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    Axial Flux Motor Market Estimated to Reach $353 Million by 2026
    (I-BusinessNews.Com, October 12, 2021 ) Axial flux motor market is projected to reach $353 million by 2026 and it is estimated to grow at a CAGR 10.6% during the period 2021-2026. Increasing adoption of these motors across various industries and e-mobility is set to drive the growth of axial flux motor industry. Apart from that, electrification of automotive industry plays a major crucial role in the growth of axial flux motor, especially electronically commutated motors and permanent magnet synchronous motors. Furthermore, axial flux electric motor offers high density power, compact form factor, greater efficiency level compared to other electric motors which is a major growth driver. Hence, the above-mentioned factors are set to boost the market growth during the forecast period 2021-2026.



    Axial Flux Motor Market Segment Analysis – by Application



    By application, this market is segmented into utility vehicles, Electric Passenger vehicles (passenger cars, buses, motor bikes and others), Commercial Vehicles, Electric drones, Industrial and others. Electric passenger vehicle is anticipated to register highest amount of growth in axial flux motor market, around a CAGR of 12.5%, during the forecast period 2021-2026 owing to the increasing investments for environment friendly e-vehicles, government’s initiative to promote the adoption of EVs to improve the environment by reducing the pollution level caused by vehicles. According to International Energy Agency, in 2019 the volume sale of electric cars surpassed 2.1 million units globally. On December 2019, Delhi government passed an EV policy which aims to register at least 25% e-vehicles by 2024 in order to reduce the pollution level and to promote the e-vehicles, the government will provide subsidy. In December 2020, OLA electric announced about the investment of $320M for setting up World’s largest e-scooter manufacturing plant in Tamil Nadu. In May 2020, Lime, an American transportation company, announced about a new $170M funding round led by Uber Technologies and as a part of the deal, Lime acquired Jump, Uber’s Bike and scooter business. In addition, growing environmental awareness among the public is also a major factor for the increasing adoption of electric vehicles which in turn will create tremendous growth opportunities for axial flux motor market during the forecast period 2021-2026.



    Axial Flux Motor Market Segment Analysis – By End-User



    Based on end-user, axial flux motor market is segmented into industrial, commercial, automotive, aerospace and others. Automotive axial flux motor market is analyzed to be the largest shareholder and also set to witness the fastest growth of CAGR 12.9% during forecast period 2021-2026, specifically due to the increasing investment for eco-friendly electric vehicles and electrification of automotive industry. Industrial and commercial axial flux motor market is also estimated to witness significant growth during 2021-2026 owing to the penetration of axial flux motor for HVAC applications as well as in utility vehicles. According to a recent study, conducted by the National Investment Promotion and Facilitation Agency of India, the Indian Electric Vehicle market is estimated to be worth $2 billion by 2023. In February 2019, Indian Government announced about the investment of Rs 10000 crore in the second phase of Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II). Furthermore, the smaller size and the shape of axial flux motors are beneficial for hybrid vehicles where the length availability is very limited and it also reduces the overall weight of the vehicles. Apart from this, Government’s strict emission control policies will fuel the growth of this market by increasing the demand for EVs during the forecast period 2021-2026. For instance, European Union aims to make EU a climate neutral region by 2050 with net zero greenhouse emission, which will accelerate the adoption rate for EVs and the growth for axial flux motor.



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    Axial flux motor market Segment Analysis – by Geography



    Europe dominated the axial flux motor market in 2020 with a share close to 36.1% followed by North America and this region is estimated to witness a significant amount of growth during the forecast period 2021-2026, due to high investment in electric vehicle production and increasing government initiatives for the adoption of eco-friendly EVs. In March 2020, UK Government invested £90m for electric scooters and delivery drones, under “making journeys easier, smarter and greener” project. In February 2021, Ford invested $1 billion to transform its Cologne, German based factory into an EV production factory. In September 2020, Zipp Mobility had secured an investment of €500,000 in order to operate several shared e-scooter trials in the UK. Similarly, in November 2020, German based Company Tier had raised an fund worth $250 million led by SoftBank. Apart from that, high investment in European e-scooter startup companies plays a major role in the growth of this market in this region. In December 2020, Swedish e-scooter start-up company, Voi raised $160 million funding for its expansion across European markets. Similarly, in April 2021, European e-scooter and micro-mobility Start-up Company, Dott got $85 million funding and is planning to launch e-bikes throughout London in the next summers. Such investments creates huge amount of requirement for axial flux motos in this region and to meet the growing requirement major players of this region develops advanced axial flux motors. In May 2019, an UK based manufacturer of axial-flux electric motors, YASA announced that a product from YASA powers the SF90 Stradale, Ferrari’s first hybrid series production sports car. YASA’s product offers best-in-class power and torque density which makes them perfectly suitable for pure electric and hybrid vehicles. Furthermore, North America held the second largest market share around 32.9% in 2020, owing to the technological advancements, availability of less expensive and advanced batteries, increasing demand along with rising manufacturing investment for electrical vehicles, efficient HVAC systems and so on. In October 2020, to increase the production level of electric vehicles, General Motors invested $2.2 billion in U.S manufacturing operations. Growing awareness in public, government’s initiatives and emission regulatory acts regarding environmental issues in this region play a key role in the growth of this market. The Canadian government announced an incentive plan for accelerating the adoption of electric vehicle. Moreover, APAC region is estimated to witness the highest market growth rate during the forecast period. This growth will be attributed to Government’s initiative to promote the electric vehicles. According to a report of Invest India, Indian Government is planning to make 30% of vehicles in India, electric vehicle by 2030. Apart from that, growing investment in automotive industry in India, China, Japan and other countries of this region is to propel the APAC axial flux motor market during 2021-2026. In February 2019, Giant Manufacturing launched their e-vehicle showroom in Mumbai in collaboration with Element Retail. In June 2019, the coordinating Ministry for Maritime affairs of Indonesia announced about the $2 billion investment plan of a Japanese automotive manufacturer company, Toyota Motors for the development of electric vehicles in Indonesia. Hence, such investments will drive the Asian axial flux motor market in 2021-2026.



