The electric vehicles industry is generating immense demand across the globe due to the increasing awareness among the global populace about environment conservation. The escalating need to curb emissions around the world to protect the environment from the hazardous effects is creating a hotbed of opportunities for electric vehicles and this, in turn, is eventually turning out to be a beneficial factor for the growth of the in-wheel motor market.
Based on propulsion, the global in-wheel motor market can be segmented into FCEV, BEV, PHEV, and HEV. On the basis of motor, the in-wheel motor market can be classified into radial flux and axial flux.
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The benefits attached to the in-wheel motor systems may serve as growth multipliers for the growth of the in-wheel motor market. Here are two major benefits of in-wheel motors that have the potential for attracting considerable demand during the assessment period of 2019-2029.
In-wheel motors offer greater control of vehicle dynamics. Features such as the ability to withstand low-friction surfaces, decreased stopping distances, improved obstacle avoidance, and others add a layer of extra safety to the vehicle. Therefore, the safety aspect may boost the growth rate of the in-wheel motor market.
Improved Torque Control
With in-wheel motors, the torque of a vehicle not only decreases but it also manages the torque increase seamlessly, thus broadening the control range and offering a great driving experience.
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Asia Pacific to Gain Largely
On the regional parameters, Asia pacific may generate great growth for the in-wheel motor market. The emerging electric vehicle segment in the region may serve as a prominent growth accelerator for the in-wheel motor market. Government support for setting up production plants of electric vehicles and encouragement to use electric vehicles through initiatives like the National Electric Mobility Mission may serve as a boon for the growth of the in-wheel motor market.