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Electric Vehicle in Wheel Motor Market

Global Electric Vehicle in Wheel Motor Market Size, Share: By Vehicle Type: Passenger Vehicle, Commercial Vehicle; By Propulsion Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle; By Power Output: Up To 100KW, Others; By Motor Type; By Motor Weight; Regional Analysis; Competitive Landscape; 2024-2032

Global Electric Vehicle in Wheel Motor Market Outlook

The global electric vehicle in wheel motor market size was approximately USD 278.74 million in 2023. The market is projected to grow at a CAGR of 31.7% between 2024 and 2032, reaching a value of around USD 3,464.25 million by 2032.

 

Key Trends in the Market

A wheel motor is an engine integrated inside a wheel that independently powers the wheel and does not rely on gearbox systems and their associated energy losses. It increases the number of driving aid options available, including braking, road holding, and acceleration.

 

  • Benefits such as improved handling, space saving, reduced weight, and higher efficiency are surging the adoption of in wheel motors in electric vehicles. The incorporation of software and automated technologies in vehicles, regenerative braking systems, connected cars and services, and mobility services supports the electric vehicle in wheel motor market growth.
  • Increased control over the dynamics of the car is possible with in-wheel motors, particularly when there is one at each wheel. Numerous safety benefits are brought about by shorter stopping distances, improved obstacle avoidance, the capacity to operate on low-friction surfaces, and bi-directionality, which aid the electric vehicle in wheel motor market demand.

Moreover, the rising demand for continuous and smooth wheel movements and improved driving experience are aiding the market expansion.

  • The growing demand for plug-in hybrid and hybrid vehicles is aiding the market growth. Moreover, the introduction of favourable initiatives by governments aimed at decarbonising the transportation sector is further fuelling the demand for electric vehicle in wheel motors.

 

Electric Vehicle in Wheel Motor Market Segmentation

Based on vehicle type, the market is segmented into passenger vehicle and commercial vehicle. On the basis of propulsion type, the market can be bifurcated into battery electric vehicle, hybrid electric vehicle and plug-in electric vehicle.

 

Based on power output, the market is segmented into up to 100KW, 100-200 KW, and above 200 KW. On the basis of motor type, the market can be bifurcated into axial flux motor and radial flux motor.

 

Based on motor weight, the market is segmented into less than 20 kg, 20-30 kg, and above 30 kg.  The major regional markets for electric vehicles in wheel motor are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global electric vehicle in wheel motor market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

 

  • Nidec Corporation 
  • Protean Electric Limited 
  • Elaphe Propulsion Technologies Ltd. 
  • NTN Corp. 
  • SIM-Drive Corporation 
  • PMW Dynamics Limited  
  • NSK Ltd. 
  • GEM Motors d.o.o.
  • Saietta Group Plc (e-Traction)
  • Others

 

Market Share by Motor Type

As per the electric vehicle in wheel motor market analysis, axial flux motors hold a significant share in the market due to their compact and lightweight design, high power-to-weight ratio, and greater torque density, among others. In addition to their more effective use of copper winding, axial flux motors can reduce heat generated by the end turn effect and increase the number of turns, hence, their assembling and processing are easier than radial flux motors.

 

The rising adoption of electric vehicles due to sustainability initiatives, favourable government policies, and fuel efficiency expands the axial flux motor market demand. Its flat structure offers effective cooling, and as a result, these motors are extensively used in electric vehicles.

 

Market Share by Region

Europe holds a sizeable portion of the electric vehicle in wheel motor market share. The region has a 22% penetration rate of electric vehicles and 12.1% of newly registered cars were electric in 2022, compared to 8.3% in 2021. Moreover, the expansion of charging infrastructure in the region is positively influencing the market.

 

Meanwhile, the Asia Pacific is anticipated to witness a healthy growth in the forecast period due to the increasing sales of electric vehicles (EVs) in countries like Japan, China, India, and South Korea. The increasing launch of electric vehicle in-wheel motors by key players in the Asia Pacific is positively influencing the market growth. For instance, in December 2023, Kia and Hyundai launched Uni Wheel, an in-wheel motor for electric vehicles that support electronic torque vectoring, improve driving and steering stability, and reduce the overall costs of EVs.

