Environmental problems such as climate change, depletion of naturally existing resources, and noise and air pollution are projected to boost the In-Wheel motors market in the coming years. Furthermore, the use of in-wheel motors minimizes the burden of the vehicles by reducing the area occupied by the machinery. The market is expected to grow in the next years as a result of this. Furthermore, improved state subsidies and assistance, as well as the rising popularity of electric cars, are expected to boost the market throughout the estimated period.
The automobile sector is positively impacted by government safety rules mandating the installation of power windows, airbags, and anti-lock brake systems (ABS) in all vehicles. North America and Europe have been observed to adhere to these standards more strictly than Asia-Pacific and the rest of the globe. However, in emerging nations, OEMs are including keyless and anti-lock brake systems (ABS) as standard equipment in vehicles, assisting governments in improving safety precautions and boosting vehicle sales. To ensure total safety to passengers, these safety systems require distinct motors to operate properly and interact with other vehicle components. As a result of the mandated inclusion of safety measures, demand for vehicular engines is expected to rise.
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Automotive In-wheel Motor Market Report Highlights
- In June 2019, NEVS bought Protean Electric, a UK-based automotive engineering startup, for the purpose of creating next-generation electric and driverless cars. Protean Electric would continue to function independently following the acquisition.
- Elmotec Statomat GmbH, one of world’s largest providers of manufacturing machines for the high-volume fabrication of electric engines with competence in winding technology, was bought by Schaeffler in November 2018. This purchase aided Schaeffler in expanding its competence in electric motor manufacture while also propelling the company’s electric mobility plan ahead.
Over the last decade, there was tremendous governmental support to encourage electric cars (EVs). According to an International Energy Agency study, 10 million automobiles are on the world’s roads by 2020, with electrical car sales accounting for 4.6 percent of total global car sales. These results demonstrate the increased propensity for electric cars as a result of regulatory assistance and increased knowledge about global warming is caused by the use of fossil fuels.
AUTOMOTIVE IN-WHEEL MOTOR MARKET SEGMENTATION
The research report published by Market Research Strategy contains industry segments, as below-
Automotive In-wheel Motor Vehicle Type Outlook (Revenue, USD Million, 2016 – 2027)
- Passenger Cars
- Commercial Vehicles
Automotive In-wheel Motor Product Type Outlook (Revenue, USD Million, 2016 – 2027)
- Axial Flux Motor
- Radial Flux Motor
Automotive In-wheel Motor Technology Outlook (Revenue, USD Million, 2016 – 2027)
Automotive In-wheel Motor Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players- Automotive In-wheel Motor Market
- Ziehl-Abegg SE
- Schaeffler AG
- Protean Electric
- Printed Motor Works
- NTN Corporation
- Nissan Motor Company LTD
- MW Motors
- Lordstown Motors
- General Motors
- Ford Motor Company
- e-Traction B.V.
- Elaphe Ltd.
- Ecomove GmbH
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