Global Axial Flux Motor Market Insights Forecasts to 2032
- The Global Axial Flux Motor Market Size was valued at USD 150.3 Million in 2022.
- The Market Size is Growing at a CAGR of 10.1% from 2022 to 2032
- The Worldwide Axial Flux Motor Market Size is expected to reach USD 395.5 Million by 2032
- Asia Pacific is expected To Grow the fastest during the forecast period
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The Global Axial Flux Motor Market Size is expected to reach USD 395.5 Million by 2032, at a CAGR of 10.1% during the forecast period 2022 to 2032.
Axial flux motors are ideal for applications requiring a high torque density in a small impact. Because of their extremely low axial length-to-diameter ratio, axial flow drives are also known as flattened and pancake electrically commutated motors. While using the same electrical components, it produces more torque and power density than radial flux motors. The battery runs longer in an axial flux motor with this feature, making these motors cheaper to manufacture. Additionally, by reducing the amount of space occupied by machinery, axial motors reduce vehicle weight. The increasing investment of transportation businesses in the electric vehicle market would provide significant growth opportunities for the axial flux motor market.
Global Axial Flux Motor Market Report Coverage
|Market Size in 2022:||USD 150.3 Million|
|Forecast Period 2022-2032 CAGR:||10.1%|
|2032 Value Projection:||USD 395.5 Million|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Cooling Process, By Application, By End-user, By Region, and COVID-19 Impact Analysis.|
|Companies Covered:||AVID Technology Group Ltd, EMRAX MOTORS, YASA, Lynch Motor Company, Magnax, Nidec Minster Corporation, Agni Motors, Saietta Electric Drive, ASHWOODS ELECTRIC MOTORS LIMITED, Others,|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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This revolution, which represents a global transition away from conventional internal combustion engine vehicles and toward electric-powered vehicles, will have a significant impact on the automobile industry and other sectors. One component of this driver is the rapid growth of the EV sector. As public awareness of climate change and air pollution grows, consumers and governments are turning to electric vehicles. As a result, automakers are increasing their production of electric vehicles, which fuels demand for axial flux motors. These motors are highly desired in EVs due to their small size and high-power density, which are critical for increasing efficiency and range. This integration is most visible in the wind turbine and hydropower generator industries. Because of their efficiency in capturing wind energy, axial flux motors are more important than ever in the context of wind turbines. Because of their high-power density, these motors are ideal for wind turbines because they increase the amount of electricity that can be generated through wind power.
Axial flux motors are more expensive than radial flux motors because they are more difficult to manufacture and design, and also because there are fewer production technologies and tools available. Manufacturing yokeless stator axial flux motors and regulating motor temperature has always been difficult for manufacturers. Major motor manufacturers are only able to produce prototypes of this type of motor, which drives up the price of the motor. Axial flux motors are predicted to grow slowly due to a lack of technology and production facilities during the forecast period.
By the Cooling Process Insights
The liquid cooling segment dominates the market with the largest revenue share over the forecast period.
Based on cooling process, the global axial flux motor market is segmented into air cooling and liquid cooling. Among these, the liquid cooling segment is dominating the market with the largest revenue share over the forecast period. To eliminate heat, liquid cooling includes the circulation of a coolant, such as water or specialized coolants, through the motor. This method provides superior thermal efficiency and is capable of handling higher heat loads. Liquid cooling systems are frequently used in high-performance electric vehicles and industrial machinery, where maintaining consistent motor temperatures is critical.
By Application Insights
The electric passenger vehicles segment is expected to hold the substantial CAGR growth of the global axial flux motor market during the forecast period.
Based on Application, the global axial flux motor market is classified into electric passenger vehicles, commercial vehicles, industrial machinery, elevators, robotics actuators, yachts & electric boats, electric drones, and others. Among these, the electric passenger vehicles segment is expected to grow at substantial growth during the forecast period. The electric passenger vehicle segment commands the largest revenue share of the global axial flux motor market. Electric passenger vehicles, such as cars and SUVs, frequently use axial flux motors. They are critical in powering the vehicle's propulsion system, contributing to increased energy efficiency and range. As part of the transition to electric mobility, commercial vehicles such as buses and trucks are increasingly using axial flux motors. These motors provide the power and efficiency required for larger and heavier vehicles.
By End-User Insights
The automotive segment is projected to grow at the highest CAGR in the market during the forecast period.
Based on end-users, the global axial flux motor market is segmented into general manufacturing, power, construction, automotive, aerospace, marine, agriculture, and others. Among these, the automotive segment grows at the highest CAGR growth over the forecast period. Axial flux motors are used in automotive applications such as electric power steering systems and electric water pumps, in addition to electric passenger and commercial vehicles, to improve vehicle performance and fuel efficiency. Axial flux motors power a variety of ships in the marine industry, including electric boats, yachts, and ships. They are widely used due to their efficiency and suitability for marine environments. Axial flux motors are used in a wide range of manufacturing procedures and equipment to improve productivity and accuracy in activities such as industrial automation, material handling, and conveyor systems.
Europe dominates the market with the largest market share over the forecast period.
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European countries have led the way in the adoption of sustainable and green technologies. Through an intense focus on reducing carbon emissions and increasing clean energy, the industry has been quick to implement axial flux motors in several applications, including electric vehicles and renewable energy systems. Some of the world's top automakers are based in Europe, and many of them have axial flux motors in their electric vehicle lineups. This combination has contributed to Europe becoming a hub for electric vehicle manufacturing and research. European countries have made significant investments in renewable energy sources such as wind and hydropower. Wind turbines and hydroelectric generators use axial flux motors, which are helping the area take the lead in the renewable energy industry. European organizations and businesses are actively working on the development of axial flux motor technology. This commitment to innovation has resulted in motors that are more efficient and affordable, advancing market leadership. Governments across Europe have enacted supportive legislation, subsidies, and incentives to encourage the use of electric vehicles and renewable energy sources. The rules and regulations have created a favorable environment for the growth of the axial flux motor market. Partnerships and collaborations between European businesses and motor manufacturers have accelerated the development and application of axial flux motors in a variety of industries.
List of Key Market Players
- AVID Technology Group Ltd
- EMRAX MOTORS
- Lynch Motor Company
- Nidec Minster Corporation
- Agni Motors
- Saietta Electric Drive
- ASHWOODS ELECTRIC MOTORS LIMITED
Key Market Developments
- In November 2021, Saietta Group plc launched the Propel axial flux motor division to provide next-generation marine propulsion solutions. Flux Technology is used in these axial flux motors to help with decarbonization and sustainable transportation on waterways. These motors combine optimal performance with efficiency, assisting in the implementation of upcoming legislation in all major cities.
- In November 2023, Evolito began to hire more people and employ an axial-flux motor that is lighter than Tesla's.YASA axial-flux electric motors were known for their high-power density, compact design, and lightweight.
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global axial flux motor market based on the below-mentioned segments:
Axial Flux Motor Market, Cooling Process Analysis
- Air Cooling
- Liquid Cooling
Axial Flux Motor Market, Application Analysis
- Electric Passenger Vehicles
- Commercial Vehicles
- Industrial Machinery
- Robotics Actuators
- Yachts & Electric Boats
- Electric Drones
Axial Flux Motor Market, System Analysis
- General Manufacturing
Axial Flux Motor Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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