MarketsandMarkets’ report, “In-wheel Motor Market by Propulsion, Vehicle, Motor, Cooling, Power Output, and Region - Global Forecast to 2025”, projects the market to grow at a CAGR of 35.02% from $322.8 million in 2018 to reach $2,641.1 million by 2025. Factors influencing growth are improved vehicle performance, replacement of transmission, drive shaft, axles, and differentials. For background, in-wheel motors 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
- BEVs: Expected to dominate the In-Wheel Motor Market
- Asia Pacific: Largest market for in-wheel motors
- The major In-Wheel Motor Market players are Protean Electric (US), Elaphe (Slovenia), ZIEHL-ABEGG (Germany), Printed Motor Works (UK), and NTN (Japan).
Need to know more about the in-wheel motor market? Browse the “In-Wheel Motor Market” report.