As per MRFR analysis, the automotive in wheel market size was estimated at 6.14 (USD Billion) in 2022. The automotive in wheel market industry is expected to grow from 6.49 (USD Billion) in 2023 to 10.7 (USD Billion) by 2032. the automotive in wheel market CAGR (growth rate) is expected to be around 5.71% during the forecast period (2024 - 2032).
Key Automotive In Wheel Market Trends Highlighted
The global automotive in-wheel market exhibits significant growth potential, driven by increasing demand for enhanced vehicle performance, fuel efficiency, and safety. Key market drivers include the adoption of electric vehicles, rising consumer preference for autonomous driving systems, and stringent government regulations aimed at reducing carbon emissions.
Opportunities arise from the integration of advanced technologies such as artificial intelligence and machine learning into in-wheel systems, enabling improved vehicle dynamics, stability, and braking capabilities. In recent times, trends have focused on integrating regenerative braking systems to capture energy during braking, reducing energy consumption and enhancing vehicle efficiency. Additionally, the development of modular and flexible in-wheel designs allows for easier customization and integration into various vehicle architectures.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive In Wheel Market Drivers
Increasing Demand for Electric Vehicles
Electric vehicles are one of the main driving factors of the automotive in-wheel market. In comparison to vehicles which use traditional engines, EVs need more efficient and powerful motors. At the same time, it is essential that they be compact and lightweight. In-wheel motors provide several advantages over the conventional monolithic motor. For one, they are compact and light, which means that they can help reduce the total weight of a vehicle.
For another, they are more efficient and help preserve the charge. In turn, the expanding market of electric vehicles entails that of the automotive in-wheel. Although the benefits of a reduced unsprung weight were mentioned, in-wheel motors can also help with the rolling resistance of the wheels. Most in-wheel motors offer regenerative brakes, which allow for the in-wheel motors to commute a part of the energy back into the batteries of an electric car, and thus extend its range.
Government Regulations on Emissions
Another major driver of the automotive in-wheel market is government regulations on emissions. In several countries, they are being tightened, driving automakers to produce vehicles that are more fuel-efficient, and in-wheel motors can help to achieve this.
This is because in-wheel motors are more efficient than conventional motors, and they can help to reduce both fuel consumption and emissions. These motors are also more compact and lighter, potentially reducing a vehicle’s total mass. This can make a vehicle more fuel efficient and reduce its emissions.
Advancements in Technology
The development of technology also drives the in-wheel market growth to a significant extent. In the last decade, advanced designs and concepts have been created regarding in-wheel motors. As a result, in-wheel motors are more efficient, reliable and, what is even more important, considerably cheaper today. What is more, it is expected the cost of this technology will continue to reduce, which will lead to the increased demand for automotive in-wheel motors on the part of auto giants.
Automotive In Wheel Market Segment Insights:
Automotive In Wheel Market Vehicle Type Insights
The automotive in wheel market is classified into three segments based on vehicle type– passenger cars, commercial vehicles, and two wheelers. In 2023, the Passenger cars segment accounted for around 60% of the revenue. This is mainly because of rapid urbanization, increasing population, and rising disposable incomes.
The two-wheelers segment is expected to grow steadily owing to increasing adoption of electric two-wheelers and increasing number of vehicle owners preferring two wheelers as a commuting mode and last mile delivery service. There are several drivers for the growth of the Global Automotive In Wheel Market. Among them, increasing fuel prices and rising concerns regarding the environment are the major factors.
In addition to that, governments worldwide are taking initiative to reduce pollution and improve air quality by introducing strict regulations related to the emission of hazardous gases. Apart from that, governments are also encouraging the production of electric vehicles and investing in infrastructure development.
For instance, in July 2021, the India government has sanctioned 394proposals under the FAME II scheme for establishing about 33460 electric vehicle charging stations in 62 different cities in 24 states and union territories. Moreover, increasing use of battery rechargeable material in place of petrol in vehicles is also supporting the growth of the global automotive in wheel market.
The market is also observed to increase new players, especially in the electric vehicle. Overall, the increasing use of battery rechargeable material in place of petrol, increasing concerns of the environment, and the launch of multiple government initiatives are the key factors driving the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive In Wheel Market In-Wheel Motor Type Insights
The global automotive in-wheel market for axial flow motors is expected to reach $8,930 million by 2032, up from $3,640 million in 2023. In the period 2023-2032 years the market is expected to grow at a CAGR of 8.9%.
This is mainly because electric cars are becoming more and more popular and drive demand for more compact and efficient propulsions. The axial flux motors are already establishing themselves as a highly appraised technology because they are more compact, at the same time lighter and providing better torque than common radial flux motors.
All these features greatly promote the popularity of these motors. In addition, it should be noted that the demand for automotive axial flux motors is growing. The market for radial flow motors is expected to grow from $2,270 million in 2023 to $4,200 million in 2032.
Although the market is expected to grow at a slower pace over the next decade, the CAGR is still high, at 7.2%. The main reason for slower market growth is that there is a simpler, cheaper and are widely used radial flux motors that although less efficient, at the same time has lower torque density than axial flux motors.
Automotive In Wheel Market Application Insights
The global automotive in wheel market segmentation by application includes electric vehicles, hybrid vehicles, and fuel cell vehicles. Electric vehicles are projected to hold the largest market share in terms of revenue by 2028, owing to government regulations supporting their adoption and technological advancements that improve battery efficiency and range.