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    Axial Flux Motor Market Drivers



    Growing Investment and Demand for Electric Vehicles



    With time the investment and the demand for Electric vehicle is rising due to its eco-friendly benefits. It reduces the pollution level tremendously, thereby having its own health benefits; it’s far safer than other vehicles and saves invaluable resources as well. These are few of the major factors causing the increasing investment and demand for Electric vehicles which is positively affecting the demand for electronically commutated motor. In June 2020, the UK government announced about their investment of $91.3M to automotive industry to develop cutting edge EV technology. In October 2019, TechPro announced about their $10M investment in India for the R&D of electric vehicles and supporting infrastructure. In September 2018, German based company Govecs AG signed a letter of intent with a British company regarding the supply of 6000 e-scooters for shared mobility market, out of which 3000 e-scooters of type Schwalbe got delivered in 2019 and remaining 3000 in 2020. The above mentioned features help the axial flux electric motor market to grow with the increasing demand for electric vehicles.



    Increasing Demand for High Power Density Motors:



    Axial Flex permanent magnet synchronous motors have advantages of its compact structure and high power density, which makes it perfectly suitable for industrial machines such as industrial robots, blowers, pumps, compressors and others; electrical vehicles, drones and so on, that features low footprint and it also cuts the manufacturing cost and material usage. Nevertheless, it produces higher amount of torque and power density compared to other motors by using same units of current. Due to this feature of axial flux motor, the battery lasts for longer period of time which makes these motors cost effective. Furthermore, growing acceptance of automation across industries and increasing affordability of advanced technologies, affects the demand of industrial robotics, which in turn creates growth opportunities for axial flux motors. Hence, cost effectiveness of these motors works as a driving factor for this market.



    Axial Flux Motor Market Challenges



    Technical Issues:



    The production process of axial flux motor has some major technical issues. Axial flux motors produces higher amount of magnetic forces between the stator and the rotor which creates difficulties in maintaining the uniform air gap between the two components. This is a major technical challenge of this product. Apart from this, due to the location of windings, this motor faces some thermal issues as well. The windings of this motor are situated deep within the stator and between the two rotor discs which creates some cooling issues for axial flux motors. Some manufacturing issues are also there. The design of axial flux motor’s stator iron is still based on the design of radial flux motor’s stator iron which makes the manufacturing process difficult for axial flux motors.



    Axial Flux Motor Market Landscape



    Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the axial flux motor market. As of 2020, the market for axial flux motor market is consolidated with the top players including AVID Technology, YASA Limited, Emraxd.o.o, Magnax bvba, Ashwoods electric motors, Saietta Group, Lynch motors, Agni Motors, Lucchi R. S.r.l. Nidec Corporation and others.



    Acquisitions/Technology Launches



    In May 2021, Saietta Group partnered with Padmini VNA in order to introduce its axial flux electric motor technology in the Indian market and to accelerate its product sales.



    In November 2020, UK-based tech company Saietta Group got a major grant from Advanced Propulsion Center (APC) for the production process of Axial Flux Traction electric motor.



    Key Takeaways



    Among all the applications, EV is anticipated to witness the fastest growth during the forecast period 2021-2026, high investment in eco-friendly vehicles coupled with increasing government initiatives to promote the usage of EVs are the key factors behind this growth.



    Due to the high investment for electric vehicles and electrification of automotive industry, automotive sector will register highest market growth during 2021-2026.



    Europe dominated the market with major market share of 36.1% in 2020, owing to increasing investment for electric vehicle and Government initiatives to promote the adoption of EV.



    Growing demand for Electrical Vehicles and Cost effectiveness of axial flux motors are few of the main driving factors of the market.



    Top market players of Axial Flux Motor market include AVID Technology, YASA Limited, Emraxd.o.o, Magnaxbvba, Ashwoods electric motors and others.



    Relevant Reports



    A. Electric Motor Market



    https://www.industryarc.com/Report/19763/electric-motor-market.html



    B. Electric Scooters Market



    https://www.industryarc.com/Research/Electric-Scooters-Market-Research-503913



    For more Automation and Instrumentation Market reports, please click here



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    Venkat Reddy

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    venkat@industryarc.com

    Source: EmailWire.Com

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