Axial Flux Electric Motor Market Size, Share & Analysis Report

The Axial Flux Electric Motor Market is estimated to be worth USD 0.88 billion in 2023 and is projected to grow at a CAGR of 12.0% between 2024 and 2032. The study considers 2023 as the base year, estimating the market size and providing forecasts for 2024 to 2032. The report analyzes and forecasts the market size in terms of value (USD billion). It segments the market by Type, Application, and region/country. The significant growth of electric vehicles (EVs) in the commercial market is driven by the dual commitment to reducing pollution and enhancing the driving experience. Although the first modern vehicles in the last century initially utilized electric motors, the automotive landscape shifted towards combustion engine vehicles due to poor battery performance and the low cost of gasoline at that time.