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Welcome to this week’s edition of the Thomas Index Report.
Electric vehicle (EV) demand is quickly gaining speed as we enter the second quarter of 2023. In this Thomas Index Report, we explore some of the most exciting changes to car design impacting EV adoption and sourcing trends on Thomasnet.com®.
Automotive News recently reported that, out of 1.24 million light vehicles registered in January of 2023, 7.1% were EVs, up from 4.3% in January of last year. EVs are being adopted at greater rates for various reasons, but one of the unexpected benefits is regenerative braking.
Hydraulic brakes, found on both gasoline cars and EVs, slow a vehicle down by mechanically squeezing brake pads onto the wheel, losing kinetic energy to friction. But EVs take this process up a notch. Instead of wasting the energy, the car’s regenerative braking systems recuperate the energy by turning the onboard electric motors into electric generators to feed kinetic energy into the battery. In turn, when EVs use regenerative braking technology, their energy consumption is reduced by more than 6%.
According to Global Market Insights, the regenerative braking market is currently valued at $4.5 billion and is anticipated to rise at a compound annual growth rate of 22.4% between 2021 and 2027. Advancements will further augment this growth in EV design. The new Hyundai Kona Electric EV, for example, uses radar and incline sensors to create an intelligent braking system that optimizes energy efficiency.
As the principal component of regenerative braking, electric motor sourcing will increase as performance improvements continue. Thomasnet.com’s sourcing data for electric motors has increased 47% month-over-month, and AC motor sourcing is up 1,275% month-over-month.
As the automotive sector races toward electrification, sourcing for EV components on Thomasnet.com will continue to rise.
I’m Anna Wells, and this is the Thomas Index Report.
Top 10 Categories with the Most Sourcing Activity Month Over Month
- Prototypes: Electronic: 58300.0%
- Metalworking Services: 34750.0%
- Consulting Services: Marketing: 34150.0%
- Milling: Metal: 32004.2%
- Couplings: Hose: 29800.0%
- Medical Components: Plastic: 27866.7%
- Controllers: 25050.0%
- Handles: Pull: 23900.0%
- Angles: 23800.0%
- Laser Job Shops: 23200.0%
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- Semiconductor Equipment, Supplies Sourcing Up 400% Over Last Year's Quarterly Average
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Image Credit: TIR