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Europe’s EV Motor Market to Grow 50% Annually
The market among European carmakers for traction motors for hybrids and electric vehicles will surge from $70 million in 2010 to $1.6 billion by 2017, predicts Frost & Sullivan.
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The market among European carmakers for traction motors for hybrids and electric vehicles will surge from $70 million in 2010 to $1.6 billion by 2017, predicts Frost & Sullivan. The market research firm expects unit sales in Europe will reach 2.6 million units by then.
Frost & Sullivan's London office notes that some carmakers are working with multiple motor suppliers, and others are using only one. It says 30%-40% of carmakers that currently outsource motors are planning to eventually make their own units.
In the short term, Frost & Sullivan says EV system developers will be in high demand by carmakers for help with integrating electric powertrains into their vehicles. Longer range, the firm says that function will shift to tier one suppliers. It predicts that carmakers will continue to buy modules and components from suppliers even after they establish their own motor development expertise.
Frost & Sullivan notes that demand for traction motors is being driven by tightening European emission standards.
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