Global Electric Vehicle Magnet Wire Market 2024-2030

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    2024 Update Comming Soon Published- Dec 2022 Number Of Pages -160  

    COVID Impact updated
     

    ELECTRIC VEHICLE MAGNET WIRE MARKET

     

    KEY FINDINGS

    • The average magnet wire weight per electrified passenger vehicle, is between 9 and 10 kg for BEV, 7-8 kg for PHEV and 4-6 kg for HEV
    • Magnet wire usage will increase as vehicles become more electrified and OEMs plan to add more plugged-in vehicles to their lineups.
    • Magnet wire suppliers are trying to capture the market by innovating efficient traction motor wiring for the required temperature, as efficiency is an important factor for traction motor suppliers to consider.
    • Some Commercial Vehicle OEMs are considering the benefits of the 800-volt system because the overall costs would vastly outweigh the benefits.
    • The Magnet wire prices are hugely affected by the price of raw copper, as it makes up for >95% of its volume, thus, massive fluctuations are expected in the forecast price of EV magnet wire.
    • Traction motor suppliers are gearing up their R&D and production facilities to manufacture motors that meet the requirements of an 800 Voltage system. These motors will be available in the market within the next 2-3 years.
    • China and Europe will continue to have the largest EV markets and the power of motors utilized will keep increasing
    • There has been a growing trend with the rise in the number of motors in an EV, such as the Rivian ones and specifically the ACIM type, which needs 40-50% more Magnet wire and thus is expected to drive the market.  
    • OEMs are switching from round wire to rectangular wire as it improves space factor, reduces size and weight, and improves motor performance.
    • The tendency is to increase the power and number of motors per vehicle, which will necessitate enhanced magnet wires as well as larger magnet wires in the powertrain section to accommodate the increased motors.
    • The Top three players in the market account for almost XX% and the Top five account for XX% of the overall EV magnet wire market.
    • The major players in the market are LS Cable & System, Tongling Jingda Special Magnet wire, Sumitomo Electric, Ningbo Jintian Copper Group, and Hitachi Metals, out of which LS Cable & Systems Group is at the top with XX%, followed by Tongling Jingda
    • Depending on the motor type, the wire usage will change drastically and OEMs will lookout for this to develop motors mainly due to efficiency
    • BorgWarner introduced its latest High Voltage Hairpin (HVH) electric motor, the HVH 320, for commercial vehicle manufacturers

     

     

    INTRODUCTION

    Magnet wire is an insulated copper or aluminum conductor used to wind motors, transformers, generators, and any other electrical device where electrical energy is converted to mechanical energy.

     

    Round shaped magnet wires are the fastest growing shape type of magnet wires in Dedicated Hybrid Transmission (DHT)

     

    To know more about Global EV Traction Motor Market, read our report

     

    GLOBAL EV MAGNET WIRE MARKET SEGMENTATION

     

    The Global Superyacht Market can be segmented into following categories for further analysis.

     

    Global Ev Magnet Wire Market By Geography

    • US
    • Europe
    • China
    • Asia Ex-China
    • Rest of the World

     

    Global Ev Magnet Wire Market By EV Type

    • HEV
    • PHEV
    • BEV

     

    Global Ev Magnet Wire Market By Motor Type

    • ACIM
    • PMSRM
    • PMSM

     

    Global Ev Magnet Wire Market By Wire Shape

    • Flat
    • Round

    Global Ev Magnet Wire Market By Application

    • Powertrain
    • Others

     

     

    GLOBAL ELECTRIC VEHICLE MAGNET WIRE MARKET NEW PARTNERSHIP

     

    The establishment of a global joint venture was announced by Superior Essex Inc. (“Superior Essex”), the parent company of Essex Magnet Wire, and Furukawa Electric Co., Ltd. (“Furukawa”), two pioneers in the development of magnet wire products and customised solutions.

     

    A global market leader will be created through the joint venture, which will build on an earlier magnet wire relationship.

