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In-wheel Motors Market Growth Projections and Opportunities
Government efforts to encourage the use of electric commercial vehicles and the expansion of global electric vehicle makers into new markets will make the market grow. The global market for in-wheel motors is divided into different categories based on how vehicles are powered, how they are cooled, what kind of motor they use, the type of vehicle, and how much power they produce.
This means how the vehicle is powered. There are three types - BEV (Battery Electric Vehicle), FCEV (Fuel Cell Electric Vehicle), and PHEV (Plug-in Hybrid Electric Vehicle). In 2020, BEVs were the most popular, making up 57.5% of the market, with a value of USD 2,097.5 million. It is expected to grow by 34.38% in the coming years.
This refers to how the motors are kept cool. There are two types - air cooling and liquid cooling. In 2020, liquid cooling was more common, making up 64.1% of the market, with a value of USD 2,339.9 million. It is expected to grow by 29.14%.
This means the kind of motor used in the vehicles. There are two types - axial flux motor and radial flux motor. In 2020, radial flux motors were more popular, making up 54.4% of the market, with a value of USD 1,986.8 million. It is expected to grow by 26.08%.
This is about the kind of vehicle the motor is used in. There are two types - passenger cars and commercial vehicles. In 2020, passenger cars were more common, making up 89.5% of the market, with a value of USD 3,266.5 million. It is expected to grow by 32.91%.
This refers to how much power the motors can produce. There are three categories - up to 60 KW, 60-90 KW, and above 90 KW. In 2020, the 60-90 KW category was the most popular, making up 47.4% of the market, with a value of USD 1,730.7 million. It is expected to grow by 32.85%.
In terms of regions, in 2020, Asia-Pacific had the biggest share of the market, accounting for 42.9%, with a value of USD 1,565.8 million. It is expected to grow by 34.89% in the coming years.
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | (2022 - 2030 |
In-wheel Motors Market Highlights:
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