Magnets in New Energy Vehicles

Under the support of the national policy, production of new energy vehicles is increasing greatly. And benefiting from this, demand for neodymium magnets is increasing continuously.

2021 was a record year for sales of new-energy vehicles (NEVs) in China. According to data from the Ministry of Industry and Information Technology (MIIT), the country produced 3.54 million NEVs, including battery-electric cars and plug-in hybrids, and sold 3.52 million of them. Both figures were up around 160% from 2020. In 2021, NEVs made up 13.4 % of the country’s entire car market.

Neodymium magnets are one of the most important applications of rare earth magnets, and demand for them is increasing greatly, owing to a strong rise of new energy vehicles sales volume.

According to the data displayed, a hybrid vehicle needs 3 kilograms more neodymium magnets than a traditional vehicle, and a pure electric vehicle needs 5 to 10 kilograms. According to the above, there is a huge potential market for neodymium magnets.

The rapid development of new energy vehicles overseas will also give impetus to our country. Though it still needs more time for new energy vehicles industry to be large-scaled, new energy vehicles have been promoting the development of permanent magnets industry.

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