Global Automotive Axial Flux Motors Market Size Set to Grow at Steady CAGR of 24.29% to Reach USD 485.07 Billion by 2029

Published | 16 June 2023

Global automotive axial flux motors market is rapidly growing due to increasing demand for electric vehicles, advancements in motor technology, improved energy efficiency, government initiatives promoting clean transportation, and the need for reduced emissions and environmental sustainability in the automotive sector.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global automotive axial flux motors market size at USD 131.57 billion in 2022. During the forecast period between 2023 and 2029, global automotive axial flux motors market size is to grow at a robust CAGR of 24.29% reaching a value of USD 485.07 billion by 2029. Significant trends are altering the industry landscape in the global automotive axial flux motors market. The increased demand for electric vehicles (EVs) has accelerated the adoption of axial flux motors due to their small size, high power density, and efficiency. The market is seeing a growth in R&D activity to improve the performance and reliability of axial flux motors. Also, advances in materials and manufacturing techniques are propelling the development of lightweight and cost-effective axial flux motors. The incorporation of cutting-edge technology like artificial intelligence and the Internet of Things (IoT) into automotive systems is increasing demand for axial flux motors in a variety of applications.

Global Automotive Axial Flux Motors Market – Overview

A particular design configuration of electric motors used in automobiles is referred to as automotive axial flux. In contrast to the more typical radial flux layout, the magnetic flux of the motor in this arrangement is parallel to the axis of rotation. Axial flux motors have a compact and effective design because the magnetic field moves from the motor's center to its perimeter or vice versa. A higher power-to-weight ratio, better cooling, and increased torque output are all made possible by this configuration. Due to their potential to provide superior performance, better efficiency, and space-saving benefits over conventional radial flux motors, automotive axial flux motors have drawn interest in electric vehicle applications.

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Impact of COVID-19 on Global Automotive Axial Flux Motors Market

The COVID-19 pandemic significantly impacted the global automotive axial flux motors market, causing widespread disruptions across the industry. Lockdown measures, supply chain disruptions, and reduced consumer spending have led to a decline in demand for automotive axial flux products. Manufacturers have faced challenges in sourcing raw materials and components, leading to production delays and increased costs. The closure of automotive plants and decreased vehicle sales have further dampened market prospects. However, the industry has shown resilience by adopting digital platforms for sales and exploring innovative strategies. As the world recovers from the pandemic, the automotive axial flux market is expected to gradually rebound, driven by the increasing adoption of electric vehicles and government initiatives supporting sustainable transportation.

Global Automotive Axial Flux Motors Market – By Vehicle Type

On the basis of vehicle type, global automotive axial flux motors market is divided into Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, and Two Wheelers segments. The largest segment within this market is the Passenger Car segment, which includes a wide range of cars designed for personal transportation. These vehicles are commonly used by individuals and families for daily commuting and leisure purposes. Following the Passenger Car segment, the other significant segments in the market include Light Commercial Vehicles, which are smaller utility vehicles used for business purposes, and Medium & Heavy Commercial Vehicles, which are larger trucks and buses used for commercial transportation. Also, the Two Wheeler segment comprises motorcycles and scooters, providing an alternative mode of transportation for individuals.

Competitive Landscape

Global automotive axial flux motors market is fiercely competitive. Major companies in the market include Magnax BV, YASA Limited, Traxial BV, Nidec Corporation, Saietta Group, EMRAX, Evans Electric, Whylot Electromechanical Solutions, Agni Motors Ltd, Turntide Technologies, Lucchi R., Protean Electric, Elaphe Propulsion Technologies, Brusa Elektronik AG, and PML Flightlink Ltd. Companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global automotive axial flux motors market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Automotive Axial Flux Motors Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Automotive Axial Flux Motors Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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