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Market Growth

Global Permanent Magnet Motor Market Size, Share, Forecast: By Motor Type: AC Motors, DC Motors, Hermetic Motors; By Magnet Type: Neodymium, Samarium Cobalt, Ferrite, Others; By Power Range: 4.0 kW and Below, Between 4.0 to 22.0 kW, Others; By End-User; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032

Rising Demand for Permanent Magnet Motors in the Automotive Sector Bolstering the Market Growth

The rising demand for permanent magnet motors in the automotive sector is fuelling the growth of the market. As the concerns regarding rapid climate change and the depletion of natural resources are surging, permanent magnet motors are deployed in various parts of automobiles, such as car windshield wipers, to provide high voltage through electric energy. In addition, the use of such motors boosts operational efficiency while eliminating extensive greenhouse emissions in automobiles. Hence, the growing demand for luxury cars with enhanced fuel efficiency and automation is boosting the deployment of permanent magnet motors, thus adding to the market growth.

 

The increasing demand for electric vehicles is bolstering the deployment of permanent magnet motors. The growing use of AC permanent magnet motors in engines of electric vehicles (EV) is further expected to drive the market growth. Furthermore, the introduction of various research activities by the leading companies to develop cost-effective magnets with enhanced operational efficiency is estimated to fuel the growth of the permanent magnet motor industry.

 

Rising Demand for Permanent Magnet Motor in the Energy Sector to Augment the Market Growth

The rising demand for alternative energy sources is surging the deployment of wind turbines, which, in turn, is increasing the use of permanent magnet motors. As permanent magnet motors efficiently convert mechanical energy into electrical energy, they are increasingly deployed in generators of wind turbines. Moreover, the initiation of various research and development (R&D) activities for advancements in wind energy is increasing the use of permanent magnet motors, which is bolstering the growth of the market.

 

The development of innovative permanent magnet motors that maintain a constant speed while avoiding slippage is expected to augment the market growth. In addition, the cost-effectiveness, ease of installation, fuel efficiency, and low density offered by such motors are projected to propel the growth of the market. Various leading companies are also attempting to develop motors that solely utilise permanent magnets to generate magnetic force for rotors and generators. Hence, their surging demand is estimated to fuel the growth of the permanent magnet motor industry in the forecast period.

 

