Electric motor market expected to flourish in the next decade
First publishedon www.ITSInternational.com
Developments in the electric vehicle market are expected to boost growth in the electric motor market according to consulting and research organisations IDTechEX and Frost & Sullivan. As electric vehicles head towards mass production, the model of electric motor supply also requires changes in the future.
In its 2012 market forecast with a ten year horizon, IDTechEX, a consulting and research organisation, argues that: “Any motor manufacturer without a compelling line up of electric vehicles by 2025 is signing its death warrant.” Analysis by another research institute, Frost & Sullivan, also concludes that the booming EV market will bring business opportunities for suppliers of electric motors.
Frost & Sullivan predicts that the electric motor markets for hybrid and electric vehicles in both Europe and North America are expected to increase to 4.8 million units by 2017. The European traction motor market alone will grow to 2.3 million units in 2017.
In terms of EV motor production, IDTechEX believes that in the next decade, China and the USA will host 32 per cent and 28 per cent of all electric traction motor suppliers respectively.
In IDTechEX’s report “Electric Motors for Electric Vehicles 2012-2022”, Dr Peter Harrop concludes that motors designed for small electric vehicles such as electric scooters, e-bikes and golf cars, dominate the current market of traction motors for electric vehicles. 92 per cent of EV traction motors are produced for these small electric vehicles in the current market.
Harrop believes that as the EV market booms, the market share of larger EV motors will also increase. By 2022, the market share of motors for e-bikes and e-scooters will be reduced to 25% of the overall electric vehicle motor market while the share for large EV motors will grow.