Global Automotive Axial Flux Motor Market Size By Motor Type, By Vehicle Type, By Application, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Automotive Axial Flux Motor Market Size And Forecast
Automotive Axial Flux Motor Market size was valued at USD 150.6 Million in 2023 and is projected to reach USD 395.7 Million by 2030, growing at a CAGR of 10.1% during the forecast period 2024-2030.
Global Automotive Axial Flux Motor Market Drivers
The market drivers for the Automotive Axial Flux Motor Market can be influenced by various factors. These may include
Adoption of Electric Vehicles (EVs)The market for automotive axial flux motors is significantly influenced by the growing interest in EVs throughout the world. The need for effective and small electric motors is rising as electric vehicles gain popularity.
Compact and Lightweight DesignCompared to conventional radial flux motors, axial flux motors are renowned for their lightweight and compact design. Axial flux motor adoption is fueled by the automotive industry’s emphasis on energy efficiency and lightweight materials.
Governments around the world are enforcing strict emission rules and regulations, which is driving automakers to switch to electric propulsion systems. This, in turn, is increasing the need for axial flux motors.
Increased Power DensityWhen compared to radial flux motors, axial flux motors frequently have a higher power density. In the automobile sector, where it is highly desired to achieve higher power in a smaller and lighter design, this feature is essential.
Technological DevelopmentsAs axial flux motors become more dependable, economical, and efficient, the market for these motors grows. Examples of these developments include the use of new materials, better manufacturing techniques, and improved control systems.
Rising Customer AwarenessAs consumers become more conscious of environmental issues and the advantages of driving electric vehicles, there is a greater need for electric propulsion systems, such as axial flux motors.
Government Subsidies and IncentivesTo encourage the use of electric vehicles, several governments offer tax breaks, subsidies, and other forms of financial assistance. The market for automotive axial flux motors benefits from these policies.
Integration with Advanced Driver Assistance Systems (ADAS)The automotive industry’s acceptance of axial flux motors is further fueled by its integration with autonomous driving technologies and ADAS.
Global Automotive Axial Flux Motor Market Restraints
Several factors can act as restraints or challenges for the Automotive Axial Flux Motor Market. These may include
High Initial CostsAxial flux motor technology development and implementation may come at a somewhat high initial cost, which could make it difficult for the technology to be widely adopted, particularly in areas where cost is a factor.
Technological DifficultiesAxial flux motor technology may encounter certain difficulties in the form of complex production processes, performance optimization, and maintaining dependability under a range of operating situations.
Limited AwarenessThe adoption of axial flux motors may be hindered by consumers’ and automakers’ ignorance of the advantages and possible uses of these motors. To get over this obstacle, promotion and education initiatives could be needed.
Infrastructure RestrictionsThe widespread adoption of new motor technologies may necessitate the installation of auxiliary infrastructure, such as electric vehicle charging stations. A deficiency of infrastructure may hinder the expansion of the market.
Supply Chain DisruptionsUnexpected occurrences, natural disasters, or geopolitical conflicts can all cause supply chain disruptions that affect the availability of materials and components required to manufacture axial flux motors.
Range AnxietyWhen it comes to electric cars with axial flux motors, worries about having a short driving range—also referred to as range anxiety—can have an impact on customer confidence and adoption rates.
Global Automotive Axial Flux Motor Market Segmentation Analysis
The Global Automotive Axial Flux Motor Market is Segmented on the basis of Motor Type, Vehicle Type, Application, and Geography.
Automotive Axial Flux Motor Market, By Motor Type
Inner Rotor Axial Flux Motor
Outer Rotor Axial Flux Motor
Automotive Axial Flux Motor Market, By Vehicle Type
Passenger Cars
Commercial Vehicles (Trucks, Buses)
Electric Bikes and Scooters
Others
Automotive Axial Flux Motor Market, By Application
Electric Propulsion
Heating, Ventilation, and Air Conditioning (HVAC)
Power Steering
Others
Automotive Axial Flux Motor Market, By Geography
North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
EuropeAnalysis of the Automotive Axial Flux Motor Market in European countries.
Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
Middle East and AfricaExamining market dynamics in the Middle East and African regions.
Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major players in the Automotive Axial Flux Motor Market are
By Motor Type, By Vehicle Type, By Application, and By Geography.
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