New York, United States , Dec. 19, 2023 (GLOBE NEWSWIRE) -- The Global Axial Flux Motor Market Size is To Grow from USD 150.3 Million in 2022 to 395.5 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 10.1% during the projected period.
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Axial flux motors are ideal for applications that require a high torque density with a low impact. Axial flow drives are also known as flattened and pancake electrically commutated motors due to their extremely low axial length-to-diameter ratio. It generates more torque and power density than radial flux motors while using the same electrical components. The battery lasts longer in an axial flux motor with this feature, making these motors less expensive to produce. Axial motors also reduce vehicle weight by reducing the amount of space occupied by machinery. Increased investment in the electric vehicle market by transportation companies would provide major expansion opportunities for the axial flux motor market. This transformation, which represents a global shift away from traditional internal combustion engine vehicles and toward electric-powered vehicles, will have a major effect on the automobile industry as well as other sectors. The rapid growth of the EV sector is one component of this driver. Clients and governments are shifting to electric vehicles as public awareness of climate change and air pollution grows. As a result, automakers are ramping up production of electric vehicles, fueling demand for axial flux motors.
COVID-19 Impact
The axial flux motor market is one of the many sectors that has been impacted as the world struggles with the COVID-19 pandemic. The pandemic's effects have been thought globally, with major market participants and downstream customers experiencing the pinch. Manufacturing units stopped their production during the Covid-19 pandemic. Thus, the COVID-19 pandemic impacted on axial flux market.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Axial Flux Motor Market Size, Share, and COVID-19 Impact Analysis, By Cooling Process (Air Cooling, Liquid Cooling), By Application (Electric Passenger Vehicles, Commercial Vehicles, Industrial Machinery, Elevators, Robotics Actuators, Yachts & Electric Boats, Electric Drones, Others), By End-user (General Manufacturing, Power, Construction, Automotive, Aerospace, Marine, Agriculture, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The liquid cooling segment dominates the market with the largest revenue share over the forecast period.
Based on the 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. Liquid cooling involves the circulation of a coolant, such as water or specific coolants, through the motor to eliminate heat. This method has a higher thermal efficiency and can handle higher heat loads. Liquid cooling systems are commonly used in high-performance electric vehicles and industrial machinery where motor temperature consistency is critical.
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 global axial flux motor market is dominated by the electric passenger vehicle segment. Axial flux motors are commonly used in electric passenger vehicles such as cars and SUVs. They play an important role in powering the vehicle's propulsion system, resulting in improved energy efficiency and range. Commercial vehicles, such as buses and trucks, are increasingly using axial flux motors as part of the transition to electric mobility.
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 utilized to enhance vehicle performance and fuel efficiency in automotive applications such as electric power steering systems and electric water pumps, as well as electric passenger and commercial vehicles. Axial flux motors power a wide range of marine vessels, including electric boats, yachts, and ships. Because of their efficiency and suitability for marine environments, they are widely used.
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Europe dominates the market with the largest market share over the forecast period.
Europe dominates the market with the largest market share over the forecast period. European countries are leading the way in the adoption of green and sustainable technologies. The industry has been quick to implement axial flux motors in a variety of applications, including electric vehicles and renewable energy systems, due to a major emphasis on reducing carbon emissions and increasing clean energy. Europe is home to some of the world's leading automakers, and many of them use axial flux motors in their electric vehicle lineups. This combination has contributed to Europe becoming a manufacturing and research hub for electric vehicles. European countries have invested heavily in renewable energy sources such as wind and hydropower. Axial flux motors are used in wind turbines and hydroelectric generators, which are assisting the area in taking the lead in the renewable energy industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Axial Flux Motor Market include AVID Technology Group Ltd, EMRAX MOTORS, YASA, Lynch Motor Company, Magnax, Nidec Minster Corporation, Agni Motors, Saietta Electric Drive, ASHWOODS ELECTRIC MOTORS LIMITED, and among others.
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Recent Market Developments
In August 2023, The FLUX 350 Axial Flux Motor was designed by Tresa Motors. The motor stacks its stator and rotor discs to achieve a high torque-to-weight ratio and efficient power delivery, resulting in a compact and flattened design that is ideal for heavy-duty applications such as electric trucks.
Market Segment
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
- Others
Axial Flux Motor Market, Application Analysis
- Electric Passenger Vehicles
- Commercial Vehicles
- Industrial Machinery
- Elevators
- Robotics Actuators
- Yachts & Electric Boats
- Electric Drones
- Others
Axial Flux Motor Market, System Analysis
- General Manufacturing
- Power
- Construction
- Automotive
- Aerospace
- Marine
- Agriculture
- Others
Axial Flux Motor Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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