Electric vehicles are reshaping the demand landscape for rare earth elements. As EV sales surge worldwide, the motors that power them are becoming one of the fastest-growing sources of demand for rare earth magnets. In 2024, demand tied to EV motors reached 37 kilotons, and is expected to rise to 43 kt in 2025. The data for this visualization comes from Benchmark Mineral Intelligence as of August 2025. There are four main types of EV motors: Permanent Magnet Synchronous Motors (PMSMs), Induction Motors, Electrically Excited Synchronous Motors, and Axial Flux Motors. Only PMSMs and Axial Flux Motors rely on rare earth ... (full story)