     

    The combined business will use the “Essex Furukawa” trademark and conduct business as Essex Furukawa Magnet Wire LLC. Essex Furukawa’s customers should gain from significant synergies, such as the expansion of custom product solutions, the sharing of best practises, and the capacity to better serve customers with additional points of shipping, expanded global sales and technical teams, increased global rod & foundry resources, and a diversified global innovation team, especially for EV/HEV developments.

     

    With commanding market presence in North America, Europe, Asia, and Japan, significant customer alliances, and accelerated research and development developments, the new worldwide joint venture will enable Essex Furukawa to lead the industry in technological advancements.

     

    In addition to providing all of our clients with a more extensive worldwide network across three continents, Essex Furukawa will continue to provide the same reliable, high-quality products with cutting-edge technology, particularly for electric vehicles.

     

    Although Essex Furukawa may explore optimal reorganisation to offer a superior value to customers, there won’t be any immediate or significant changes to the organization’s relationship with customers. The establishment of Essex Furukawa will not affect how either firm honours its present obligations.

     

     

    GLOBAL ELECTRIC VEHICLE MAGNET WIRE MARKET TRENDS IN EV MAGNET WIRE MARKET

    Rectangular wire allows the engineer to design a motor with more copper in the unit. Round wire has more voids between the wires in the windings.

    • Uniformity and degree of insulation
    • Good electrical characteristics such as dielectric strength and insulation resistance
    • Resistant coating to mechanical stress induced by bending, stretching, and friction
    • Resistant to solvents, chemicals, and varnishes
    • Resistant to hydrolytic degradation
    • Stable when combined with insulating material
    • Resistant to water and moisture

     

    In terms of the coils of driving motors, the distributed winding method of round wires (whose cross section is round) and the concentrated winding method of rectangular wires (whose cross section is rectangular) used to be mainstream winding methods. Recently, the method trend is moving to the distributed winding method for rectangular wires as the technology advances.

     

    Aluminum magnet wires are the fastest growing type of magnet wire market. These are used in applications for their various properties such as high mechanical strength, abrasion resistance, and high dielectric performance.

     

    GLOBAL ELECTRIC VEHICLE MAGNET WIRE MARKET ADVANTAGE AND DISADVANTAGE OF DISTRIBUTED WINDING MOTORS

    Regarding the disadvantage of distributed winding motors (i.e., the coil end height is higher than that of concentrated winding motors), the coil end height is reduced to a level equivalent to that of concentrated winding motors by inserting a rectangular wire, which is divided into specified segments, into the iron core and then welding the edge for assembly.

     

    Also, the use of rectangular wires has significantly improved the space factor. This achieves downsizing of the size, along with reductions in weight and loss due to the reduced amount of copper being used. The overall efficiency of the motor also increases due to the better space factor provided by rectangular wires.

     

    REQUIREMENTS FOR NEW GEN TRACTION MOTORS

    In line with the advancement of motors, magnet wires must meet the following requirements:

    • Higher space factor: rectangular shape, reduced film thickness inconsistency, lower permittivity, and thinner films
    • Higher voltage: thicker films, lower permittivity
    • Downsizing of the coil end: processing resistance, heat resistance, welding resistance
    • Higher rotation: conductors with lower eddy
    • current loss
    • Easier assembly: improved core insert ability

    Inverter drive systems are used for driving motors for EVs. For some motors, the motor operation voltage has been increased by twice or more from the initial voltage.

     

    At the coil end, it is necessary to ensure the insulation of magnet wires corresponding to the interphase voltage. Insulating members, such as interphase paper, were used in conventional products, but the increased thickness of the insulation film reduces such insulating members, making it possible to achieve downsizing and cost reduction.

     

    Suppliers have looked into the uniform distribution of insulation film thickness for rectangular wires and developed a low-permittivity structure film whose insulation performance is higher than that of conventional film. The characteristics are excellent in terms of the resistance to degradation of wire treatment.

