IDTechEx Finds Rare Earth Free Motors Take a Back Seat in EVs
BOSTON, May 23, 2024 /PRNewswire/ -- The sourcing of materials and components is becoming an increasingly discussed topic across multiple industries. One huge growth sector is the electric vehicle (EV) market, with IDTechEx predicting 4 fold growth in electric car sales over the next 10 years. Much of the conversation is focused on battery materials, but the rare earths used in the magnets in electric motors are another key concern. These are almost entirely produced in China and have been subject to significant historic price volatility. Given these concerns, it is surprising to see that IDTechEx's research has found that rare earth permanent magnet motors have maintained over 77% of the electric car market over the last 9 years. Why is that the case?Why permanent magnet motors remain the dominant technology
There are two primary factors (with multiple considerations therein) that drive the choice of motor technology: performance and cost. Rare earth permanent magnet motors tend to provide the highest power and torque density, efficiency, and low manufacturing costs. Their major downfall is the bill of materials costs, with the magnets often accounting for around a third of the total motor material costs.
From their 2022 peak, rare earth prices have settled, leading to permanent magnet motors becoming cost-competitive again and taking some of the immediate emphasis away from the need for alternatives. Most tier 1 suppliers now offer the option for permanent magnet motors or EESMs, but it is down to the OEM to make that commitment. From IDTechEx's interviews with OEMs, most have available options for EESMs in-house or through suppliers, but they are mostly reserved in case magnet prices rise significantly or the need to localize material supply increases (through geopolitical or regulatory pressure).
https://www.prnewswire.com/news-releases/idtechex-finds-rare-earth-free-motors-take-a-back-seat-in-evs-302154276.html
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