About this market
Automotive technologies are increasingly inclining toward driver comfort, safety, and emissions 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. 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 market research analysts have predicted that the automotive in-wheel motor market will register a CAGR of close to 111% by 2023.
Market Overview
Integration of compact inverters in automotive in-wheel motors
Automotive in-wheel motor makers are developing various designs that incorporate multiple systems like inverters in in-wheel motors to enhance overall efficiency. The inverter is an important component that monitors the amount of electricity exchanged between the motor and the battery.
High cost of production associated with automotive in- wheel motors
The wide adoption of expensive technology such as in- wheel motors in a vehicle segment like electric vehicle that occupy a small share of global automotive industry can prove to be a high-risk venture.
For the detailed list of factors that will drive and challenge the growth of the automotive in-wheel motor market during the 2019-2023, view our report.
Competitive Landscape
The automotive in-wheel motor market is fragmented since the market has a number of companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.