Collaborations Like That of REE Automotive with Mahindra & Mahindra to Drive the Growth of the Global In-wheel Motor Market

In-wheel motor is an advanced type of electric vehicle drive system in which the in-wheel motors are installed around each drive wheel to drive the wheels directly. Previously, the electric vehicles are designed to substitute gasoline engines with electric motors. However, in-wheel motors make the behavior of the vehicle in tune with the steering and provide independent control of both left and right wheels. Furthermore, the in-wheel motors help to reduce the time lag connected with the rotation and provide immediate engine output to the wheels to control them accurately. Hence, the in-wheel motors minimize energy losses and enhance good control over wheels.

Forecast Analysis of the Global In-wheel Motor Market

With the rising scope of in-wheel motors in providing high power output to the vehicles for the same size of engine with enhanced fuel efficiency, the market is expected to experience remarkable growth during the analysis period. Besides, the increasing use of in-wheel motors to reduce the time lag associated with the rotation and provide instant control to the wheels with accuracy is the factor expected to foster the growth of the in-wheel motor market over the analysis timeframe. Moreover, the growing adoption of electric in-wheel motors across developing economies, owing to the rising demand for low-emission vehicles is projected to create wide growth opportunities for the market during the forecast period. However, the reduction in the production of vehicles all across the globe may impede the growth of the market throughout the estimated period.

According to the report published by Research Dive, the global in-wheel motor market is anticipated to generate a revenue of $4,120.60 million and rise at a noteworthy CAGR of 27.10% during the forecast timeframe from 2021-2028. Regionally, the Asia-Pacific region is expected to have the largest share of the market due to the rising demand for ecofriendly mobility solutions in the developing markets during the analysis period.

The major players of the in-wheel motor market include Elaphe Propulsion Technologies Ltd, NSK LTD., Schaeffler Technologies AG & Co. KG, NTN Corporation, GEM Motors d.o.o., Ziehl-Abegg SE, Lordstown Motors Corporation, Printed Motor Works, Tesla, Inc., Protean Electric, and many more.

Key Developments

The key companies operating in the in-wheel motor market are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global in-wheel motor market to grow exponentially.

For instance, in August 2020, REE Automotive, a leading company especially known for reinventing electric and autonomous electric, has announced its collaboration with Mahindra & Mahindra, a well-established Indian multinational automotive manufacturing corporation. With this collaboration, the companies are aiming to utilize in-wheel motors and other modular platforms for manufacturing advanced and automated electric vehicles.

In January 2022, Nidec, a renowned Japanese manufacturer and distributor of electric motors, launched its first model of in-wheel motor, named “Huan Dian Shou 01” by adopting the techniques and mechanism of Yadea Group Holdings, China’s biggest two-wheel vehicle manufacturer. This in-wheel motor is having specifications of 2.8kW, 48V, and this product is developed by the Small Precision Motor & Solutions Business Unit, which is used to make hard disk drive spindle motors. Nidec says that this product has better torque characteristics then that of other competitors.

In November 2021, Bedeo, a leading England based electric vehicle supplier and manufacturer, acquired Protean Electric, a renowned automotive technology company specializing in in-wheel motor technology, from NEVS, a Swedish electric car manufacturer. With this acquisition, Bedeo is aiming to use electric vehicle technology to evolve a diversified platform for designing future electric vehicles and to expand its reach the United States and Asia.

Covid-19 Impact on the Market

With the rise of the novel coronavirus, the in-wheel motor market has had a negative impact, likewise several other industries. The spontaneous spread of the deadly virus has forced the governments of many countries to impose complete lockdowns. This has affected the automobile industry for the sales of new vehicles and transportation of raw materials. Furthermore, the reduction in the demand for commercial vehicles owing to the decrease in the mobility is the one of the major factor that affected the growth of the in-wheel motor market during the period of crisis.