E-Corner Market Demand to Attain 3,178 Thousand Units by 2033

09 Dec 2024

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Table of Content

1. E-Corner Market Revenue and Trends 2023 to 2033 2. Market Overview 3. Report Highlights of the E-Corner Market 4. E-Corner Market Trends 5. Regional Outlook 6. E-Corner Market Coverage 7. Market News

E-Corner Market Revenue and Trends 2023 to 2033

The global e-corner market demand reached 232 thousand units in 2024 and is predicted to attain around 3,178 thousand units by 2033 with a CAGR of 33.76% during the forecast period.

Market Overview

The e-corner market involves technologies in vehicles that allow them to move laterally and diagonally, as well as perform 350-degree pivot turns. This feature in cars is beneficial for intricate and congested cityscapes with parking and diving challenges. This allows the vehicle to move sideways into a narrow parking space or execute an on-the-spot rotation. These capabilities are now designed and developed by the e-corner system. This system has the ability to enhance traction, stability, and maneuverability, making EVs more efficient and fun to drive.

Report Highlights of the E-Corner Market

• By vehicle, the light commercial vehicle segment contributed the highest share of the market in 2023. The dominance of this segment is due to the growing demand for manufactured vehicles of various sizes and weights depending on the vehicle specification.
• By vehicle, the passenger car segment is projected to grow at a significant CAGR in the market during the forecast period. The expansion of this segment is observed with the growing approach to designing new features in the automobile.
• By motor configuration, the quad-motor segment captured the biggest share of the market in 2023. This segment delivers independent power to each wheel for precise control, contributing to the growth of the market.
• By motor configuration, the tri-motor segment is expected to grow at a solid CAGR in the market during the forecast period. This segment is demanding in carrying heavy load and bulky material, leading to the expansion of the e-corner market.

E-Corner Market Trends

Improved maneuverability

Vehicles in-build with an e-corner system make it easier to navigate in narrow spaces and execute sharp turns. This technology allows the vehicles to turn or shift in any direction with precision control of wheel movement. One module is embedded in each wheel. The in-wheel motor controls the suspension, braking, and steering for each corner, eliminating the need for conventional axles, half shafts, or steering racks that restrict the wheel’s mobility.

Stability at high speed

During lane changes and highway driving, the e-corner market provides aid in controlling high speed. The wheels applied with the e-corner system work independently without any mechanical connection. The in-wheel motor manipulates the wheel, and the electric steering attaches inside the wheel. The electric brake and damper are responsible for reducing the speed and absorbing shock.

Reduce the turning radius

Four-wheel streeling reduces the turning radius due to the 360-degree rotation in a place. For a long time, there have not been any changes in the movements of automobiles. It would only move forwards and backward, with left and right directional conversion. However, with the help of the e-corner system, the movements received a futurist mobility.

• In September 2024, Stellantis, a leading global automaker and provider of innovative mobility solutions, developed a new steering system that revolutionizes driving, particularly in the crowded urban environment. Stellantis applied for a USPTO patent for electric vehicles to rotate 360 degrees.

Regional Outlook

Asia Pacific dominated the global e-corner market in 2023, owing to the presence of OEMs offering e-corner system-equipped vehicles, such as BYD and Hyundai Motor Company in the region. Along with that, the increasing demand for autonomous and flexible urban mobility in the region is gaining traction. The global OEM (original equipment manufacturer) sector is driving significant changes in manufacturing processes, supply chain dynamics, and international trade. Rapid urbanization with strategic government initiatives and a growing pool of skilled labor is contributing to the growth of OEM in Asia Pacific.

• In July 2024, The Association of Southeast Asian Nations (ASEAN) increased the investment in electric vehicle production with Chinese OEMs.

North America is anticipated to grow at the fastest CAGR in the e-corner market during the forecast period. The expansion of the market in this region is observed due to the platformization of EVs; some new combustion platforms are designed for powertrain flexibility. Manufacturers, being able to build EVs on the same line as combustion cars, have more flexibility. Additionally, the rising demand for fully automized vehicles is produced on a large scale, with more efficient use of road capacity, fewer accidents, and less energy use and emissions.

E-Corner Market Coverage

Market News

• In January 2024, Hyundai Mobis, a global automotive supplier, unveiled the ‘MOBION’ electric vehicle (EV), equipped with the next-generation e-corner system motion technology, which allows the vehicle to move sideways, suitable for parallel parking.
• In August 2024, BYD officially launched its electric vehicle in Vietnam, with an established presence in 88 countries and notable achievements in ASEAN. BYD sees a golden opportunity in the Vietnamese market. The company aims to build a comprehensive electric vehicle ecosystem in the market.

Market Segmentation

By Vehicle

• Passenger Car
• Light Commercial Vehicle

By Motor Configuration

• Tri-Motor
• Quad-Motor

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