According to a new analysis from business research and consulting firm Frost & Sullivan, we are to witness a continuous electrification of the cars we’ll drive in the near future. No pun intended, but I guess you could have guessed that by yourself, without the analysis telling you so.
It’s enough to look at the current trends to see this coming: a 50% compound annual growth rate for the electric motor market in Europe for hybrids and EVs. The main type of motor that is to be used is the permanent magnet type, but there are concerns about the future availability of the rare earth metals that make the magnets.
Permanent magnet motors beat hybrid and induction motors in efficiency. It is however predicted they will continue to remain scarce as long as rare earth metals are scarce as well. Consequently, the prices of magnet motors won’t fall from the sky-high position they are right now.
To put the hybrid-electric trend in numbers, the firm reports that the market earned €55 million in 2010 and is now in an ascending curve to €1.6 billion in 2017. This growth will also have been supported by emission norms and government incentives, but the true factors beneath the numbers will be “reliability, strong R&D, a smooth supply chain and tight quality control coupled with state-of-the-art manufacturing procedures and facilities” (Frost & Sullivan Team Leader Anjan Hemanth Kumar). I know I said this (a number of times) before, but this time the future does sound good for electric cars!