Axial Flux Motor Market worth $939.88Million by 2028, at CAGR of 9.85% - IndustryARC
Apr 04, 2024
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According to the latest market research report on the Axial Flux Motor Market, published by IndustryARC.The market for axial flux motors has been anticipated to witness steady growth due to the increasing demand for electric vehicles and the growing emphasis on sustainable energy solutions.
The Axial Flux Motor Market research report is segmented 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) andBy Geography, which provides a comprehensive analysis of global market & industry forecast (2023 - 2028).
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Europe Anticipated to Show the Fastest Growth in the Market:
The rapid expansion of the electric car industry in Europe has been facilitated by the government's active policies for its adoption. According to insiders, the UK government invested a significant sum of money in electric scooters and delivery drones in March 2020 as part of a program dubbed "making trips easier, smarter, and greener." Such international investments will lead to a major expansion in the axial flux motor industry. As nations all over the region realize how much energy energy-efficient electric motors can save, they are imposing strict laws and regulations to promote the adoption of energy-efficient Axial Flux motors.
Axial Flux Motor Market 2023-2028: Scope of the Report
Report Metric | Details |
Base Year Considered | 2022 |
Forecast Period | 2023–2028 |
CAGR | 9.85% |
Market Size in 2028 | $939.88 Million |
Segments Covered | Cooling Process,Power, Application, End-Use Industry,and Region |
Geographies Covered | North America (the US, Canada, and Mexico), Europe (Belgium, France, Germany, Italy, Netherlands, UK, Russia, Spain, and the Rest of Europe), Asia-Pacific (Australia, China, India, Indonesia, Japan, Malaysia, Thailand, Singapore, South Korea, and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia,and the Rest of South America); RoW (Africa, and Middle East) |
Key Market Players | 1. Turntide Technologies (Avid Technology) 2. EMRAX d.o.o. 3. YASA Limited 4. Lynch Motors 5. Magnax BVBA 6. Lucchi R. S.r.l. 7. Nidec Corporation 8. Agni Motors 9. Saietta Group 10. Dana TM4 (Ashwoods Electric Motors) |
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Axial Flux Motor Market Report – Key Takeaways:
Air Coolingis Leading the Market
The Air-Cooling segment dominated the axial flux motor market in 2022. The cooling process is necessary for axial flux motors as permanent magnet rotors are subjected to copper loss owing to the magnetic field. The permanent magnet rotor is made up of Neodymium magnets which reduce flux by 0.11% for each degree of temperature increase and reduce the torque of the machine. Also, the overheating and large temperature difference leads to distortion of the engine components and reduces the volumetric efficiency of the engine.
Increasing Demand for Axial flux Motors with a High Level of Power Densityis Poised to Increase the Axial Flux Motor Market Growth
Axial Flux permanent magnet synchronous motors benefit from a compact structure and high-power density, making them ideal for industrial machines such as industrial robots, blowers, pumps, compressors, and other similar machines; electrical vehicles, drones, and so on. They have a small footprint, which reduces manufacturing costs and material usage. Even though it uses the same amount of current as conventional motors, it delivers more torque and power density. The battery lasts longer with an axial flux motor owing to this property, making these motors more cost-effective.
Impact of COVID-19May Hinder the Market
The worldwide Axial Flux Motor market has been influenced by the COVID-19 pandemic since the demand for Axial Flux Motor has decreased as the number of persons infected with COVID-19 has increased throughout the world. The COVID-19 epidemic has had an influence on production and distribution across the world. It has thrown the Axial Flux Motor seed supply chain and market into disarray. Exports of Axial Flux Motor have decreased in several nations. Owing to frequent lockdowns in many parts of the world, there is a shortage of manpower.
Broad Usage of Electrical Motors in Both Commercial and Industrial Settings
The worldwide automotive industry is transitioning to electric mobility due to significant breakthroughs in electric car technology. Electric vehicles with electric motors are becoming more popular in Europe because 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.
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Key Opportunity Analysis:
Increasing Funding & Investment Is Poised to Boost The Market Growth Over The ForecastPeriod
Axial Flux Motor and Axial Flux Motor seed development is being funded and invested in by several firms. For example, in June 2020, the UK government announced a $91.3 million investment to research advanced electric vehicle technology in the automotive industry. In October 2019, TechPro announced a $10 million investment for the development of electric vehicles and associated infrastructures in India. In September 2018, Govecs AG, a German company, and a British company signed an agreement of understanding for the shipment of 6000 electronic scooters for the combined transportation market. Of them, 3000 Schwalbe e-scooters will be delivered in 2019, and the remaining 3000 in 2020. The characteristics mentioned above are advantageous to the axial flux electric motor market.
The Global Automobile Sector Is Adapting to Burgeoning Robotics Technology Which Creates Opportunities for the Axial Flux Motor Market
With its compact structure, the axial flux motor market offers advantages in compressors, pumps, blowers, robots, and other applications. Axial flux motors are incredibly economical since they offer an extended-life battery backup., making them very cost-effective. As a result, the use of an axial flux motor reduces industry costs and material utilization. In the field of robotics, radial-axial flux motors are widely used because of their variable air gap and lower speed. Robotic automation is planned to be implemented in 88% of organizations around the world. According to the Association for Advancing Automation (A3), over 29,000 units were sold for $1.48 billion in 2022, with only North American companies ordering 9,928 robots for $513 million. Such increasing atomization with robotic technology creates future growth for the axial flux motor market.
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The Report also Covers the Following Areas:
- Axial Flux Motor Market Size and Forecast
- Axial Flux Motor Market Trends
- Axial Flux Motor Market Analysis by Type
Axial Flux Motor Market 2022-2028: Key Highlights
- CAGR of the market during the forecast period 2023-2028
- Value Chain analysis of key stakeholders
- Detailed analysis of market drivers and opportunities during the forecast period
- Axial Flux Motor market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Axial Flux Motor Market
Covid and Ukrainian Crisis Impact:
- The COVID-19 pandemic has caused significant disruptions in global supply chains which has impacted the availability and cost of raw materials as well as the transportation of finished products. This has resulted in increased lead times, reduced production, and higher costs. Additionally, the pandemic has caused delays in investment in new capacity and infrastructure which could impact the long-term supply and demand dynamics in the market.
- The Ukraine and Russia conflict led to an increase in prices and a reduction in production which further led to a shortage of 3D Cameras. Many companies have shut business in Russia; temporarily shutting down their plants in Ukraine. Additionally, the crisis in Ukraine has also led to a reduction in investments in the Axial Flux Motor market as companies are hesitant to invest in a region that is facing political and economic instability. This could impact the long-term supply and demand dynamics of the market.
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List of Top Companies in the Axial Flux Motor Market:
The Global Axial Flux Motor Market is highly concentrated as the majority share is held by the leading Axial Flux Motor providers. The key companies profiled are listed below:
- Turntide Technologies (Avid Technology)
- EMRAX d.o.o.
- YASA Limited
- Lynch Motors
- Magnax BVBA
- Lucchi R. S.r.l.
- Nidec Corporation
- Agni Motors
- Saietta Group
- Dana TM4 (Ashwoods Electric Motors)
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Smart Motor Market- The global market for smart motors is expanding because of increased focus on enacting emission control regulations and creating policies to promote the use of electric vehicles due to increasing greenhouse gas emissions and an increasing desire to lessen dependency on fossil fuels.
Universal Motor Market- The Universal Motor Marketis projected to grow at a CAGR of 4.62% by 2028.The demand for consumer appliances, rising disposable incomes, and urbanization have all contributed to the consistent rise of the universal motor market.
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