     

    Meanwhile, the motor rotation has been increased to achieve downsizing and high-power output. For some motors, their rotation has been almost tripled from that of early products. High motor rotation requires an increased drive voltage. The high insulation performance films that we have been developing, as mentioned earlier, contribute to increasing the rotation

     

    The decreasing wire used while increasing the efficiency of the wires is the main goal of suppliers. Wiring and magnets used in motors use minerals that are becoming increasingly scarce in supply which will cause issues in the supply chain. Recycling copper utilized as magnet wires as well as improving technology to reduce usage per motor will be of prime importance especially as EVs are gathering traction across various regions

     

     The magnet wire market is 10-13 % of the traction motor market, as most of the value comes from the traction motor industry and usage across other vehicle components is lower than traction motor.

     

    Magnet wire growth will be dependent mainly on growth in traction motors across the globe, increase in power of traction motors and development of wires to handle temperature, power, decrease size and increase efficiency.

     

    EV Sales Globally-2020

     

    Infographic ; Electric Vehicle Magnet Wire Market ,Electric Vehicle Magnet Wire Market size, Electric Vehicle Magnet Wire Market trends and forecast, Electric Vehicle Magnet Wire Market risks, Electric Vehicle Magnet Wire Market report

     

    Tesla Model 3 took the lead globally among battery electric vehicles followed by Wuling Mini and Tesla Model Y. Among the top 5 models, 2 were occupied by Tesla showcasing their global dominance. 

     

    China and Europe were the primary regions with battery electric vehicle sales surpassing 2020 sales. Chinese OEMs have a strong sales base at home and are looking to go abroad with their sales especially in regions with low EV sales as their EVs are lower in cost compared to other EVs.

     

    The first 4 months of 2021 already showcased that the market is growing and is expected to overrun 2020 sales

     

     

    EV SALES, BY OEM – 2021

     

    Infographic ; Electric Vehicle Magnet Wire Market ,Electric Vehicle Magnet Wire Market size, Electric Vehicle Magnet Wire Market trends and forecast, Electric Vehicle Magnet Wire Market risks, Electric Vehicle Magnet Wire Market report

     

    Tesla led among the brand sales globally followed by Volkswagen, BYD, SGMW, and Volkswagen. The brands except for Tesla and Nio offer a mix of PHEVs and BEVs.

     

    All OEMs will look to offer BEVs in the next 2-3 years to establish themselves for the change upcoming in the next 20 years where at least 40% of the new car sales will become plugged in.

     

    Suppliers have come up with products for this shift and are also researching on developing new technology. The supply chain for products across electric vehicles is also being developed intensively looking into long-term deals especially among battery suppliers.

     

    Factories across the world had to stop production due to chip shortage which is another aspect OEMs and suppliers will look closely into so that the recurrence doesn’t occur.

     

     

    EV SALES IN CHINA-2021

     

    Infographic ; Electric Vehicle Magnet Wire Market ,Electric Vehicle Magnet Wire Market size, Electric Vehicle Magnet Wire Market trends and forecast, Electric Vehicle Magnet Wire Market risks, Electric Vehicle Magnet Wire Market report

     

    In 2021, Wuling Mini EV lead the sales followed by Tesla Model Y, Tesla Model 3, Qin Plus and Li Xiang One EREV

     

    Tesla Model 3 saw sales mainly from Tier 1 and 2 cities, so did GAC Aion S. Wuling Mini EV saw sales mainly from Tier 4 and 5 cities. Of overall plugged-in vehicle sales, Tier 1 cities held 37%, Tier 2 held 21%, Tier 3 held 15%, Tier 4 held 14% and Tier 5 held 12%. The Chinese market is mainly held by domestic OEMs.

     

    Due to COVID, the subsidies that were supposed to be phased out this year were extended for 2 more years at a 10% decrease every year. China also has a strong base for electric commercial vehicles and their OEMs such as BYD, Yutong, etc. are supplying electric buses globally even in regions such as Chile which have a weak electric vehicle market.

     

    Supporting infrastructure such as charging stations and battery swapping are set up across the country. China is one of the countries with companies focusing on battery swapping to save time utilized at charging stations.

     

    The long-term feasibility and condition of battery supplied are to be looked out for as the business model is currently unchallenged on various aspects.

