Auto Industry News
Auto Bailout News
Auto Show News
Car Dealers News
| Automotive News
| Submit Press Release
(I-AutoNewsWire.com, October 06, 2018 ) The In-Wheel Motor Market is estimated to grow from USD 322.8 million in 2018 at a CAGR of 35.02% to reach USD 2,641.1 by 2025.
The major factors behind the growth of the in-wheel motor market are improved vehicle performance, replacement of transmission, drive shaft, axles, and differentials. In-wheel motor helps supply torque to its associated tire and generates more power to improve the efficiency of a vehicle.
Electric passenger car segment: Expected to dominate the in-wheel motor market
The electric passenger car segment is the largest of all segments of the in-wheel motor market and is expected to witness significant growth during the forecast period. The market growth of in-wheel motors can be attributed to factors such as improved fuel efficiency, high torque, increased power, and better vehicle handling to both new and existing vehicles. This vehicle segment is the most promising market for in-wheel motors as it is the largest in the automotive industry.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownload.asp?id=192634770
BEVs: Expected to dominate the in-wheel motor market
Governments prefer BEVs as these are zero emission vehicles. Various governments around the world support the sales of BEVs with subsidies and tax rebates. BEVs were the most preferred vehicles in China in 2017. Countries such as the US, Canada, the UK, and Germany are focusing heavily on electric vehicles. The top 5 selling BEV models in Europe are Renault Zoe, Nissan Leaf, Tesla Model S, BMW i3, and Volkswagen e-Golf. Among these, Tesla Model S, Chevy Volt, BMW i3, and Nissan Leaf are equipped with in-wheel motors.
Asia Pacific: Largest market for in-wheel motors
The Asia Pacific region is estimated to be the largest in-wheel motor market in 2018 because of government promotions and schemes that have led to the increase in the electric vehicle sales over the years, catering to the demand for in-wheel motors. For instance, NTN, which is a Japan-based company, supplies in-wheel motors to the electric vehicle start-up FSAT (Changchun Fawsn Auto Tech).
The in-wheel motor is majorly found in electric commercial vehicles; therefore, governments of various countries in the Asia Pacific region are focusing on electric commercial vehicles. For instance, OEMs such as BYD are planning to open manufacturing plants of electric buses and electric trucks to meet the regional demand in different countries of Asia Pacific.
To Know More Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalyst.asp?id=192634770
The major In-Wheel Motor Market players are Protean Electric (US), Elaphe (Slovenia), ZIEHL-ABEGG (Germany), Printed Motor Works (UK), and NTN (Japan).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for a deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh