LONDON--(BUSINESS WIRE)--The global automotive in-wheel motor market is expected to post a CAGR of nearly 111% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increased number of collaborations, projects, and activities in automotive in-wheel motors. Automobile manufacturers have not shown much eagerness in adopting an immature technology such as automotive in-wheel motors in their models. This has prompted automotive in-wheel suppliers to forge partnerships for developing vehicle prototypes fitted with in-wheel motors. Various companies are forming consortiums to enable the mass-scale production of in-wheel motors going forward. Activities and events showcasing vehicle models retrofitted with in-wheel motors are expected to boost confidence among vehicle makers to adopt in-wheel motor technology in their electric vehicles.
This market research report on the global automotive in-wheel motor market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the designing of in-wheel platform for autonomous vehicles as one of the key emerging trends in the global automotive in-wheel motor market:
Global automotive in-wheel motor market: Designing of in-wheel platform for autonomous vehicles
Automotive technologies are increasingly inclining toward driver comfort, safety, and emission control. These technological advancements will lead to the development of autonomous driving systems in the future. The development of autonomous technologies is viewed as an important milestone for every automaker. Hence, manufacturers of automotive components are striving to develop electric systems that are compatible with the technologies used on autonomous vehicles.
“Electric vehicles are increasingly being equipped with advanced driver assist technologies. This is encouraging automotive component vendors to develop and offer a customized product portfolio to accommodate the changes in driving technology ushered in by the development of autonomous vehicles. Automotive in-wheel motor manufacturers have been developing entire vehicle platforms based on in-wheel technology to promote autonomous driving technology,” says a senior analyst at Technavio for research on automotive components.
Global automotive in-wheel motor market: Segmentation analysis
This market research report segments the global automotive in-wheel motor market by technology (direct drive and gear reduction) and geographical regions (APAC, EMEA, and the Americas).
The direct drive segment held the largest market share in 2018, accounting for over 86% of the market. This technology segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of over 96%. This region is expected to dominate the market through 2023, however, there will be a decrease in its market share.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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