Global Automotive In-wheel Motor Market 2019-2023 | 111% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Dec 18, 2019--
The global automotive in-wheel motor market is expected to post a CAGR of almost 111% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive in-wheel motor market 2019-2023. (Graphic: Business Wire)
Many automotive OEMs are collaborating towards the development of vehicle prototypes fitted with in-wheel motors. Several automobile companies are forming consortiums to enable the mass-scale production of in-wheel motors. Some others are showcasing their vehicle models retrofitted with in-wheel motors at automotive events. For instance, JTEKT showcased an EV module - Future Concept Vehicle - which is equipped with innovative technologies, including in-wheel motors, at the Tokyo Motor Show 2017. It comprises automatic driving mode and a steer-by-wire system incorporating four-in-wheel motors. Such collaborations and events are encouraging automakers to adopt in-wheel motor technology in their electric vehicles.
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As per Technavio, the integration of compact inverters in automotive in-wheel motors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global Automotive In-Wheel Motor Market: Integration of Compact Inverters in Automotive in-Wheel Motors
Vendors in the market are consistently working on improving design elements to incorporate multiple systems such as inverters in in-wheel motors to increase overall efficiency. The integration of inverters in automotive in-wheel motors reduces the overall space taken up by the inverter and motor. For instance, Nissan Motors has developed a new compact inverter, which is the size of a coffee cup and can be integrated into in-wheel motors to increase the operational efficiency of EVs. This trend is expected to have a positive impact on the growth of the global automotive in-wheel motor market during the forecast period.
“The designing of in-wheel platform for autonomous vehicles and in-wheel motors with dual stator design are other developments that will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive In-Wheel Motor Market: Segmentation Analysis
This market report segments the global automotive in-wheel motor market by technology (direct drive and gear reduction), drive type (rear-wheel drive, front-wheel drive, and all-wheel drive), and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by the Americas and EMEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to factors such as the increasing adoption of electric vehicles in China.
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Some of the key topics covered in the report include:
Five Forces Analysis
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INDUSTRY KEYWORD: ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE
SOURCE: Technavio Research
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PUB: 12/18/2019 08:30 AM/DISC: 12/18/2019 08:30 AM