Electrification in vehicles is a key trend in the automotive industry. The increase in electric components within vehicles is boosting the market for traction motors and Frost & Sullivan says it 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). 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.
‘Strategic Analysis of Electric Motor Technologies for Electric and Hybrid Vehicles in Europe’, finds that the market earned revenues of US$70 million in 2010 and estimates this to reach $1.6 billion in 2017 with emission norms and government support driving vehicle manufacturers (VMs) towards greater adoption of hybrid and electric vehicles.
Car makers in Europe are required to bring down their fleets’ average CO2 emissions in accordance with the limit-value curve from 2012. Also, most EU-15 states offer a discount for EVs on the first registration tax applicable on vehicle acquisition. Against the backdrop of these drivers, all OEMs have adopted unique strategies to reduce CO2 emissions, with powertrain electrification taking precedence over other technologies.
‘Strategic Analysis of Electric Motor Technologies for Electric and Hybrid Vehicles in Europe’, finds that the market earned revenues of US$70 million in 2010 and estimates this to reach $1.6 billion in 2017 with emission norms and government support driving vehicle manufacturers (VMs) towards greater adoption of hybrid and electric vehicles.
Car makers in Europe are required to bring down their fleets’ average CO2 emissions in accordance with the limit-value curve from 2012. Also, most EU-15 states offer a discount for EVs on the first registration tax applicable on vehicle acquisition. Against the backdrop of these drivers, all OEMs have adopted unique strategies to reduce CO2 emissions, with powertrain electrification taking precedence over other technologies.
