system market size is projected to be valued at USD 6,211.0 million in 2023 and is expected to rise to USD 29,601.1 million by 2033.

The automotive brake system & components market size is projected to be valued at USD 69,403.5 million in 2023 and is expected to rise to USD 109,862.1 million by 2033.

The global Automotive Sensors Market is expected to attain a valuation of USD 19.2 billion in 2023. The market is projected to reach USD 44 billion by 2033.

The global Automotive OEM Market is projected to have an average-paced CAGR of 4.17% during the forecast period.

The global demand for aircraft cabin interiorsis estimated to be worth USD 34,859.5 million in 2024 and is anticipated to reach a value of USD 48,636.3 million by 2034.

The global aircraft aileron market size is estimated to reach USD 467.6 million in 2024. It is projected to surge at a CAGR of 13.8% during the forecast period and is anticipated to attain a value of USD 1,703.5 million by 2034.

Ongoing aircraft refurbishing market trends hold the potential for reaching a worth of USD 8,694.18 million by 2034.

The aircraft generators market was valued at USD 5.83 billion in 2022. The market is projected to grow from USD 6.30 billion in 2023 to USD 12.98 billion by 2033.

The Aircraft Exterior Lighting Market size reached USD 158.1 million in 2022. Demand for aircraft exterior lighting saw a 5.4% year-on-year growth in 2022.

The APAC Automotive Telematics Market size is anticipated to be valued at USD 93.9 billion in 2023 and is predicted to rise to USD 414.5 billion by 2033.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website:https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

SOURCE: Future Market Insights, Inc.