 

Competitive Landscape

Nidec Corporation, founded in 1973, is a Japanese distributor and manufacturer of electric motors. The company offers a wide range of motors, such as medium- and large-size motors, small-size and precision motors, mould, moulding, cutting, and machining components, mechanical equipment, and machine tool inspection and measuring equipment, among others. It also provides solutions related to automotive, including IoT products and electronic devices.

 

Protean Electric Limited, founded in 2008, is an automobile technology company with a focus on in-wheel motor technology. It provides solutions for all kinds of vehicles, such as automatic vehicles, commercial vehicles, and passenger cars. With over 200 patents and 130 pending patents, it has a focus on the development of clean electric vehicles.

 

NTN Corp., established in 1918, it is a leading bearing and vehicle component manufacturer in Japan, ranked second only to NSK Ltd. on a domestic basis. Constant-velocity joints and other friction-reducing items are among the company's top exports to the global market. The company has its shares listed on Tokyo Stock Exchange with ticker 6472.

 

Other players operating in the electric vehicle in wheel motor market include Elaphe Propulsion Technologies Ltd., SIM-Drive Corporation, PMW Dynamics Limited, NSK Ltd., GEM Motors d.o.o., and Saietta Group Plc (e-Traction), among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Vehicle Type
  • Propulsion Type
  • Power Output
  • Motor Type
  • Motor Weight
  • Region
Breakup by Vehicle Type
  • Passenger Vehicle
  • Commercial Vehicle
Breakup by Propulsion Type
  • Battery Electric Vehicle
  • Hybrid Electric Vehicle
  • Plug-in Hybrid Electric Vehicle
Breakup by Power Output
  • Up To 100KW
  • 100-200 KW
  • Above 200 KW
Breakup by Motor Type
  • Axial Flux Motor
  • Radial Flux Motor
Breakup by Motor Weight
  • Less Than 20 Kg
  • 20-30 Kg
  • Above 30 Kg
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Nidec Corporation
  • Protean Electric Limited
  • Elaphe Propulsion Technologies Ltd.
  • NTN Corp.
  • SIM-Drive Corporation
  • PMW Dynamics Limited
  • NSK Ltd.
  • GEM Motors d.o.o.
  • Saietta Group Plc (e-Traction)
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description   
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Electric Vehicle in Wheel Motor Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Electric Vehicle in Wheel Motor Historical Market (2018-2023) 
    8.3    Global Electric Vehicle in Wheel Motor Market Forecast (2024-2032)
    8.4    Global Electric Vehicle in Wheel Motor Market by Vehicle Type
        8.4.1    Passenger Vehicle
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Commercial Vehicle
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Electric Vehicle in Wheel Motor Market by Propulsion Type
        8.5.1    Battery Electric Vehicle
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Hybrid Electric Vehicle
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Plug-in Hybrid Electric Vehicle
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
    8.6    Global Electric Vehicle in Wheel Motor Market by Power Output
        8.6.1    Up To 100KW
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    100-200 KW
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Above 200 KW
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
    8.7    Global Electric Vehicle in Wheel Motor Market by Motor Type
        8.7.1    Axial Flux Motor
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Radial Flux Motor
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
    8.8    Global Electric Vehicle in Wheel Motor Market by Motor Weight
        8.8.1    Less Than 20 Kg
            8.8.1.1    Historical Trend (2018-2023)
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    20-30 Kg
            8.8.2.1    Historical Trend (2018-2023)
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    Above 30 Kg
            8.8.3.1    Historical Trend (2018-2023)
            8.8.3.2    Forecast Trend (2024-2032)
    8.9    Global Electric Vehicle in Wheel Motor Market by Region
        8.9.1    North America
            8.9.1.1    Historical Trend (2018-2023)
            8.9.1.2    Forecast Trend (2024-2032)
        8.9.2    Europe
            8.9.2.1    Historical Trend (2018-2023)
            8.9.2.2    Forecast Trend (2024-2032)
        8.9.3    Asia Pacific
            8.9.3.1    Historical Trend (2018-2023)
            8.9.3.2    Forecast Trend (2024-2032)
        8.9.4    Latin America
            8.9.4.1    Historical Trend (2018-2023)
            8.9.4.2    Forecast Trend (2024-2032)
        8.9.5    Middle East and Africa
            8.9.5.1    Historical Trend (2018-2023)
            8.9.5.2    Forecast Trend (2024-2032)
9    North America Electric Vehicle in Wheel Motor Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
10    Europe Electric Vehicle in Wheel Motor Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023)
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Electric Vehicle in Wheel Motor Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023)
