Fastest growing EV motor markets outside China and Europe in June 2023
Global motor power deployment up nearly 50% year-over-year
In June 2023, 260,000 MW of motor power was deployed onto roads globally in newly-sold passenger EVs (BEVs, PHEVs and HEVs), up nearly 50% versus the same month the year prior.
Nine out of every ten traction motors deployed during the month were rare earth permanent magnet synchronous motors and/or rare earth permanent magnet assisted synchronous reluctance motors – both of which contain NdFeB permanent magnets.
The runaway success of permanent magnet motors in the EV market is because these motors are up to 15% more efficient than alternative motor types and are the most power-dense type of traction motors commercially available in both weight and volume terms. EVs that employ induction motors and electrically-excited synchronous motors bring up the rear.
In June 2023, China was responsible for 48% of all motor power deployed onto roads globally according to the latest Adamas Intelligence EV Motor Materials Monthly report. Mirroring EV sales trends across the world, Europe was responsible for a further 24% of motor power deployed globally.
While growth rates in China and Europe are nothing if not robust, some markets in the rest of the world are expanding exponentially, albeit from a much lower base.
Indonesia fastest growing market outside China and Europe
Top of the list of the five fastest growing markets outside of China and Europe is Indonesia where the combined power of EV traction motors deployed onto roads in the country in June jumped 956% versus the same month the year prior.
Australian motor power grew 715% year on year in June, but the size of its EV market is more than six times Indonesia’s. Australia’s base is also catching up fast to Canada’s with the 2,900 MW deployed down under in June within shouting distance of its Commonwealth peer. Conversely, Canada only deployed 29% more motor power year on year.
In third and fourth place were Vietnam and Turkey, which deployed over 600% and 500% more motor power onto roads in June 2023, respectively, compared to June 2022.
Taiwan, the fifth largest traction motor market outside China and Europe saw 341% growth.
In all, ex-China and Europe motor power deployment amounted to just under 75,000 MWs in June 2023, a 65% jump from the same month of last year.
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