A new analysis from Frost & Sullivan projects the continued electrification of vehicles in the automotive industry, and expects this trend to boost the market for traction motors.
Frost & Sullivan anticipates the European traction motor market to grow at a compound annual growth rate (CAGR) of 50 per cent for hybrid electric vehicles (HEVs) and electric vehicles (EVs).
They also expect permanent magnet motors to dominate the market by virtue of their performance and efficiency. That being said, however, there is still growing concern over the availability and subsequent pricing of rare earth metals required for the production of such motors, and therefore Frost & Sullivan expects other motor technologies such as induction and hybrid motors to make a bigger push into the electric automotive market.
Frost & Sullivan reported in a new analysis that the market earned revenues of €55 million in 2010 and estimates this to reach €1.6 billion in 2017 with emission norms and government support driving vehicle manufacturers towards greater adoption of hybrid and electric vehicles.
Another aspect of their findings was the likelihood of vehicle manufacturers bringing the development of electric motors in house.
“While some VMs are working with more than one supplier on the development of electric motors, others are choosing to develop it in-house,” notes Frost & Sullivan Team Leader Anjan Hemanth Kumar. “Reliability, strong R&D, a smooth supply chain and tight quality control coupled with state-of-the-art manufacturing procedures and facilities are some of the key sourcing criteria for VMs.”
“Electric motors represent an advanced technology that will prove critical to the success of greener vehicles,” concludes Kumar. “They will undoubtedly open doors of opportunity down the supply chain.”