The Asia-Pacific region has witnessed a significant rise in the adoption of electric vehicles, driven by government initiatives, favorable policies, and increasing consumer environmental consciousness.Ī comprehensive analysis of the major players in the in-wheel motors market has been recently conducted in a report. This growth can be attributed to the increasing sales of electric vehicles in countries such as China and Japan. Regional markets in the Asia-Pacific region hold the largest market share in the global market and is poised for further growth in the forecast period. Its compact size enables easy integration within or near each wheel, allowing for direct power transmission. The axial flux motor surpasses the radial flux motor, making it a preferred choice for various applications regarding power density and efficiency. The axial flux motor segment holds the leading position in the market and is anticipated to experience significant growth in the forecast period. The market is expected to expand rapidly as consumers increasingly embrace electric mobility solutions and governments implement stringent emission rules and regulations to address environmental concerns.īrowse summary of the report and Complete Table of Contents (ToC):Īxial Flux Motor Segment is Expected to Dominate the Market Due to its Efficiency The region has experienced the highest electric vehicle (EV) sales in recent years, driving the demand for in-wheel motors. The market in Europe is poised for significant growth in the forecast period within the market. Prominent Players in In-Wheel Motors Market The in-wheel motor eliminates the need for complex mechanical transmission systems, such as driveshafts and differentials, found in traditional internal combustion engine vehicles by placing the motor directly on the wheel. This innovative technology offers numerous advantages for electric vehicle performance and efficiency. The demand for advanced technologies, including in-wheel motors, is expected to surge with the increasing interest in self-driving and autonomous vehicles.īrowse in-depth TOC on "In-Wheel Motors Market."Īn in-wheel motor is an electric motor specifically designed to be mounted directly on the wheels of a vehicle, forming part of the drivetrain system in electric vehicles. Numerous component manufacturers are placing their focus on the development of efficient systems for future transportation needs. Westford, USA, J(GLOBE NEWSWIRE) - According to SkyQuest, the rise in R&D expenditures presents lucrative opportunities for manufacturers of in-wheel motors to develop innovative technologies to improve vehicle efficiency. The in-wheel motor system reduces the complexity and part count of the vehicle, leading to cost savings and simplified manufacturing processes by integrating the power electronics directly into the wheel. The market is experiencing significant growth, primarily fueled by the demand for increased driving range, enhanced vehicle performance, and improved reliability. SkyQuest projects that the in-wheel motors market will attain a USD 12041.5 million value by 2030, with a CAGR of 35.8% over the forecast period (2023-2030).
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