Electrification in vehicles is a key trend in the automotive industry, and the increase in electric components within vehicles is boosting the market for traction motors. In a recent report—Strategic Analysis of Electric Motor Technologies for Electric and Hybrid Vehicles in Europe—Frost & Sullivan forecasts the European traction motor market will grow at a compound annual growth rate (CAGR) of 50% for hybrid electric vehicles (HEVs) and electric vehicles (EVs) to some 2.3 million units in 2017.
Emission norms and government support are driving vehicle manufacturers (VMs) towards greater adoption of hybrid and electric vehicles, Frost & Sullivan notes.
Permanent magnet motors are expected to dominate the market by virtue of their performance and efficiency. However, the growing concern over the availability and pricing of rare earth metals will open up the market for other motor technologies such as induction and hybrid motors, according to the consultancy.
The sourcing strategies for electric motors are expected to vary among the vehicle manufacturers. Frost & Sullivan analysis finds that about 30-40% of VMs outsourcing motors from suppliers are planning to bring the intelligence in-house as of now.