In-Wheel Motor Market Outlook Report
The global In-Wheel Motor Market size is projected to reach a CAGR of 40.39% from 2022-2028. The market reached 568 million in 2022 and will reach 5,535 million by 2028. The base year taken for the study 2021 and the forecast period is from 2022-2028.
In-wheel motors are type of electric motors, which are installed in wheels of electric vehicles and are required to offer a better performance by directly powering wheels of the vehicle. Conventional electric vehicles involved only one motor responsible for propelling all wheels of an EV whereas with introduction of in-wheel motor system, independent motors were installed to wheels of vehicles and were responsible for individual operations. In-wheel motor installed around wheels of vehicles directly powers the wheel thereby offering a good accelerator response. The in-wheel motor technology is a breakthrough in terms of efficiency, performance and driving range. It puts the motors directly behind the wheels thus eliminating energy loss that comes from conventional drive shafts which in turn increases performance and efficiency. This arrangement also frees up more space around the vehicle. It's positioning allows for a reduction in complexity and cost and due to being highly adaptable it can also incorporate regenerative braking allowing for a versatile platform.
Factors such as high demand for safety and convenience features, rise in demand for electric vehicles, and stringent safety regulations set by governments for the automotive industry supplements growth of the global in-wheel motor market. The factors that can hamper the growth of market are high manufacturing cost and decrease in global vehicle production. Wide number of applications employing use of electric motors and increase in penetration of electric vehicles are the factors which will provide lucrative opportunities and will help in growth of In-Wheel Motor Market.
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Last Update : Jun 06, 2023 7:31 AM
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