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023)
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023)
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Electric Vehicle in Wheel Motor Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Electric Vehicle in Wheel Motor Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023)
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price  
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Nidec Corporation 
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Protean Electric Limited 
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    Elaphe Propulsion Technologies Ltd. 
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    NTN Corp. 
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    SIM-Drive Corporation 
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    PMW Dynamics Limited  
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    NSK Ltd. 
            15.2.7.1    Company Overview
            15.2.7.2    Product Portfolio
            15.2.7.3    Demographic Reach and Achievements
            15.2.7.4    Certifications
        15.2.8    GEM Motors d.o.o. 
            15.2.8.1    Company Overview
            15.2.8.2    Product Portfolio
            15.2.8.3    Demographic Reach and Achievements
            15.2.8.4    Certifications
        15.2.9    Saietta Group Plc (e-Traction) 
            15.2.9.1    Company Overview
            15.2.9.2    Product Portfolio
            15.2.9.3    Demographic Reach and Achievements
            15.2.9.4    Certifications
        15.2.10    Others
16    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Electric Vehicle in Wheel Motor Market: Key Industry Highlights, 2018 and 2032
2.    Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
3.    Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
4.    Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Propulsion Type (USD Million), 2018-2023
5.    Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Propulsion Type (USD Million), 2024-2032
6.    Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Power Output (USD Million), 2018-2023
7.    Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Power Output (USD Million), 2024-2032
8.    Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Motor Type (USD Million), 2018-2023
9.    Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Motor Type (USD Million), 2024-2032
10.    Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Motor Weight (USD Million), 2018-2023
11.    Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Motor Weight (USD Million), 2024-2032
12.    Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Region (USD Million), 2018-2023
13.    Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Region (USD Million), 2024-2032
14.    North America Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
15.    North America Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Europe Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Europe Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Asia Pacific Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
19.    Asia Pacific Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
20.    Latin America Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
21.    Latin America Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
22.    Middle East and Africa Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
23.    Middle East and Africa Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
24.    Global Electric Vehicle in Wheel Motor Market Structure

Key Questions Answered in the Report

What was the global electric vehicle in wheel motor market value in 2023?

In 2023, the market reached an approximate value of USD 278.74 million.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 31.7% between 2024 and 2032.

What is the global electric vehicle in wheel motor market forecast for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 3,464.25 million by 2032.

What are the major market drivers?

The market is being driven by the incorporation of software and automated technologies, safety benefits provided by in wheel motors, and the sustainability awareness among consumers.

What are the key electric vehicle in wheel motor market trends?

The key trends of market includes the growing adoption of electric vehicles, surging launch of electric vehicle in-wheel motors, and the rising demand for axial flux motors.

What are the major regional markets of electric vehicle in wheel motor, according to the EMR report?

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the major vehicle types considered in the market report?

The major vehicle types considered in the market report include passenger vehicle and commercial vehicle.

Who are the key market players, according to the global electric vehicle in wheel motor market report?

The major players in the market are Nidec Corporation, Protean Electric Limited, Elaphe Propulsion Technologies Ltd., NTN Corp., SIM-Drive Corporation, PMW Dynamics Limited, NSK Ltd., GEM Motors d.o.o., and Saietta Group Plc (e-Traction), among others.

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