     

    EV SALES IN EUROPE-2021

     

    Infographic ; Electric Vehicle Magnet Wire Market ,Electric Vehicle Magnet Wire Market size, Electric Vehicle Magnet Wire Market trends and forecast, Electric Vehicle Magnet Wire Market risks, Electric Vehicle Magnet Wire Market report

     

    While all regions across the globe saw a decrease in automobile vehicle sales due to COVID, Europe saw a rise in plugged-in vehicle sales mainly due to the incentives and subsidies that were offered across many countries.

     

    Euro NCAP is also a motivating factor for OEMs to increase electrification among their fleet hence develop various plugged-in vehicles and also full electric vehicles. Cities are coming up with zero carbon emission rules thereby increasing electrified vehicle sales. Electrified vans will also see increased sales mainly among major city centers.

     

    Europe is also seeing an extensive increase in charging networks and more focus is placed on 100+kW chargers across countries. Ionity is setting up 400 charging stations across European highways with 350 kW chargers. Governments have put in the effort to develop charging stations by offering subsidies and lowering electricity rates for charging stations.

     

    IMPACT OF 800V ARCHITECTURE ON EV MAGNET WIRE

    800v architecture reduces the copper winding wire diameter, which decreases the overall volume as well as increases the packing efficiency, allowing for smaller motors. 

     

    The same lower current requirements in an 800-V system reduce not just the motor copper losses, but loss in the entire system wiring loom, introducing weight, space, and cost savings.

     

    GLOBAL ELECTRIC VEHICLE MAGNET WIRE MARKET COMPETITIVE LANDSCAPE

    LS Cable & Systems was the first to produce 800V high voltage magnet wire in Korea.LS Cable & System’s branches are expanded to almost every continent

     

    In 2023 February, Dahrentrad , LWW Group and Isodraht unified under Dahren 

     

    Essex Furukuwa is a global joint venture company between Superior Essex Inc. and Furukawa Electric Co., Ltd. This joint venture will allow Essex Furukawa to lead the industry in technological advancements ,have market command positions in North America, Europe, Asia, and Japan

     

    GLOBAL ELECTRIC VEHICLE MAGNET WIRE MARKET COMPANIES PROFILED

    Sl No  Topic  Slide Number 
    Market Segmentation 
    Research Methodology 
    Executive Summary  10-16 
    Global EV Magnet Wire Manufacturing Locations  18-19 
    Potential Opportunities for Bekaert in EV Magnet wire market  21 
    Key Criteria For Magnet Wire Vendor Selection  23 
    Key Attributes of Magnet Wire in Electric Vehicle application  25-29 
    Growing popularity of E-axle and Impact on EV magnet wire market  31 
    Usage of Magnet wire in Dedicated Hybrid Transmission Market   33-34 
    10  Top 10 EV platforms -2022  36-51 
    11   EV Product Plan  53-62 
    12  Current Obstacles affecting magnet wire performance  64 
    13  Magnet Wire Insulation Overview  66 
    14  Polymer Usage Trends in Magnet Wire Insulation - 2022  68-69 
    15  New Product Development in Magnet Wire Enamel by Chemical Companies  71-74 
    16  New product development in EV traction motor market and its impact on magnet wire  76-77 
    17  Margin variation between insourced vs outsourced traction motor magnet wire  79 
    18  Current & Upcoming EVs with 800V Architecture and its Impact on Magnet Wire  81-86 
    19  Magnet wire content in EV, by EV & Motor Type – 2022  88-89 
    20  Market Size, Dynamics and Forecast By Geography, 2022-2030  91-103 
    21  Market Size, Dynamics and Forecast By EV type, 2022-2030  105-110 
    22  Market Size, Dynamics and Forecast By Motor Type, 2022-2030  112-117 
    23  Market Size, Dynamics and Forecast By Wire Shape, 2022-2030  119-122 
    24  Market Size, Dynamics and Forecast By Application, 2022-2030  124-127 
    25  Competitive Landscape  129 
    26  Growth Strategy of Major Players  131 
    27  Market Share of Major Magnet Wire Suppliers-2022  133 
    28  OE-Supplier Alignment (Motor-Wiring suppliers)  135-140 
    29  Mergers and Acquisition in recent years  142-143 
    30  Company profiles  145-154 
    31  Conclusion  156 
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