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(Transportation-News.com, October 22, 2024 ) Wheel Motor Market size was valued at USD 1598.90 Mn. in 2023 and the total In-Wheel Motor revenue is expected to grow by 40.5% from 2024 to 2030, reaching nearly USD 17280.4 Mn.
In-wheel motor is an EV propulsion system that places motors directly around each driving wheel. Unlike traditional EVs, it replaces the gasoline engine with individual motors for each wheel.
Growing global demand for electric vehicles is boosting the wheel motor market. Automakers are shifting towards electric vehicles due to fossil fuel concerns and environmental regulations. Despite challenges, manufacturers are focusing on long-term goals. However, the rise in unsprung weight from in-wheel motors is impacting ride quality, leading to issues for companies like Hyundai Motor. Asia-Pacific region led with xx% market share in 2023, poised to sustain dominance through forecast period's end.
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Wheel Motor Market Segmentation
by Propulsion
BEV
FCEV
HEV
PHEV
by Vehicle Type
Passenger Car
Commercial Vehicle
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by Motor Type
Axial Flux Motor
Radial Flux Motor
by Cooling Type
Air-cooled
Liquid-cooled
by Power Output Type
Up to 60 KW
60–90 KW
Above 90 KW
by Vehicle Class
Mid-priced
Luxury
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by Motor Weight
Less than 20 Kg
20-30 Kg
Above 30 Kg
Wheel Motor Market Top Leaders:
1. General Motors (US)
2. Tesla (US)
3. The Orbis Ring Drive Wheel (US)
4. ORBIS Wheels, Inc. (US)
5. BYD Motors LLC (US)
6. DANA TM4 INC. (Canada)
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