Europe's electric motor sales are set to receive a boost from electric vehicles sales over the next five years.
Chevrolet's Volt dashboard Image: Chevrolet |
The traction motor market is, according to a new report from analysts Frost & Sullivan, likely to exceed 2.6 million units by 2017 - a compound annual growth of 50%. Sales are likely to focus on permanent magnet motors as demand for hybrid and electric vehicles grows.
Although permanent magnet units are both efficient and high performing, other types of electric motors are likely to gain in popularity because of concerns over the use of rare metals in the manufacturing process. The total market value is likely to reach around $1.6bn within the next five years, helped by the EC's drive for reduction in CO² emissions. In 2010 revenues for electric motors were $68m.
The report states that whilst some auto manufacturers are developing hybrid and electric vehicle options in-house, the majority do not have the expertise or infrastructure to produce the drive trains cost effectively. In the medium to long-term, Frost & Sullivan believes supply for traction motors will come from Tier 1 suppliers with "strong intra-organisational support", with the manufacturers retaining the design in-house.