Axial Flux Motor Market: Projected to Hit US$965.5 Mn by 2030

April 2024

Global axial flux motor market is poised to witness substantial growth, reaching a value of US$965.5 million by the year 2030, up from US$492.3 million attained in 2023. The market is anticipated to display a Compound Annual Growth Rate (CAGR) of 10.1% between 2023 and 2030.

Axial Flux Motor Market Report Scope: 

Key Growth Determinants

The report also emphasizes the role of technological advancements in driving the growth of the axial flux motor market. Continuous research and development efforts are leading to innovations in materials, manufacturing processes, and design techniques, further enhancing the performance and efficiency of axial flux motors. These advancements are enabling manufacturers to produce motors with higher power densities, improved thermal management, and better reliability, meeting the evolving demands of various industries.

Moreover, government initiatives and regulations aimed at reducing carbon emissions are bolstering the adoption of electric vehicles and other environmentally friendly transportation solutions. Axial flux motors, with their superior efficiency and compact design, are well-positioned to play a pivotal role in the transition towards cleaner transportation alternatives.

Furthermore, the increasing integration of automation and electrification in industrial processes is driving the demand for high-performance electric motors. Axial flux motors offer advantages such as precise control, high torque density, and rapid acceleration, making them suitable for a wide range of industrial applications, including manufacturing, material handling, and renewable energy systems.

Additionally, the growing popularity of renewable energy sources such as wind and solar power is creating opportunities for axial flux motors in power generation and distribution applications. These motors can efficiently harness energy from renewable sources and contribute to the development of sustainable energy infrastructure.

Major Growth Barriers

1. Technological Hurdles: While axial flux motors offer significant advantages, such as higher efficiency and power density compared to conventional motors, there are still technological hurdles to overcome. Innovations in materials science and engineering are necessary to further enhance the performance and reliability of these motors. This requires substantial investment in research and development, which may deter some companies from entering the market.
2. Regulatory Compliance: As with any emerging technology, axial flux motors must comply with various regulatory standards and certifications to ensure safety, reliability, and environmental sustainability. Navigating through these regulatory frameworks can be time-consuming and costly for manufacturers, especially if they operate in multiple jurisdictions with differing regulations.
3. Market Fragmentation: The market for axial flux motors is relatively fragmented, with several small and medium-sized manufacturers competing for market share. This fragmentation can lead to price wars and reduced profit margins, making it challenging for companies to achieve sustainable growth and investment returns.
4. Limited Adoption in Key Industries: While axial flux motors have shown promise in sectors such as automotive, aerospace, and renewable energy, their adoption remains limited in certain key industries. This could be due to entrenched preferences for traditional motor designs, lack of awareness about the benefits of axial flux technology, or concerns about compatibility with existing infrastructure.
5. Geopolitical Risks: The reliance on rare earth metals, which are predominantly sourced from a few countries, exposes manufacturers to geopolitical risks such as trade disputes, export restrictions, and supply chain disruptions. Diversifying the sourcing of raw materials and investing in recycling and alternative technologies can help mitigate these risks, but they add complexity and cost to the manufacturing process.

Key Trends and Opportunities

• The axial flux motor market is experiencing dynamic growth fueled by several key trends and opportunities. One prominent driver is the rapid global adoption of electric vehicles (EVs). With increasing concerns over environmental sustainability and the push for reduced carbon emissions, governments, industries, and consumers alike are embracing electric transportation solutions. Axial flux motors are at the forefront of this transition due to their compact design, high power density, and efficiency, making them ideal for EV applications.
• Moreover, international initiatives aimed at promoting sustainable transportation, such as stricter emissions regulations and incentives for electric vehicle adoption, are further propelling the demand for axial flux motors. As EV manufacturers strive to improve performance, extend driving range, and reduce costs, the significance of advanced motor technologies like axial flux motors continues to grow.
• Advancements in magnet technology are also playing a pivotal role in shaping the axial flux motor market. Innovations in materials and manufacturing processes are enabling the production of more powerful and energy-efficient magnets, enhancing motor performance and reliability. This, in turn, expands the range of applications for axial flux motors beyond just EVs, into areas such as industrial automation, robotics, and aerospace.
• Furthermore, the integration of axial flux motors in renewable energy systems presents significant growth opportunities. As the world transitions towards a more sustainable energy landscape, there's a growing need for efficient and reliable electrical generators in renewable power generation systems. Axial flux motors, with their high efficiency and versatility, are well-suited for applications in wind turbines, hydropower generators, and other renewable energy infrastructure. They excel at converting mechanical energy into electrical power, contributing to the expansion and efficiency of renewable energy systems.
• Overall, the axial flux motor market is poised for continued growth as the demand for electric vehicles, renewable energy, and high-performance motor solutions continues to surge. With ongoing advancements in technology and increasing environmental consciousness driving market dynamics, stakeholders across industries are presented with exciting opportunities for innovation and growth.

Regional Frontrunners

Europe's dominance in the axial flux motor market is further reinforced by its robust ecosystem for innovation and collaboration. The region boasts numerous research institutions, universities, and industry players dedicated to advancing electric vehicle technology and renewable energy solutions. This collaborative environment fosters technological breakthroughs and accelerates the development and commercialization of axial flux motors.

Moreover, Europe's stringent regulations aimed at reducing carbon emissions and promoting sustainability drive the adoption of axial flux motors across various industries. Governments offer incentives and subsidies to encourage the adoption of electric vehicles and renewable energy sources, creating a conducive environment for market growth.

In Asia Pacific, rapid industrialization and urbanization have led to an increased demand for clean and sustainable energy solutions. Governments across the region are investing heavily in renewable energy projects to reduce reliance on fossil fuels and mitigate environmental degradation. This concerted effort towards sustainable development, coupled with the region's burgeoning population and expanding middle class, propels the demand for electric vehicles and renewable energy technologies powered by axial flux motors.

Additionally, advancements in aerospace technology in Asia Pacific further drive the adoption of axial flux motors, particularly in the aerospace and defense sectors. The lightweight and compact design of axial flux motors make them well-suited for aerospace applications, such as electric propulsion systems for aircraft and drones.

Key Market Players:

• ABB
• Siemens
• Saietta Group
• Agni Motors
• YASA Limited
• Avid Technology
• Turntide Technologies
• Magnax BV
• Lucchi R
• Nidec
• Danfoss
• Regal Rexnord
• Evo Electric
• QS Motor

Global Axial Flux Motor Market is Segmented as Below:

By Motor Type:

• Inner Rotor
• Outer Rotor

By Power Rating:

• 1kw-15kw,
• 15kw-80kw
• 80kw-160kw
• Above 160kw

By End User Industry:

• Automotive Industry
• Wind Energy
• Industrial Manufacturing
• Consumer Electronics

By Geographic Coverage:

• North America 
• Europe 
• Asia Pacific  
• Latin America 
• Middle East & Africa