institutes, and associations are expanding their efforts in several countries
to promote the use of Axial Flux Motors. According to an Invest India report,
for example, the Indian government wants electric vehicles to account for 5% of
all vehicles in the country by 2030. In February 2019, Giant Manufacturing and
Element Retail joined forces to establish an e-vehicle dealership in Mumbai. In
June 2019, a Japanese vehicle manufacturer announced a $2 billion investment
proposal in Indonesia's Coordinating Ministry for Maritime Affairs, boosting
the Axial flux motor industry. The government's aggressive initiatives
encouraging the use of electric vehicles have aided the market's rapid rise.
The Automotive segment held the largest share of 40% in the Axial Flux Motor market in 2021 and is growing with the highest CAGR of 10.82% through the forecast period 2022-2027. Automotive safety rules are evolving in emerging countries as a result of impending legislation for active and passive safety systems, which mandates the installation of safety systems in passenger automobiles. This increases the need for electric motors by requiring the installation of more safety systems per vehicle, such as ABS and ESC. Furthermore, rising environmental consciousness around the world is expected to stimulate the use of electric vehicles, driving demand in the automotive industry.
Europe is analyzed to be the major region with a share of 36% in 2021 for the Axial Flux Motor market. The government's aggressive measures for the adoption of electric vehicles have aided the sector's massive growth throughout Europe. High investment in European e-scooter start-up firms contributes significantly to the market's growth in this region. For instance, a Swedish e-scooter business, Voi , raised $160 million in funding in December 2020 to expand throughout European markets. Traxial, a Belgian start-up, a pioneer in ground e-mobility yokeless axial flux motor technology, created a new electric motor (Axial Flux Motor) that produces three to four times the power of best-in-class electric vehicles motors, hence, driving the regional growth.
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Axial Flux Motor Growth Market Drivers:
The widespread penetration of electrical motors in industrial, and commercial use drives the axial flux motor market growth:
With substantial advancements in electric car technology, the global automobile industry is moving to electric mobility. Electric vehicles with electric motors are becoming more popular in Europe as a result of aggressive actions done to decarbonize society. Battery technology advancements have reduced battery costs and increased charging speed. Increasing government support in the form of tax exemptions and incentives to promote eco-friendly electric vehicles powered by electric motors is also providing chances for the axial flux motor market to flourish. China is predicted to account for half of all global passenger electric vehicles by 2025, according to the International Energy Agency. Global concerns about the harmful effects of climate change, as well as worrying pollution levels in major cities, have fueled a large demand for electric automobiles. Owing to the recent increase in the price of gasoline and diesel, demand for fuel-efficient automobiles has surged. Increased demand is also fueled by the depletion of fossil fuel supplies and a growing trend among businesses to maximise profits from these reserves. As a result of these considerations, there is a growing desire for advanced fuel-efficient technologies, resulting in a surge in demand for electric-powered travel vehicles, which drives up demand for automotive motors. As a result of the aforementioned factors, the market for axial flux motors is expanding as the automotive sector expands.
The global automobile sector is adapting to a burgeoning robotics technology which creates opportunities for axial flux motor market:
With it's compact structure, the axial flux motor market offers advantages in compressors, pumps, blowers, robots, and other applications. Axial flux motors provide a long-lasting battery backup, making them very cost-effective. As a result, the use of an axial flux motor reduces industry costs and material utilisation. Owing to the adjustable air gap and reduced speed, radial-axial flux motors are popular in the robotics industry. Robotic automation is planned to be implemented in 88% of organisations around the world. According to the Association for Advancing Automation (A3), over 29,000 units were sold for $1.48 billion in 2021, with only North American companies ordering 9,928 robots for $513 million. Such increasing atomization with robotic technology creates future growth for axial flux motor market. Many major corporations are also pursuing merger and acquisition strategies to either co-develop new items or acquire access to the other's product line. Automation Anywhere, for instance, acquired FortressIQ, a mining and process discovery business, in January 2022. With this acquisition, the former will be able to expand its AI-powered Automation 360 platform, which includes process optimization, intelligence, and discovery that can scale to any system in any vertical. The demand for robot motors is expected to rise as a result of various players' involvement in comparable acquisitions, hence creating growth opportunities for axial flux motor.
In October 2021, Magnax has invested around $17 million develop its ground-breaking yokeless axial flux electric motor technology. The investment is aimed to manufacture electric motors that deliver a 3 to 4 times high power density. The company is also planning to provide more vehicle range with fewer materials for a certain power rating.
In September 2020, Dana has entered into a partnership with Hydro-Québe to enhance the company's international presence. Hydro-Québe has invested around $20 million for ensuring its leadership in the electric powertrain sector. The partnership is aimed to develop a range of electric motors and controls.
The Major Players in this Market Include
The major companies in the Axial Flux Motor market include Avid Technology, Emrax D.O, Yasa Limited, Lynch Motors, Magnax BVBA, Lucchi R Srl, Nidec Corporation, Agni Motors, Saietta Group, Ashwoods Electric Motor.
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