The global automotive in-wheel hub motor market is set to gain impetus from its ability to provide high-efficiency and flexibility to vehicles. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Automotive In-Wheel Hub Motor Market Size, Share & Industry Analysis, By Vehicle Type (Passenger Cars, Commercial Vehicles), By Power Input Type (Up to 60 KW, 60-90 KW, and Above 90 K.W), By Cooling Agent Type (Air Cooling, Liquid Cooling), By End Use Type (On-Road, Off-Road) and Regional Forecast 2020-2027.” The report further states that automotive in-wheel hub motors, also called automotive hub motors, are mainly attached to the wheels of a vehicle.
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A list of renowned automotive in-wheel hub motor manufacturers present in the global market:
- Protean Electric
- ECOmove GmbH
- Nissan Motors Corporation
- e-Traction B.V.
- NTN Corporation
- Schaeffler AG
- Printed Motors Works
- Elaphe Ltd.
- Other prominent companies
Drivers & Restraints-
Increasing Number of Vehicles Globally to Aid Growth
As the cost of fuels is surging rapidly day by day worldwide, the production of automobiles is also getting impacted because of fuel inefficiency and high prices. Besides, the rising number of vehicles and increasing population would result in global warming. These factors are set to help in contributing to the automotive in-wheel hub motor market growth in the near future. It would occur backed by the rising adoption of electric vehicles for reducing the emission of carbon in the atmosphere.
Moreover, governments of various countries across the globe are taking numerous initiatives to launch unique schemes for encouraging citizens to make use of sustainable and environment-friendly energy resources. It would aid in tackling the major environmental challenges. Apart from that, automotive in-wheel hub motors are able to eliminate the usage of transmission, driveline, powertrain, and axles. However, the expensive nature of automotive in-wheel hub motors may hinder their demand.
Favorable Regulatory Policies to Bolster Growth in Asia Pacific
Geographically, Asia Pacific is expected to generate the largest automotive in-wheel hub motor market share and dominate in the upcoming years. This growth is attributable to the increasing production of electric vehicles in China on account of the presence of favorable regulatory policies on the manufacturing of such vehicles, as well as import and export. In India, the market is likely to grow considerably throughout the forthcoming years stoked by the increasing utilization of sustainable energy sources. Multiple firms are also investing in the automotive industry in the country to manufacture electric vehicles.
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Key Players Focus on Introducing Innovative Products to Intensify Competition
The global market contains a large number of companies that are mainly focusing on developing and unveiling unique products to cater to the increasing demand from various end-use industries. This strategy would also help them to compete with their rivals. Below are the two latest industry developments:
- May 2019: Elaphe Propulsion Technologies announced that it is planning to start low-volume series manufacturing of L1500. It is the world’s highest performance gearless in-wheel powertrain, direct drive system.
- December 2018: Human Horizons, Wuxi Weifu e-Drive Technology Ltd., and Protean Electric Ltd. signed a strategic co-operation agreement to manufacture and develop in-wheel motors for state-of-the-art connected vehicles.
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