Energy is a key aspect of maintaining economic growth and daily living. The world’s energy system's heavy dependence on fossil fuels has unfortunately directly threatened human existence due to ascending phenomena like air pollution and climate change. The transportation sector is one of the largest consumers of energy and a major contributor to air pollutants and greenhouse gas (GHG) emissions. This is the reason why transport electrification is a highly researched area nowadays. Nevertheless, the production of electric transport makes use of critical materials, including Rare-Earth Elements (REE), such as ferromagnetic materials, most of which commercial electric motors rely on. REE availability and cost increasingly depend on geopolitical and economic factors.