Global in-wheel motor market projected to grow from $1.42 billion to $28.33 billion by 2033, driven by demand for fuel-efficient cars

From GlobeNewswire: 2024-07-12 15:00:00

The global in-wheel motor market is projected to grow from $1.42 billion in 2023 to $28.33 billion by 2033 at a CAGR of 34.89%. In-wheel motors are electric motors installed within the wheels of electric cars to improve performance. The market is primarily driven by the demand for fuel-efficient automobiles and the growing interest in self-driving cars.

Hybrid electric vehicles (HEV) are expected to dominate the in-wheel motor market. Axial flux motors are projected to grow at the fastest CAGR. Passenger vehicles are expected to hold a significant share of the market. Asia Pacific is expected to lead in market share, with Europe experiencing the fastest growth.

Major players in the in-wheel motor market include Protean Electric, Elaphe Ltd., and Continental. Recent developments include BMW’s collaboration with DeepDrive to create an in-wheel motor with an integrated brake. The market is segmented by type, motor, application, and region, with a forecast from 2020 to 2033.

For more information on the global in-wheel motor market and other related reports, contact Spherical Insights & Consulting at +1 303 800 4326 or [email protected]. Follow them on LinkedIn, Facebook, and Twitter for the latest updates.



Read more at GlobeNewswire: Global In-wheel Motor Market Size To Exceed USD 28.33