Recently, Yole, a well-known semiconductor consulting agency, released a report that by 2027, with the innovation of major technologies and the restructuring of supply chains, the global electric motor market will exceed 13 billion US dollars, as shown below:
One of the main drivers of power electronics technology today is the electrification of vehicles. An automotive electric motor is a critical part of the powertrain, and any changes to the electric motor can affect the characteristics of other parts of the powertrain, such as the battery and inverter.
Abdoulaye Ly, Power Electronics Technology and Market Analyst at Yole, said: “Four technologies are mainly used in traction motors for pure electric vehicles. They are permanent magnet synchronous motors, permanent magnet assisted synchronous reluctance motors, induction motors and electric excitation synchronous motors. Today , permanent magnet synchronous motor technology is widely used in the electric vehicle industry. Due to the high power density and efficiency of permanent magnet synchronous motor at normal speed, we expect it will remain the main technology in the next few years. In addition, China is the largest In the electric vehicle market, almost all Chinese automakers are using permanent magnet synchronous motors.”
A key point in the manufacture of electric motors is that the magnets used in permanent magnet synchronous motors are made of rare earth materials, and their refineries are mainly in China. Magnets account for 40% of the total cost of a permanent magnet synchronous motor. Non-Chinese automakers using PMSMs could be severely affected by magnet shortages or fluctuating costs if one of the following occurs:
With both scenarios in mind, Yole’s analysts expect non-Chinese automakers to reduce their reliance on Chinese rare earth materials by developing new technologies or improving existing non-magnetic technologies. The traction motor market is dominated by three automakers: Tesla, BYD and Volkswagen.
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