Foxtini, a New Delhi-based electric motor engineering startup, was one of the first businesses in India to successfully commercialise the ground-breaking Axial Flux BLDC electric motor using cutting-edge soft magnetic composites.
The start-up has created a variety of cutting-edge electric motors, for which they have received a multimillion Euro tech export order from an Italian company called Arihant s.r.l. that makes non-domestic cleaning equipment.
With a healthy CAGR of 3.7% since 2016, the market for electric motors in Europe is presently expected to be worth US$22.32 billion. Additionally, the demand for electric-driven devices for domestic and industrial use is expanding as end-user sectors become more aware of the benefits of eco-conscious living.
According to the Founders of Foxtini “The company has acquired a multimillion Euro deal with Arihant s.r.l an Italian engineering company, based in Turin.” He added, “Italy being fourth largest car market in Europe and with Italy’s sustainability licenses from renewable electricity to green buildings and smart grid technology one would expect this to be the watertight market for early EV adoption.
“Additionally with our Axial Flux BLDC electric motor featuring state-of-the-art soft magnetic composites the market for electric motor appliances and EV will see an unprecedented boom in the electric car market”.
Globally Europe has been the frontrunner in adopting electrical vehicles led by high environmental awareness among consumers and supportive government policies.
The rising demand for electric cars in the region has created ample opportunities even for small players offering high-tech electric motors. The Indian electric motors market is projected to surpass US$ 2.08 billion by 2024. Anticipated growth in the market can be attributed to the increasing number of industries and construction activities across the country, in addition to growing focus towards the adoption of energy-efficient motors.