In this paper, a flux–torque regulation hybrid excitation machine (FTRHEM) with axial–radial dual air gaps, which can increase torque and regulate magnetic flux by changing the exciting current, is studied. Dual air gaps have a huge impact on the magnetic flux and additional torque. The effect of the air gap reluctances on the magnetic flux of the machine is obtained by establishing equivalent magnetic network models, which show that the dual air gaps are the key component in the axial–radial magnetic circuit. This study examines the flux regulation ability and the enhanced torque performance of an FTRHEM with dual air gaps. The mechanism by which the dual air gaps affect the machine’s magnetic field is clarified, and the constraints and relationships between the dual air gaps are explained, offering a theoretical foundation for future machine optimization. As the axial air gap decreases from 0.95 mm to 0.35 mm, the flux regulation capability improves from 15.44% to 26.51%, while the additional torque increases by 40.77%. Ultimately, prototypes are manufactured for experimental testing to validate the viability of the structure and the accuracy of the FEA for the FTRHEM featuring an axial–radial magnetic circuit.
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