The trend of manufacturers shifting towards permanent magnet (PM) traction motors has continued to climb, even as the market share sits at 93% of all passenger BEVs, PHEVs, and HEVs sold globally.
According to a report from Adamas Intelligence, the growth was small -- just 1% -- but the incremental gain in the market continues to illustrate that the more efficient product is being chosen consistently over induction motors.
"Despite generally having a higher bill-of-materials than incumbent traction motor types, such as induction, use of a PM traction motor is substantially more economically attractive from an automaker’s perspective because its high efficiency enables thrifting of costly battery capacity without compromising vehicle range (distance driven per charge)," the report read.
The report added that even as the market for EV grows that the demand for PM motors would climb with it.
"Looking ahead, we expect demand for PM traction motors, and the rare earth magnets they contain, to continue on a path of explosive growth as EV demand soars and the sales-weighted average motor power (kW) per EV continues to rise," it stated.
To read the complete report, visit Adamas Intelligence.