The size of the global permanent magnet motor market is expected to be worth USD 56.49 billion in 2024 and USD 88.52 billion by 2029, growing at a CAGR of 9.4% from 2024 to 2029.
A permanent magnet motor is a type of electric motor that uses the magnet to generate a magnetic field which then combines with the electric current in the motor to produce mechanical rotation. Permanent magnet motors are highly efficient, reliable, and compact devices used in various applications such as industrial machinery, household appliances, consumer electronics, electric vehicles, and renewable energy systems like wind turbines. There are different types of permanent magnet motors, such as the Brushed DC motors, which use brushes to change the direction of the current in the motor; Permanent Magnet Synchronous Motors (PMSM), which are used in high-performance applications; and AC Synchronous Motors use permanent magnets on the rotor and works in synchronism alternating current (AC) supplied to the motor. Permanent magnets in the motor reduce energy losses making these motors environmentally friendly as compared to traditional motors.
A permanent magnet motor has higher energy efficiency as compared to traditional induction motors, and this efficiency is due to the currents in the motor's magnetic field. In traditional motors, the magnetic field is induced by the stators rotating magnetic field. This leads to loss of energy because of heating, whereas permanent magnet motors use fixed magnets on the rotor, creating a constant magnetic field and reducing energy losses, causing improved efficiency and lower operating temperatures. Therefore, it lowers the operational cost causes cost-saving, and also benefits the environment has driven the widespread adoption of permanent magnet motors in various applications, including electric vehicles, industrial machinery, renewable energy systems, and consumer electronics.
Increasing growth of industries, urbanization, and surge in manufacturing activities has also led to the demand and necessity for energy efficiency and sustainability. Hence, permanent magnet motors are emerging in the market due to their energy-efficient features. And has an awareness of the environment, and sustainability is increasing, and the adoption of magnet motors increased, which caused its growth in market size. Hence permanent magnet motor is used in the manufacturing, mining, and construction sectors, and therefore, switching to permanent motor magnet industries and manufacturers can save costs and reduce energy consumption.
Moreover, as the government worldwide is implementing rules and guidelines and making manufacturers aware of the energy efficient and sustainability features of permanent magnet motors, this directly has caused the usage of permanent magnet motors in various industries, which therefore caused an increase in the permanent magnet motor market size.
As the consumers and government are becoming aware of the environment and sustainability, this caused rapid growth in the usage of electric vehicles, and it led to the significant opportunity for permanent magnet motors. Permanent magnet motors offer several advantages that make them ideal for use in electric vehicles. Their high power density resulted in improved acceleration and overall vehicle performance. Additionally, permanent magnet motors have higher energy efficiency, which extends the driving range of EVs, reduces charging times, and enhances battery life.
With increasing environmental awareness and stringent emissions regulations, automobile manufacturers are shifting their focus toward the adoption of electric vehicles. As a result, the demand for electric vehicles is increasing, creating a significant market for permanent magnet motors. Moreover, the development of more affordable and technologically advanced electric vehicles is attracting a broader consumer base, further driving the demand for these motors. This has created an opportunity for the permanent magnet motor market.
One of the significant market restraints for the permanent magnet market is the high cost involved in the extraction process of rare earth elements such as neodymium, dysprosium, and praseodymium, these materials are extracted from the limited geographical regions, and their extraction process can be environmentally destructing. Therefore, this can limit the permanent magnet motor market growth.
The high cost and limited availability of rare earth materials can disrupt the supply chain of permanent magnet production, which ultimately can disrupt the production and demand of permanent magnet motors. And can increase the overall cost of permanent magnet motors and devices.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
9.4% |
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Segments Covered |
By Motor, Magnet, Applications, Power Range, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
ABB Ltd.Siemens AG, General Electric Company, Toshiba Corporation, Hitachi Ltd, Mitsubishi Electric Corporation, Danaher Motion, LLC, Nidec Corporation, Johnson Electric Holdings Limited, WEG S.A., Regal Beloit Corporation, and Others. |
Based on the motor type, the permanent magnet motor market is divided into AC motors, DC motors, and Hermetic motors. AC motors dominate the market and have the highest market share; this dominance is due to its wide application in electric vehicles, industrial automation, and renewable energy generation. Their efficiency and reliability caused the high demand for AC motors. Whereas DC motors, which are commonly used for cost-effectiveness, were the major factor. Hermetic motors are majorly used in refrigeration and air conditioning compressors.
