Axial Flux Motor Market Report Overview
Axial Flux Motor Market size is analyzed to grow at a CAGR of 10.8% during the forecast 2022-2027 to reach $870.65 million by 2027. Axial flux motors are suited for applications that require a high torque density in a small footprint. Axial flow drives are also known as flattened and pancake electrically commutated motors due to their extremely low axial length-to-diameter ratio. It delivers more torque and power density than radial flux motors while using the same electrical components. When an axial flux motor has this feature, the battery lasts longer, making these motors more economically viable. Furthermore, using axial motors minimizes vehicle weight by reducing the amount of space occupied by machinery. Transportation corporations' growing investment in the electric vehicle market would give substantial growth opportunities for the Axial Flux Motor Market. For example, OLA, invested $320 million in electric scooters in December 2020. Uber Technologies was backed by Lime, an American transportation firm, that also purchased a big number of electric bikes and scooters. Product demand is expected to benefit from a growing focus on refining design and manufacturing processes in order to produce better products with greater efficiency, which further enhances the industry expansion for permanent magnet synchronous motors. Rising awareness of environmental preservation around the world is predicted to boost the adoption of electric vehicles and heat recovery ventilation, which will drive axial flux motor demand in 2022-2027.
The report: “Axial Flux Motor Market Industry Outlook – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Axial Flux Motor Market Report.
By Cooling Process:
Air Cooling, Liquid Cooling.
By Power: 1kw-15kw, 15kw-80kw, 80kw-160kw, Above 160kw.
By Application: Electric Passenger Vehicles, Commercial Vehicles, Industrial Machinery, Elevators, Robotics Actuators, and Propulsion Systems, Aircrafts & Electric Glider Planes, Yachts & Electric Boats, Electric Drones, Others.
By End-User Industry: General Manufacturing, Power, Construction, Automotive, Aerospace, Marine, Agriculture, Others.
By Geography: North America (US, Canada, Mexico), South America (Brazil, Argentina, Chile, Colombia, Others), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands, Others), APAC (China, Japan, South Korea, India, Australia, Indonesia, Malaysia, Others), and RoW (Middle East, Africa)
- The Electric Passenger Vehicles segment is expected to grow at a CAGR of 10.70% during the forecast period 2022-2027 owing to the increase in government initiatives and key players strategic approaches to maintain the dominance.
- Automotive dominated the Axial Flux Motor Market with a revenue of $202.22m in 2021 and is projected to reach $359.74m by 2027 and is also set to be the fastest-growing segment with a CAGR of 10.82% during the forecast period 2022-2027. Axial flux electric motors are in high demand across a variety of vehicle industries and across numerous geographical locations, thanks to the continuously developing automotive sector.
- Europe region is dominating the Axial Flux Motor Market with revenue of $179.78 m in 2021 and is estimated to grow at a CAGR of 8.00% during the forecast period of 2022-2027 to generate a revenue of $274.23m in 2027. The government's aggressive measures for the adoption of electric vehicles have aided the sector's massive growth throughout Europe.
- The growing demand for high power density axial flux motors is enhancing the industry expansion and is set to positively impact the market growth.
Axial Flux Motor Market Value Share, By Region, 2021 (%)
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Axial Flux Motor Market Segment Analysis – Application
By Application, Electric Passenger Vehicles dominated the Axial Flux Motor Market with a revenue of $115.23m in 2021 and is projected to reach $203.37 million by 2027 growing at a CAGR of 10.70% during the forecast period 2022-2027 owing to the increase in government initiatives and key players strategic approaches to maintain the dominance. The various government's drive to promote the use of environmentally friendly e-vehicles to enhance the environment by reducing vehicle pollution is gaining traction as investments in environmentally friendly e-vehicles rise, driving the segment growth. According to the International Energy Agency, global sales of electric vehicles topped 2.1 million units in 2019. The Delhi government launched an EV strategy in December 2019 to reduce pollution and promote the use of electric vehicles, with the objective of registering at least 25% of electric vehicles by 2024. Whylot, a French company founded in the Lot region that pioneered a unique axial flux automotive e-motor, has sold a minority stake to Renault Group for a 21 percent stake, thus all of these investments and launches boost segment expansion.
Axial Flux Motor Market Segment Analysis - By End User
By End-User Industry, Automotive dominated the Axial Flux Motor Market with a revenue of $202.22m in 2021 and is projected to reach $359.74m by 2027 and is also set to be the fastest-growing segment with a CAGR of 10.82% during the forecast period 2022-2027. Axial flux electric motors are in high demand across a variety of vehicle industries and across numerous geographical locations, thanks to the continuously developing automotive sector. Axial flux motors are being adopted in the automotive segment by major players all over the world through acquisitions and partnerships. For instance, Mercedes-Benz, has acquired major players such as YASA to utilize their axial flux motors in their AMG electric platform in 2021, while Renault has teamed with WHYLOT to use axial flux motors in its hybrids starting in 2025. With its rising uses in some hybrid applications and high-performance vehicles, the axial flux motors market in automotive Electric Vehicles (EVs) is in great demand. Owing to forthcoming legislation for active and passive safety systems, which mandate the installation of safety systems in passenger automobiles, automotive safety norms are evolving in emerging countries. This raises the need for electric motors by significantly increasing the installation of safety systems such as ABS and ESC per vehicle. Furthermore, increased environmental awareness around the world is predicted to encourage the usage of electric vehicles, which will drive demand in the automotive industry.