Permanent Magnet Motor Market Report Snapshots

Permanent Magnet Motor Market Size

Permanent Magnet Motor Market Growth

Permanent Magnet Motor Companies

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Permanent Magnet Motor Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Permanent Magnet Motor Historical Market (2018-2023) 
    8.3    Global Permanent Magnet Motor Market Forecast (2024-2032)
    8.4    Global Permanent Magnet Motor Market by Motor Type
        8.4.1    AC Motors
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    DC Motors
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Hermetic Motors
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
    8.5    Global Permanent Magnet Motor Market by Magnet Type
        8.5.1    Neodymium 
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Samarium Cobalt 
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Ferrite
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Others
    8.6    Global Permanent Magnet Motor Market by Power Range
        8.6.1    4.0 kW and Below
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Between 4.0 to 22.0 kW
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Between 22.0 to 75.0 kW
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    75.0 kW and Above
            8.6.4.1    Historical Trend (2018-2023)
            8.6.4.2    Forecast Trend (2024-2032)
    8.7    Global Permanent Magnet Motor Market by End-User 
        8.7.1    Automotive
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    General Industrial
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Energy
            8.7.3.1    Historical Trend (2018-2023)
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Water and Wastewater Management
            8.7.4.1    Historical Trend (2018-2023)
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Mining, Oil, and Gas
            8.7.5.1    Historical Trend (2018-2023)
            8.7.5.2    Forecast Trend (2024-2032)
        8.7.6    Aerospace and Defence
            8.7.6.1    Historical Trend (2018-2023)
            8.7.6.2    Forecast Trend (2024-2032)
        8.7.7    Others    
    8.8    Global Permanent Magnet Motor Market by Region
        8.8.1    North America
            8.8.1.1    Historical Trend (2018-2023) 
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Europe
            8.8.2.1    Historical Trend (2018-2023) 
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    Asia Pacific
            8.8.3.1    Historical Trend (2018-2023) 
            8.8.3.2    Forecast Trend (2024-2032)
        8.8.4    Latin America
            8.8.4.1    Historical Trend (2018-2023) 
            8.8.4.2    Forecast Trend (2024-2032)
        8.8.5    Middle East and Africa
            8.8.5.1    Historical Trend (2018-2023) 
            8.8.5.2    Forecast Trend (2024-2032)
9    North America Permanent Magnet Motor Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Permanent Magnet Motor Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Permanent Magnet Motor Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Permanent Magnet Motor Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Permanent Magnet Motor Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1     ABB Ltd.
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Rockwell Automation, Inc.
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    Siemens AG
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Franklin Electric Co., Inc.
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Allied Motion, Inc.
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Nidec Motor Corporation
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    Others
17    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Permanent Magnet Motor Market: Key Industry Highlights, 2018 and 2032
2.    Global Permanent Magnet Motor Historical Market: Breakup by Motor Type (USD Billion), 2018-2023
3.    Global Permanent Magnet Motor Market Forecast: Breakup by Motor Type (USD Billion), 2024-2032
4.    Global Permanent Magnet Motor Historical Market: Breakup by Magnet Type (USD Billion), 2018-2023
5.    Global Permanent Magnet Motor Market Forecast: Breakup by Magnet Type (USD Billion), 2024-2032
6.    Global Permanent Magnet Motor Historical Market: Breakup by Power Range (USD Billion), 2018-2023
7.    Global Permanent Magnet Motor Market Forecast: Breakup by Power Range (USD Billion), 2024-2032
8.    Global Permanent Magnet Motor Historical Market: Breakup by End-User (USD Billion), 2018-2023
9.    Global Permanent Magnet Motor Market Forecast: Breakup by End-User (USD Billion), 2024-2032
10.    Global Permanent Magnet Motor Historical Market: Breakup by Region (USD Billion), 2018-2023
11.    Global Permanent Magnet Motor Market Forecast: Breakup by Region (USD Billion), 2024-2032
12.    North America Permanent Magnet Motor Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    North America Permanent Magnet Motor Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Europe Permanent Magnet Motor Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Europe Permanent Magnet Motor Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Asia Pacific Permanent Magnet Motor Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Asia Pacific Permanent Magnet Motor Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Latin America Permanent Magnet Motor Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Latin America Permanent Magnet Motor Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Middle East and Africa Permanent Magnet Motor Historical Market: Breakup by Country (USD Billion), 2018-2023
21.    Middle East and Africa Permanent Magnet Motor Market Forecast: Breakup by Country (USD Billion), 2024-2032
22.    Global Permanent Magnet Motor Market Structure

Key Questions Answered in the Report

In 2023, the global permanent magnet motor market attained a value of nearly USD 58.56 billion.

The market is projected to grow at a CAGR of 10% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 138.01 billion by 2032.    

The major market drivers are the growing demand for permanent magnet motors in the automotive sector and the rising popularity of electric vehicles.

The rising demand for alternative energy sources and the development of innovative permanent magnet motors are the key trends guiding the market growth.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major motor types considered in the market report are AC motors, DC motors, and hermetic motors.

Neodymium, samarium cobalt, and ferrite, among others, are the various magnet types included in the market report.

The significant segments based on power range of permanent magnet motor considered in the market report are 4.0 kW and below, between 4.0 to 22.0 kW, between 22.0 to 75.0 kW, and 75.0 kW and above.

The different end-users of permanent magnet motor are automotive, general industrial, energy, water and wastewater management, mining, oil, and gas, and aerospace and defence, among others.

The key permanent magnet motor market players include ABB Ltd., Rockwell Automation, Inc., Siemens AG, Franklin Electric Co., Inc., Allied Motion, Inc., and Nidec Motor Corporation, among others.

Analyst Review

The global permanent magnet motor market attained a value of nearly USD 58.56 billion in 2023, driven the permanent magnet motors in the automotive sector. Aided by the rising demand for alternative energy sources, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 10%. The market is projected to reach about USD 138.01 billion by 2032.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its motor types, the permanent magnet motor industry can be segmented into AC motors, DC motors, and hermetic motors. On the basis of magnet types, the industry is divided into neodymium, samarium cobalt, and ferrite, among others. By power range, the market is segmented into 4.0 kW and below, between 4.0 to 22.0 kW, between 22.0 to 75.0 kW, and 75.0 kW and above. Based on end-users, the market is classified into automotive, general industrial, energy, water and wastewater management, mining, oil, and gas, and aerospace and defence, among others. The major regional markets for permanent magnet motor are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include ABB Ltd., Rockwell Automation, Inc., Siemens AG, Franklin Electric Co., Inc., Allied Motion, Inc., and Nidec Motor Corporation, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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