The Global In-Wheel Motor Market was worth US$ 1,570 million in 2022 and is anticipated to reach a valuation of US$ 2,500.4 million by 2028 and is predicted to register a CAGR of 40.30% during 2023-2028.

With a significant CAGR of nearly 30% over the anticipated period, the in-wheel motor for battery electric cars is anticipated to be the most important propulsion sector within the worldwide in-wheel motor market. The in-wheel motor market has experienced rapid expansion due to consumer interest in electric mobility developing together with public awareness of gasoline and diesel pollution.

Motor systems are used in this industry to improve the performance of various electric cars. Driveshafts, transmissions, differentials, and axles are all replaced by these systems. Along with producing additional power to increase a vehicle's efficiency, the in-wheel motors help provide torque to their connected tires.

Reduced motor weight, which controls four wheels centrally, and increased space provisions in electric cars are the main factors boosting interest in the in-wheel motor industry. When compared to other motors used in the electric mobility sector, the use of in-wheel motor applications is expanding very quickly. By 2027, it is anticipated that the BEV (Battery Electric Vehicle) propulsion segment of the in-wheel motor industry will generate an additional opportunity of 2477.5% of the market.

Market Drivers and Restraints:

An integral component of the transmission system, an automotive in-wheel motor drives the wheel of an electric vehicle to improve control. All-electric vehicles, including passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs), use in-wheel motors. Therefore, the primary element anticipated to propel the worldwide automotive In-Wheel motors market during the evaluated year is the rise in electric vehicle manufacturing. Additionally, after 10 to 15 years, electric cars will rule the automotive industry globally, opening up significant potential for the market for automotive in-wheel motors.

However, it is anticipated that in the next years, the cost of electric vehicles and the higher price of the trigger product would significantly impede the growth of the global in-wheel motors market. However, the development of electric vehicles is still in its early stages.

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The report is segmented as follows:

The In-Wheel Motor Market is segmented by Propulsion; the Market is segmented by Electric Vehicle; the Market is segmented by Motor; the Market is segmented by Cooling:

By Propulsion (BEV, HEV, PHEV, FCEV)

By Electric Vehicle (PV, CV)

By Motor (Axial Flux, Radial Flux)

By Cooling (Air, Liquid)

Regional Segmentation:

In-wheel motor sales in North America are predicted to account for a significant portion of this market during the predicted time. This can be ascribed to the expanding popularity of electrical cars in these areas as well as the move toward driverless vehicles. The region with the best CAGR is expected to be Asia Pacific during the projection period. Rising economic conditions and physical location also favor aluminum. The APAC In-Wheel Motor industry will have a lot of chances due to the rise in disposal income, quick changes in legislation to bring about greater progress in the transportation industry, and growing population. In terms of global and APAC auto production, China came out on top.

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Impact of the COVID-19 pandemic on the market:

Wheel Motor Market is currently approaching pre-COVID levels, and over the projected period, a solid growth rate is anticipated, led by the economic recovery in most developing countries. The high contagiousness of the virus and the frequent suspension of public transportation networks drove the demand for passenger automobiles, which in turn drove demand for In Wheel Motor products.

A bleak outlook is being created by exceptional circumstances brought on by the anticipated third and subsequent waves of the pandemic. This study aims to assess the impact of various COVID-19 scenarios on the In Wheel Motor market from 2021 to 2030.

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