![]() ![]() 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. 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. 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. ![]() 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). 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. 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. 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. 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.Īxial Flux Motor Market Segment Analysis – By End-Userīased on end-user, axial flux motor market is segmented into industrial, commercial, automotive, aerospace and others. 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 December 2020, OLA electric announced about the investment of $320M for setting up World's largest e-scooter manufacturing plant in Tamil Nadu. 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. According to International Energy Agency, in 2019 the volume sale of electric cars surpassed 2.1 million units globally. 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. Hence, the above-mentioned factors are set to boost the market growth during the forecast period 2021-2026.Īxial Flux Motor Market Segment Analysis – by Applicationīy 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. 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. 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. ![]() ![]() Increasing adoption of these motors across various industries and e-mobility is set to drive the growth of axial flux motor industry. ( MENAFN- GetNews) Increasing Adoption of These Motors Across Various Industries and E-mobility Is Set to Drive the Growth of Axial Flux Motor Market.Īxial 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. ![]()
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