MarketResearch.biz announces publication of its most recently generated research report titled, “Global In-wheel Motors Market by Type (Outer Rotor Type and Inner Rotor Type), By Application (Passenger Vehicles, Commercial Vehicles, and Others), and by Region/Country – Global Forecast to 2027.”, which offers a holistic view of the global in-wheel motors market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2018–2022) is projected to be over US$ 2 Bn, which is expected to increase considerably over the latter part of the five-year forecast period.
In-wheel motors are technologically advanced wheels, primarily used in electric vehicles. It offers more room for passengers and helps elimination of all transmission losses.
Global In-wheel Motors Market: Market Dynamics
Growing preference for in-wheel systems over conventional systems is a major factor driving growth of the global in-wheel motors market. In-wheel motor systems are used to control rotating speed of individual wheels independently, while directly transmitting momentum to the tires without a drive shaft intervention. This makes it possible to achieve high responsive control of the driving force, resulting into improvement of vehicle driving performance considerably. The system reduces torque fraction to faster wheel according to differential speed.
Growing adoption of electrical vehicles, owing to growing environmental awareness is another factor fueling growth of the global market. Additionally, increasing government initiatives along with various players in the market to promote adoption of electric vehicles is anticipated to propel growth of the target market in the near future. In addition, governments of various countries offer subsidies to support production and adoption of electric and hybrid vehicles, which is also a factor expected to boost growth of the global in-wheel motors market.
However, lack of infrastructure related to vehicle charging facilities in developed as well as developing economies is expected to result in low adoption of electric vehicles. This factor expected to affect growth of the global in-wheel motors market.
Nonetheless, rising demand for electric vehicles globally is expected to result in increasing manufacturing capacity as well as uptake of raw materials and components used for producing electric vehicles, especially in-wheel motors and batteries and related raw materials and components, which is a factor expected to drive growth of the global market. In addition, introduction of technologically advanced in-wheel motors is expected to create revenue opportunities for key players in the target market.
Global In-wheel Motors Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global in-wheel motors market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global in-wheel motors market is expected to expand at a moderate CAGR of 9.0% during the forecast period.
Global In-wheel Motors Market: Segmental Snapshot
The market report has been segmented on the basis of type, application, and region/country. The type segment includes outer rotor type and inner rotor type. By application segment includes passenger vehicles, commercial vehicles, and others. The regions/countries covered in the analysis are North America, Europe, China, Japan, Southeast Asia, India, South America, and Middle East & Africa.
By Type: The inner rotor type segment is expected to account for highest revenue share contribution as compared to outer rotor type segment in the global market, and is expected to maintain its dominance over the forecast period by registering highest CAGR of over 9% over the forecast period
By Application: The passenger vehicles segment is estimated to account for major share in terms of revenue in the global market and is expected to register highest CAGR of over 9.5% over the forecast period.
By Region/Country: The market in China accounted for major share of revenue share in the global in-wheel motors market in 2017. The market in India is projected to register highest CAGR of over 10% in the global market over the forecast period.
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Global In-wheel Motors Market: Competitive Analysis
The research report on the global in-wheel motors market includes profiles of some of major companies such as Protean Electric Inc., Elaphe Ltd., e-Traction Europe B.V., ZIEHL-ABEGG SE, Compagnie Générale des Établissements Michelin, Honda Motor Co., Ltd., GEM Motors d.o.o., Bridgestone Corporation, Schaeffler AG, and NSK Ltd.
The Global In-wheel Motors Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2018–2028 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global In-wheel motors market for 2018–2027.