Global Electric Vehicle in Wheel Motor Market Report and Forecast 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