Global In-Wheel Motor Market to Reach $2.7 Billion by 2027
Amid the COVID-19 crisis, the global market for In-Wheel Motor estimated at US$426.1 Million in the year 2020, is projected to reach a revised size of US$2.7 Billion by 2027, growing at a CAGR of 30.3% over the analysis period 2020-2027. Passenger Cars, one of the segments analyzed in the report, is projected to record a 28.6% CAGR and reach US$817.5 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Commercial Vehicles segment is readjusted to a revised 29.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $114.4 Million, While China is Forecast to Grow at 37.3% CAGR
The In-Wheel Motor market in the U.S. is estimated at US$114.4 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$694.1 Million by the year 2027 trailing a CAGR of 37.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 24.3% and 27.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 25.9% CAGR.
Electric Vehicles Segment to Record 31.4% CAGR
In the global Electric Vehicles segment, USA, Canada, Japan, China and Europe will drive the 30.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$176.5 Million in the year 2020 will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$430.2 Million by the year 2027, while Latin America will expand at a 32.8% CAGR through the analysis period.
Select Competitors (Total 41 Featured):
Amid the COVID-19 crisis, the global market for In-Wheel Motor estimated at US$426.1 Million in the year 2020, is projected to reach a revised size of US$2.7 Billion by 2027, growing at a CAGR of 30.3% over the analysis period 2020-2027. Passenger Cars, one of the segments analyzed in the report, is projected to record a 28.6% CAGR and reach US$817.5 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Commercial Vehicles segment is readjusted to a revised 29.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $114.4 Million, While China is Forecast to Grow at 37.3% CAGR
The In-Wheel Motor market in the U.S. is estimated at US$114.4 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$694.1 Million by the year 2027 trailing a CAGR of 37.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 24.3% and 27.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 25.9% CAGR.
Electric Vehicles Segment to Record 31.4% CAGR
In the global Electric Vehicles segment, USA, Canada, Japan, China and Europe will drive the 30.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$176.5 Million in the year 2020 will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$430.2 Million by the year 2027, while Latin America will expand at a 32.8% CAGR through the analysis period.
Select Competitors (Total 41 Featured):
- AB Volvo
- BMW AG
- Daimler AG
- ECOmove GmbH
- Elaphe Ltd.
- e-Traction B.V.
- Ford Motor Company
- General Motors Company
- Honda Motor Co., Ltd.
- Hyundai Motor Company
- Mitsubishi Motors Corporation
- Nissan Motor Co. Ltd.
- NSK Ltd.
- NTN Corporation
- Printed Motor Works Ltd.
- Protean Electric Ltd.
- Schaeffler AG
- Tajima EV Corporation
- Tesla, Inc.
- Toyota Motor Corporation
- Volkswagen AG
- Yasa Limited
- Ziehl-Abegg SE
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I. METHODOLOGY
II. EXECUTIVE SUMMARY
III. MARKET ANALYSIS
IV. COMPETITION
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