| | 3 minute read

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.

Fastest growing EV motor markets outside China and Europe in June 2023

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.



Rare Earth Market Intelligence:


Rare Earth Magnet Market Outlook to 2040

In this report, we provide a detailed overview of the global NdFeB alloy, powder, magnet and magnet rare earth oxide markets, including a breakdown of historical production, consumption and prices from 2015 through 2022. Next, we unravel the anticipated near-term impacts of the pandemic recovery on world markets and forecast global supply, demand and prices from 2023 through 2040.

Rare Earth Pricing Quarterly Outlook

The ‘Rare Earth Pricing Quarterly Outlook’ subscription-based report looks back on the rare earth market’s performance over the trailing three months and details Adamas Intelligence’s latest near-term and long-term rare earth oxide (“REO”) price forecasts to 2040.

Rare Earth Minerals Monthly

The ‘Rare Earth Minerals Monthly’ is a subscription-based report and data service for tracking global rare earth minerals trade, mineral concentrate prices, rare earth oxide prices, payability ratios, and other key developments on the supply- and demand-side of the market month-after-month.

EV Motor Materials Monthly

The ‘EV Motor Materials Monthly’ is a subscription-based report and data service for tracking motor demand, NdFeB magnet demand, and other key developments in the global EV traction motor market month-after-month, as they happen; by region, country, motor type, EV type, EV make, EV model and motor supplier, plus the latest developments in rare earth and NdFeB alloy prices.

Back to Adamas Inside
Join Adamas Inside
7