In-wheel Motor Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Passenger Car and Commercial Vehicle), By Propulsion Type (BEV, FCEV, HEV, and PHEV), By Motor Type (Axial Flux Motor and Radial Flux Motor), By Cooling Type (Air-cooled and Liquid-cooled), and Region  

In-wheel Motor Market size was valued at US$ 912.2 million in 2023 and is poised to grow at a significant CAGR of 38.2% from 2024-2030. The in-wheel motor is an electric vehicle technology. Conventional electric vehicles are designed so that the gasoline engine is substituted with an electric motor. In the electric vehicle (EV), the motor is installed on each driving wheel to power the wheels directly. One major advantage of EVs is good accelerator responsiveness. It makes the car's behavior more in tune with the steering. The vehicle moves naturally in the way the driver wants. The growing automotive sector and increasing demand for fuel-efficient vehicles are the major drivers in the global in-wheel motor market growth. Moreover, the growth of the in-wheel motor market is attributed to its advantages, such as increased driving range, reliability, and improved vehicle performance. Also, the increasing R&D expenses can provide lucrative opportunities for in-wheel motor manufacturers to increase the efficiency of a vehicle. The global manufacturers are focusing on developing an efficient in-wheel motor car system for future transport. The in-wheel motor market is directly connected to the electric vehicle market. The increasing awareness of pollution and awareness of sustainable solutions will drive the global in-wheel motor market growth. Based on the motor type, the global in-wheel motor market is segmented into axial flux motor and radial flux motor. The axial flux motor holds the major market share in 2022 and is expected to maintain the global in-wheel motor market growth in the upcoming years. However, the in-wheel motors' biggest disadvantage is the heavy weight of the wheel, which decreases the ride quality and comfort. Hence, it can be the biggest restrain in the global in-wheel motor market growth. Geographically, Asia-specific holds the major market share in the global in-wheel motor market and is expected to dominate the global market in the forecasted years.

In-wheel Motor Market Key Developments:

• In April 2022, Protean Electric partnered with Dongfeng Motor to advance market adoption of in-wheel motor technology.
• In June 2022, Aptera Motors announced a deal worth several hundred million euros to source in-wheel electric motors from Elaphe.