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The “In-Wheel Motor – Global Market Outlook (2017-2026)” report has been added to the ResearchAndMarkets.com offering.
Global In-Wheel Motor market accounted for $757.21 million in 2017 and is expected to reach $9.86 billion by 2026 growing at a CAGR of 33.0% during the forecast period.
Increasing preference for in-wheel systems over conventional systems and the adoption of electric and hybrid vehicles are driving market growth. However, lack of infrastructure associated with vehicle charging services in developed as well as developing. In addition, the introduction of technologically advanced in-wheel motors is providing ample opportunity.
In-wheel motor systems are used to control rotating speed of individual wheels independently, while directly transmitting momentum to the tires without a drive shaft intervention. In-wheel motor helps supply torque to its associated tire and generates more power to improve the efficiency of a vehicle.
Based on Motor Type, the radial flux motor segment accounted is the most common motor type adopted for in-wheel motors as the rotor can be directly fixed to the wheel. Moreover, in radial flux motors, the outer rotor design is about 15% lighter than the inner rotor machine, which generates the same torque due to their longer air gap diameter.
By Geography, Asia Pacific is the major in-wheel motor market. China is the largest market because the Chinese government provides massive support for the electrification of vehicles. Growth in sales of electric vehicles will lead to an increase in sales of in-wheel motors as only electric vehicles are equipped with in-wheel motors.
For more information about this report, click here.