Hybrid vehicles are expected to experience steady growth, as consumers seek vehicles that combine fuel efficiency with the convenience of an internal combustion engine. Fuel cell vehicles represent a growing segment, driven by the development of hydrogen infrastructure and advancements in fuel cell technology.
Automotive In Wheel Market Sales Channel Insights
The global automotive in wheel market segmentation by sales channel comprises OEMs and aftermarket. OEMs held a larger revenue share in the market in 2023, owing to the increasing adoption of in-wheel motors by automakers for enhancing vehicle performance and efficiency.
The aftermarket segment is anticipated to exhibit a higher CAGR during the forecast period, driven by the growing popularity of aftermarket modifications and performance upgrades among consumers. Key market players in the OEM segment include BMW, Mercedes-Benz, and Audi, while prominent players in the Aftermarket segment encompass KW Automotive, H Special Springs, and Eibach.
Automotive In Wheel Market Regional Insights
The regional segmentation of the global automotive in wheel market provides insights into the performance of the market across different geographic regions. North America held the largest share of the market in 2023, with a significant contribution from the United States. The region is expected to maintain its dominance throughout the forecast period due to the presence of major automotive manufacturers and the increasing adoption of advanced technologies.
Europe is another key market for automotive in-wheel motors, with Germany, France, and the United Kingdom being the major contributors. The region is witnessing growing demand for electric vehicles, which is driving the growth of the in-wheel motor market.
APAC is projected to be the fastest-growing region, with China and India emerging as major markets. The increasing production of electric vehicles and the supportive government policies in these countries are driving the growth of the automotive in-wheel motor market in the region.
South America and MEA are expected to witness a steady growth in the coming years, with Brazil and Saudi Arabia being the key markets. The growing urbanization and the increasing demand for personal transportation are contributing to the growth of the automotive in-wheel motor market in these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive In Wheel Market Key Players and Competitive Insights:
The market for automotive in wheel is represented by a variety of players that are relying on the research and development to boost the performance and efficiency of their products. The major companies are also focusing on acquiring other businesses and creating partnerships, which would help to expand their target markets and compete more effectively.
In general, the market is highly competitive, and the companies are implementing numerous strategies to stay ahead. The key driving forces of the market include the increasing demand for electric vehicles, the growing popularity of autonomous driving systems, and the rising concern for fuel efficiency.
Aisin Seiki is a major automotive in wheel market player, which offers a wide range of in-wheel motors, generators, and other components to electric and hybrid vehicles. The company has a global presence within the automotive industry and is emphasizing its research and development efforts that aim at enhancing the efficiency and performance of the in-wheel system. At the same time, the company is focusing on on-going expansion and acquisition opportunities.
Another major player is Continental AG. The company is specializing in the development and production of a variety of in-wheel motors, generators, and other critical parts for electric and hybrid vehicles. A major emphasis is on sustainability and advanced technologies, and it is focused on the research and development and creating new in-wheel systems. Also, the company is focusing on continuously expanding its presence globally with additional product acquisitions.
Key Companies in the Automotive In Wheel Market Include:
Automotive In Wheel Market Developments
The global Automotive In-Wheel Market is projected to reach USD 10.7 billion by 2032, exhibiting a CAGR of 5.71% during the forecast period. Increasing demand for electric vehicles, rising fuel prices, and growing concerns about environmental sustainability are key factors driving market growth.
Technological advancements, such as the development of more efficient and cost-effective in-wheel motors, are further fueling market expansion. Key players in the market include ZF Friedrichshafen AG, Continental AG, and NSK Ltd., among others. Recent developments include strategic partnerships and collaborations to enhance product offerings and expand market reach.
Automotive In Wheel Market Segmentation Insights
| Report Attribute/Metric | Details |
| Market Size 2022 | 6.14(USD Billion) |
| Market Size 2023 | 6.49(USD Billion) |
| Market Size 2032 | 10.7(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.71% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Continental AG, Schaeffler AG, Showa Corporation, Nexteer Automotive, ZF Friedrichshafen AG, Hutchinson, Nidec Corporation, REE Automotive, Linamar Corporation, Robert Bosch GmbH, Magna International, HiTech Electric, BorgWarner |
| Segments Covered | Vehicle Type, In-Wheel Motor Type, Application, Sales Channel, Regional |
| Key Market Opportunities | Electrification of Vehicles Enhanced Vehicle Stability Improved Ride Comfort Increased Fuel Efficiency Growing Demand for Safety Features |
| Key Market Dynamics | Growing electric vehicle penetration increasing demand for improved handling and stability government regulations on emissions advancements in sensor technology rising disposable income |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Automotive In-Wheel Motors Market is estimated to be around 6.49 Billion USD in 2023.
The Global Automotive In-Wheel Motors Market is projected to grow at a CAGR of 5.71% from 2023 to 2032.
The Asia-Pacific region is expected to dominate the Global Automotive In-Wheel Motors Market during the forecast period from 2023 to 2032.
The increasing demand for electric vehicles and the need for efficient and compact powertrain systems are the key factors driving the growth of the Global Automotive In-Wheel Motors Market.
The passenger car segment is expected to hold the largest share of the Global Automotive In-Wheel Motors Market during the forecast period from 2023 to 2032.
Some of the key competitors in the Global Automotive In-Wheel Motors Market include BorgWarner, ZF Friedrichshafen, Magna International, Continental AG, and GKN Automotive.
The Global Automotive In-Wheel Motors Market is expected to reach a market size of around 10.7 Billion USD by 2032.
The increasing adoption of advanced technologies such as artificial intelligence and machine learning is expected to impact the Global Automotive In-Wheel Motors Market.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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