Axial Flux Motor Market – Forecast (2023-2028)

The Axial Flux Motor market size is forecast to reach USD 1387.7 million by 2030, after growing at a CAGR of 11.8% during the forecast period 2024-2030. 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.

 

Axial flux motors are being used more frequently in a variety of new industries, including electric bikes, delivery vehicles, airport pods, electric cars, and even airplanes owing to the recent technology breakthroughs and a push towards electrification. The axial flux type was the first motor to be created in history. Therefore, it is difficult to imagine that these motors have found such a wide range of applications in the past two decades. First, it was extensively utilized for storage needs in the agricultural industry and elevators. Additionally, as axial flux motors are more efficient than radial motors, the market for them is expected to create considerable profits over the course of the projection period. Compared to a radial motor, this motor's small length offers great torque over speed. Additionally, when employed in the automotive industry, its small size and low weight reduce the weight of automobiles.  In 2022, North America held 34.54% market share of the axial flux motor market, and is expected to grow at a significant compounded annual growth rate of 11.9% during the forecast period (2023-2030). The region is a hub for electric vehicle (EV) manufacturing and innovation, with automakers increasingly adopting axial flux motors for their EVs. Additionally, the growing renewable energy sector, including wind power projects, contributes to the demand for these motors. Asia Pacific, led by China, is a rapidly growing market for axial flux motors, driven by its extensive manufacturing capabilities and increasing adoption of electric vehicles. With the ever-expanding adoption of electric vehicles (EVs) in the region, China has emerged as a global leader in the EV market, which in turns fuels the demand for axial flux motors to new heights. 

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. 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 2024-2030.

The report “Axial Flux Motor Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Axial Flux Motor market.

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, South America, Europe, APAC, and RoW.

• The Electric Passenger Vehicles segment is expected to grow at a CAGR of 12.6% during the forecast period 2024-2030 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 $238.06m in 2023 and is projected to reach $477.11m by 2030 and is also set to be the fastest-growing segment with a CAGR of 10.6% during the forecast period 2024-2030. 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 $186.68 m in 2023 and is estimated to grow at a CAGR of 11.9% during the forecast period of 2024-2030 to generate a revenue of $405.55m in 2030. 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.

                           

By Application, Electric Passenger Vehicles dominated the Axial Flux Motor Market with a revenue of $164.38m in 2023 and is projected to reach $425.36 million by 2030 growing at a CAGR of 12% during the forecast period 2024-2030 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 car sales in 2023 is 14 million, representing a 35% year on year increase. 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.

By End-User Industry, Automotive dominated the Axial Flux Motor Market with a revenue of $238.06m in 2023 and is projected to reach $477.11m by 2030 and is also set to be the fastest-growing segment with a CAGR of 10.6% during the forecast period 2024-2030. 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, launches and partnerships. In November 2022, Naxatra lab, has launched their axial flux powertrain for electric vehicles. 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.

Europe region is dominating the Axial Flux Motor Market with revenue of $186.68 m in 2023 and is estimated to grow at a CAGR of 11.9% during the forecast period of 2024-2030 to generate a revenue of $405.55 m in 2030. The government's aggressive measures for the adoption of electric vehicles have aided the sector's massive growth throughout Europe. The market expansion in this region is being driven by increasing corporate acquisitions. According to Green Car Congress, Renault Group purchased a 21% minority investment in Whylot, a firm situated in France's Lot region that has developed a unique axial flux automobile e-motor, in November 2022. 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.

Axial Flux Motor and Axial Flux Motor seed development is being funded and invested in by a number of firms. Increasing funding and investment represent pivotal drivers set to propel the expansion of the Axial Flux Motor market. With mounting interest from transportation companies and substantial investments in the electric vehicle sector, significant growth opportunities emerge. Great Wall Motor stated in January 2022 that it will invest $1.9 billion in Brazil over the next decade to develop electric vehicles at a factory it acquired from Daimler AG. Great Wall announced intentions to debut ten new electrified goods in Brazil over the next three years, four of which would be totally electric. This influx of financial resources ignites innovation, research, and development, fostering technological advancements in the axial flux motor segment. The heightened financial backing augments production capabilities, promotes scalability, and encourages the adoption of axial flux motors across various industries. Moreover, it facilitates market penetration into new geographies, amplifying market reach and customer accessibility. As companies and investors recognize the potential and sustainability of axial flux motors, the increased capital infusion lays the groundwork for robust market growth, solidifying its position as a cornerstone technology in the evolving landscape of electric propulsion system.

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.

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.

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Axial Flux Motor market. in 2022, The major players in the Axial Flux Motor market are Schaeffler Group, Saietta Group, NTN Corporation, YASA Limited, Magnax bvba, Phi-Power, Nidec Corporation, Lucchi R. S.r.l., ZIEHL-ABEGG and others.