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The global in-wheel motor market size to be valued at $4,120.60 million by 2028, surging from $612.0 million in 2020, at a noteworthy CAGR of 27.10%.
The Covid-19 impact on in-wheel motor market share has been negative. The decline in global mobility across the nations due to the imposition of the lockdown has hindered the growth of the in-wheel motor market during the Covid 19 pandemic. During the pandemic, the international supply chain disruption for the transportation of key components used in the in-wheel motors such as semiconductors impacted the global in-wheel motor market. Moreover, the imposed lockdown measures across the world affected the automobile industry for the sales of new vehicles, the production as well as transportation of raw materials such as steel that are required in manufacturing of automotive parts got delayed due to the COVID-19, negatively impacting the growth of the turbo charger market.
The increasing utilization of electric vehicles in the passenger and commercial vehicles category is expected to aid the growth of the market in the forecast period since in-wheel motors are utilized in the electric vehicles. The increasing emphasis on the utilization of vehicles with better propulsion systems such as battery electric vehicle is aiding the growth of this market. As vehicles that operate on conventional propulsion such as gasoline and hybrid electric vehicle emit harmful gas like NO2, Sulphur dioxide, carbon monoxide, and others and pollute the environment, it has propelled the demand for electric vehicles aiding the in-wheel motor market growth.
There is a lack of market standardization and regulatory measures in developing and undeveloped countries such as African nations which can restrict the market growth in the forecast period.
The increasing commercialization of wheel motors with a greater number of OEMs starting manufacturing them for utilizing in the passenger and commercial vehicles is expected to open new scope of opportunities for the in-wheel motor market in the forecast period. In-wheel motors provide greater control of vehicle dynamics – especially with a motor at each wheel, high regenerative power is produced. These new developments such as wheel hub drive and hub motor are anticipated to open new scope of opportunities for the global in-wheel motor market.
The global in-wheel motor market is segmented based on vehicle type, propulsion type, distribution channel, and region.
Vehicle Type:
The vehicle type segment is further classified into passenger vehicles and commercial vehicles. Among these, the passenger vehicles sub-segment is anticipated to generate the maximum revenue and surpass $3,284.30 million by 2028, with an increase from $487.6 million in 2020 as well as attain the fastest growth.
The supplementing demand for the passenger vehicles in the emerging economies such as China and India due to rise in per capita income from economic development has aided the growth of the passenger vehicle sub-segment. In Africa, the rapid pace of urbanization and economic development led to the high demand for electric vehicles. In India, sales of electric vehicles are currently growing due to increasing per capita income of the urban population. These factors are expected to aid the growth of this sub-segment.
Propulsion Type:
The propulsion type segment is further classified in to battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. Among these, hybrid electric vehicle sub-segment is anticipated to have fastest growth in the forecast period and surpass $1,496.20 million by 2028, with an increase from $213.8 million in 2020.
The hybrid electric vehicle as a fuel is less prone to price fluctuations than petrol. This factor is expected to aid the growth of hybrid electric vehicle sub-segment in terms of fuel type. In recent developments, in December 2020, India’s largest carmaker, Maruti Suzuki India (MSI), announced to enter the hybrid electric vehicle segment once again in year 2021 as the vertical continues to draw a lot of customers especially in the high selling SUV and multipurpose vehicle segments. These developments are expected to positively impact the hybrid electric vehicle sub-segment in the forecast period.
Distribution Channel:
The distribution channel segment is further divided into original equipment manufacturer and aftermarket. The original equipment manufacturer sub-segment is projected to be most dominating in the global market and register a revenue of $3,041.00 million during the forecast timeframe of 2021-2028.
The increasing penetration of in-wheel motors in the electric vehicles, in both the major categories of vehicles, the passenger and commercial vehicles, for higher torque as well as better efficiency is expected to aid the growth of this sub-segment.
Region:
The in-wheel motor market for the Asia-Pacific region generated a revenue of $241.4 million in 2020 and is further projected to reach up to $1,682.40 million by 2028. The Asia-Pacific region is expected to be the most dominating as well as lucrative region for the in-wheel motor market in the forecast period. The increased demand for mobility in emerging markets such as India and China due to rising urban populations and per capita income will drive has increased the consumer spending on electric vehicles in the Asia-Pacific, aiding the growth of in-wheel motor market.
Some of the leading global in-wheel motor market players are
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
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