The neodymium segment accounts for the highest market share due to its excellent magnetic properties, and it is the most widely used earth element, become the preferred choice for various applications, such as in permanent magnet motors used in electric vehicles, industrial machinery, consumer electronics, and wind turbines. Whereas the Samarium Cobalt magnet type has strong magnetic properties, is less commonly found in earth cores, and is used in applications where high-temperature stability or radiation resistance is required.
Ferrite magnets are the most common type of permanent magnet and are less costly as compared to neodymium and samarium cobalt magnets. But has limitations in application due to less magnetic strength.
Based on the power range, 4.0 to 22.0 kW has the highest share in the permanent magnet motor market, as it is commonly used in small electric vehicles, household appliances, fans, and industrial machinery. This dominance of the 4.0 kW to 22.0 kW is due to the increasing adoption of electric vehicles, energy-efficient household appliances, and industrial automation. Also, the emphasis on sustainability and energy conservation also contributed to the permanent magnet motor market growth.
Based on the applications, the automotive segment contributed to the highest share in the permanent magnet motor market; this was due to the wide usage of electric vehicles due to energy efficiency. Moreover, the increasing awareness of electric vehicles has led to growing demand for permanent magnet motors. The fastest-growing segment is factory automation and forecasted to have significant growth over the period. Lab equipment and military/Aerospace show steady growth in the forecasted period.
This dominance was due to the increasing demand for permanent magnet motors in the automotive industry, as countries like India and China is seeing increasing growth in automation which led to the demand for permanent magnet motors. North America is the fastest-growing market and has significant growth in the forecasted period. This is due to the increasing urbanization and industrialization, which is causing the surge of permanent magnet motors. Europe is forecasted to have significant growth due to awareness of environmental safety and sustainability. The Middle East and Africa have low market growth as compared to other regions.
Major Key Players in the Global Permanent Magnet Motor Market areABB Ltd. Siemens AG, General Electric Company, Toshiba Corporation, Hitachi Ltd., Mitsubishi Electric Corporation, Danaher Motion, LLC, Nidec Corporation, Johnson Electric Holdings Limited, WEG S.A., Regal Beloit Corporation, Allied Motion Technologies Inc., Franklin Electric Co. Inc., Rockwell Automation Inc., Brook Crompton UK Ltd., Parker Hannifin Corporation, Lafert SpA, Bonfiglioli Riduttori S.p.A., Oriental Motor Co., Ltd., Moog Inc., and others.
By Motor Type
By Magnet Type
By Power Range
By Applications
By Region
Frequently Asked Questions
The primary growth drivers include the rising adoption of electric vehicles (EVs), increased focus on energy efficiency, growing automation in industrial sectors, advancements in motor technology, and the expansion of renewable energy sources like wind and solar power.
Key challenges include the high cost of rare-earth materials used in permanent magnets, such as neodymium and samarium, supply chain vulnerabilities, and concerns over the environmental impact of mining these materials. Additionally, competition from other motor types, such as induction motors, poses a challenge.
The largest consumers of permanent magnet motors are the automotive industry (particularly electric and hybrid vehicles), industrial machinery, consumer electronics, aerospace and defense, and renewable energy sectors, including wind turbines and solar power systems.
Technological advancements in material science, such as the development of high-performance magnets with reduced dependence on rare-earth elements, are driving innovation. Additionally, advancements in manufacturing processes, automation, and motor control technologies, including the integration of IoT and AI for smart motor systems, are shaping the future of the market.
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