The global market for automotive axial flux motors achieved a revenue of USD 108.52 million in 2021 and is projected to experience a Compound Annual Growth Rate (CAGR) of 29.80% during the forecast period of 2022 to 2027. The anticipated growth in the global automotive axial flux motor market is primarily driven by the rising demand for electric and hybrid vehicles. These motors can be easily integrated into the vehicle's wheels, leading to enhanced efficiency compared to traditional Internal Combustion Engine (ICE) based powertrains. These factors contribute to the increased adoption of axial flux motors within electric vehicle powertrains, consequently boosting the demand for such motors. In the upcoming years, there is an expected surge in demand for these motors, resulting in a significant growth rate for the market.
A key advantage of axial-flux motors lies in their broader diameter, enabling the rotor to spin alongside the stator rather than within it. This design results in improved effectiveness and higher power density. Moreover, the use of soft magnetic composites in constructing the stator and rotors of the motor addresses processing challenges. Due to its shape and size, the axial flux motor can be conveniently mounted on a wheel hub.
Axial flux motors are renowned for their exceptional efficiency, rendering them a preferred choice for applications prioritizing energy efficiency. Additionally, their compact design sets them apart from other motor types, making them an optimal solution for space-constrained applications. Compared to radial flux motors, axial flux motors boast higher power density, enabling the use of smaller motors in high-power output applications.
The global automotive axial flux motor market is segmented based on vehicle type, propulsion, demand category, and region. In terms of vehicle type, the segments encompass passenger cars, light commercial vehicles, medium & heavy commercial vehicles, and two-wheelers. Regarding propulsion type, the market is divided into Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV). The demand category classification includes Original Equipment Manufacturers (OEM) and Aftermarket.
Geographically, the global automotive axial flux motor market is categorized into Europe & CIS, North America, Asia Pacific, South America, and Middle East & Africa. Europe & CIS commands the largest market share of approximately 43.21%, driven by the high demand for such motors from electric vehicle manufacturers within the region. North America follows with a market share of 28.84%, while Asia Pacific, South America, and Middle East & Africa follow suit. Over the forecast period, the increasing demand for electric vehicles is anticipated to drive the global demand for axial flux motors.
Leading players in this sector, including YASA Limited, Magnax BV, Saietta Group Plc, Whylot Electromechanical Solutions, Emrax D.o.o, Lucchi R. E Motor Solution, Agni Motors Ltd., Turntide Technologies, Maglec Propulsion Ltd., and Dana TM4, are actively developing advanced technologies to maintain their competitive edge. They are also expanding their product portfolios in various regions to expand their customer base and strengthen their market presence.
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