Axial Flux Motor Market Share Segment Analysis - Geography
Europe region is dominating the Axial Flux Motor Market with revenue of $179.78 m in 2021 and is estimated to grow at a CAGR of 8.00% during the forecast period of 2022-2027 to generate a revenue of $274.23m in 2027. The government's aggressive measures for the adoption of electric vehicles have aided the sector's massive growth throughout Europe. The UK government spent a lot of money on delivery drones and electric scooters in March 2020, according to sources, as part of a scheme called "making trips easier, smarter, and greener." As a result of such global investments, the axial flux motor sector will see significant expansion. In May 2019, YASA, a manufacturer of axial-flux electric motors based in the United Kingdom, announced that one of their products is powering Ferrari's first hybrid series production sports car, the SF90 Stradale, hence, driving the regional growth. Countries throughout the area are recognizing the energy-saving potential of energy-efficient electric motors and are enforcing stringent rules and policies to encourage the use of energy-efficient Axial Flux motors. This move also includes detailed information on current effective efficiency standards in each key market, as well as their impact on the region's Axial Flux motors market growth. The government's strong policies for the adoption of electric vehicles have contributed to the enormous expansion of this sector in Europe. Aside from that, 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.
Axial Flux Motor Market Drivers
Increasing funding & investment is poised to boost the market growth of the Axial Flux Motor market over the forecast period:
Axial Flux Motor and Axial Flux Motor seed development is being funded and invested in by a number of firms. For instance, The UK government announced a $91.3 million investment in the automotive industry in June 2020 to develop cutting-edge EV technologies. TechPro announced a $10 million investment in India in October 2019 for the R&D of electric vehicles and related infrastructure. Govecs AG, a German firm, signed a memorandum of intent with a British company in September 2018 for the delivery of 6000 e-scooters for the shared mobility market, with 3000 Schwalbe e-scooters supplied in 2019 and the remaining 3000 in 2020. The axial flux electric motor market benefits from the attributes outlined above. Mercedes-Benz, for instance, said in January 2020 that it will collaborate with China's Zhejiang Geely Holding Group to develop smart electric vehicles. The plant had the capacity to produce 150,000 automobiles per year. The two carmakers may invest CNY 5.4 billion (USD 780.3 million) in Ningbo's worldwide headquarters and distribution sites in China and Germany. Automobile manufacturers have planned the construction of numerous production sites in various locations throughout the world in order to meet the growing demand for electric vehicles. During the projected period, such improvements are expected to boost demand for axial flux motors in the forecast period 2022-2027.
The growing demand for high power density axial flux motors is enhancing the industry expansion and is set to positively impact the market growth:
Axial Flux permanent magnet synchronous motors have a compact structure and a high power density, making them perfect for industrial equipment such as industrial robots, blowers, pumps, compressors, and other similar machinery; electrical vehicles, drones, and so on. They feature a compact footprint, which minimizes production costs and material utilization. Despite using the same amount of current as traditional motors, it produces higher torque and power density. Because of this attribute, an axial flux motor has a longer battery life, making these motors more cost-effective. For instance, a prototype motor has been built to satisfy the US Department of Energy's 2025 power density goals, which call for an 89 % reduction in motor volume compared to 2020 expectations. Axial flux motors are primarily used in electric vehicles, and demand for electric vehicles is rapidly increasing owing to rising gasoline prices around the world (according to OECD data, in the United States, import crude oil prices increased from $59.2 to $64.4 per barrel from 2018 to 2021), as well as the negative environmental impact of driving oil-based vehicles, which drives demand for axial flux motors in automotive and other industries.
Axial Flux Motor Market Challenges
The industry expansion is projected to stifle owing to technical challenges faced by manufacturing organizations:
The highly technological manufacturing process is one of the primary factors impeding the growth of the Axial Flux Motor Market. The large magnetic forces necessary between the rotor and the stator make maintaining a constant air gap between the two components problematic during the manufacturing process. Many axial flux motor producers are confronted with this technical problem, which is expected to limit the market's overall income. Aside from that, owing to the precise placement of results, the production process has certain thermal difficulties. When the motor runs, the windings are located deep into the stator between the two rotor discs, causing cooling concerns. Axial flux motor comes with composite design and manufacturing problems, which add its cost to radial motor technology. The winding of an axial flux motor can be adjusted by geometric arrangement according to the design specific diameter, allowing for a significant reduction in the machine's total volume which is very challenging to architecture fit the motor in a compact design.
Axial Flux Motor Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Axial Flux Motor Market. In 2021, the market of Axial Flux Motor Market share has been fragmented by several companies. Axial Flux Motor Market top 10 companies include:
- Avid Technology
- Emrax D.O
- Yasa Limited
- Lynch Motors
- Magnax BVBA
- Lucchi R Srl
- Nidec Corporation
- Agni Motors
- Saietta Group
- Ashwoods Electric Motor
- In November 2021, Saietta Group plc has launched Propel division of axial flux motors for delivering the next-generation marine propulsion solutions. These axial flux motors use Flux Technology for supporting decarbonization and sustainable mobility on waterways. These motors combine optimal performance with efficiency and helps to meet upcoming legislations in all the major cities.
- In August 2021, Turntide Technologies has acquired AVID Technology to enhance electrification capabilities and to develop sustainable electrification to industrial and commercial vehicles. The acquisition is intended to combine technology with AVID’s to generate products that can be applied in industrial vehicles. The acquisition was aimed to eliminate the need for rare earth magnets in Electric vehicles.
- In February 2021, Dana acquired Ashwoods Electric Motors to make it capable of manufacturing all core components of a fully integrated e-Drive system. This acquisition is aimed to keep the best of Ashwoods embracing the high-volume excellence of Dana and driving a culture of development. The company is also planning to offer Original Equipment Manufacturers (OEMs) a trusted network of breakthrough technologies.
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