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Global In-Wheel Motors Market Report 2022: A $45.23 Billion Market by 2027 - ResearchAndMarkets.com

·3-min read

DUBLIN, May 18, 2022--(BUSINESS WIRE)--The "Global In-Wheel Motors Market, By Product Type, End User & By Region - Forecast and Analysis 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global in-wheel motors market was valued at USD 6,606.60 Million in 2021, and it is expected to reach a value of USD 45,234.85 Million by 2027, at a CAGR of more than 37.80% over the forecast period (2022 - 2027).

Electrification is becoming a major trend in numerous economies throughout the world. The increasing emission levels of Co2 in various countries have been a matter of concern for governments of developed and emerging countries. Many countries have passed stringent emission regulations such as the European stage VI standards, and the T4F in the US. This has led to automakers shifting to electric vehicles.

Also, the governments are providing incentives and subsidies to encourage in-wheel motors sales. The Electric Vehicles Initiative (EVI), which is a multi-government policy forum will accelerate the adoption of in-wheel motors worldwide. They have set a target of reaching an electric car fleet of 20 million by 2020 globally. The Paris Declaration on Electro-Mobility and Climate Change has also set a similar global deployment target of 100 million electric cars by 2030.

The use of renewable energy to power in-wheel motor charging stations is one of the key opportunities for players in the in-wheel motors market. The key market actors are rapidly evolving newer technologies in the electric vehicle market to generate more revenues.

This renewable energy technology is evolving due to the lower price and easier installation of solar panels, solar-powered charging stations have become ideal for homeowners or commercial buildings. These charging stations can be installed at residential buildings, shopping malls, theatre complexes, convention centers, parks, and other facilities.

The report provides market sizing and forecast across five major regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East & Africa (MEA). In this report, the year 2016 to 2020 is considered a historical year, 2021 is the base year, 2022 is the estimated year, and years from 2022 to 2027 are considered the forecast period.

Players in this market adopted various strategies to expand their global footprint and augment their market share. The key strategies followed by most companies in the global in-wheel motors market were agreements and collaborations, mergers and acquisitions, and expansion.

Companies Mentioned

  • Protean Electric

  • Ziehl-Abegg

  • Tm4 Inc

  • Printed Motor Works

  • Elaphe Propulsion Technologies Ltd

  • Tesla

  • Nidec Sr Drives Ltd - Nidec Corporation

  • E-Traction Bv

For more information about this report visit https://www.researchandmarkets.com/r/4fb648

View source version on businesswire.com: https://www.businesswire.com/news/home/20220518005928/en/

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