Reports

Global Permanent Magnet Motor Market to Grow at a CAGR of 10% During 2021-2026, Aided by the Rising Demand for Sustainable Energy Sources

Global Permanent Magnet Motor Market: By Motor Type: AC Motors, DC Motors, Hermetic Motors; By Magnet Type: Neodymium, Samarium Cobalt, Others; By Power Range; By End-User; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Permanent Magnet Motor Market Outlook

The global permanent magnet motor market attained a value of about USD 44 billion in 2020. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 10% to reach nearly USD 77.9 billion by 2026.

 

Global Permanent Magnet Motor Market

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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.

 

Permanent Magnet Motor: Market Segmentation

A permanent magnet motor is an electric motor that utilises magnets to convert mechanical energy into electrical energy. It is portable in size, cost-effective, and provide enhanced operational efficiency. Moreover, a permanent magnet motor can be manufactured rapidly and cost-effectively, due to which it is used in various automotive and industrial applications.

 

Global Permanent Magnet Motor Market by Segment

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The major motor types of permanent magnet motor are:

  • AC Motors
  • DC Motors
  • Hermetic Motors

The market can be broadly categorised on the basis of its magnet types into:

  • Neodymium 
  • Samarium Cobalt 
  • Ferrite
  • Others

Based on power range, the market is divided into:

  • 4.0 kW and Below
  • Between 4.0 to 22.0 kW
  • Between 22.0 to 75.0 kW
  • 75.0 kW and Above

By end-users, the market is categorised into:

  • Automotive
  • General Industrial
  • Energy
  • Water and Wastewater Management
  • Mining, Oil, and Gas
  • Aerospace and Defence
  • Others

The EMR report looks into the regional markets of permanent magnet motor like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Permanent Magnet Motor Market by Region

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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.

 

Key Industry Players in the Global Permanent Magnet Motor Market

The report presents a detailed analysis of the following key players in the global permanent magnet motor market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • ABB Ltd.
  • Rockwell Automation, Inc.
  • Siemens AG
  • Franklin Electric Co., Inc.
  • Allied Motion, Inc.
  • Nidec Motor Corporation
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Motor Type, Magnet Type, Power Range, End-User, Region
Breakup by Motor Type AC Motors, DC Motors, Hermetic Motors
Breakup by Magnet Type Neodymium, Samarium Cobalt, Ferrite, Others
Breakup by Power Range 4.0 kW and Below, Between 4.0 to 22.0 kW, Between 22.0 to 75.0 kW, 75.0 kW and Above
Breakup by End-User  Automotive, General Industrial, Energy, Water and Wastewater Management, Mining, Oil, and Gas, Aerospace and Defence, Others
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered ABB Ltd., Rockwell Automation, Inc., Siemens AG, Franklin Electric Co., Inc., Allied Motion, Inc., Nidec Motor Corporation, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*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 (2018-2022) 
    8.3    Global Permanent Magnet Motor Market Forecast (2023-2028)
    8.4    Global Permanent Magnet Motor Market by Motor Type
        8.4.1    AC Motors
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    DC Motors
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Hermetic Motors
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
    8.5    Global Permanent Magnet Motor Market by Magnet Type
        8.5.1    Neodymium 
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Samarium Cobalt 
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Ferrite
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
        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    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Between 4.0 to 22.0 kW
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Between 22.0 to 75.0 kW
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    75.0 kW and Above
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022)
            8.6.4.3    Forecast Trend (2023-2028)
    8.7    Global Permanent Magnet Motor Market by End-User 
        8.7.1    Automotive
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    General Industrial
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Energy
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2018-2022)
            8.7.3.3    Forecast Trend (2023-2028)
        8.7.4    Water and Wastewater Management
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2018-2022)
            8.7.4.3    Forecast Trend (2023-2028)
        8.7.5    Mining, Oil, and Gas
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2018-2022)
            8.7.5.3    Forecast Trend (2023-2028)
        8.7.6    Aerospace and Defence
            8.7.6.1    Market Share
            8.7.6.2    Historical Trend (2018-2022)
            8.7.6.3    Forecast Trend (2023-2028)
        8.7.7    Others    
    8.8    Global Permanent Magnet Motor Market by Region
        8.8.1    North America
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2018-2022) 
            8.8.1.3    Forecast Trend (2023-2028)
        8.8.2    Europe
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2018-2022) 
            8.8.2.3    Forecast Trend (2023-2028)
        8.8.3    Asia Pacific
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2018-2022) 
            8.8.3.3    Forecast Trend (2023-2028)
        8.8.4    Latin America
            8.8.4.1    Market Share
            8.8.4.2    Historical Trend (2018-2022) 
            8.8.4.3    Forecast Trend (2023-2028)
        8.8.5    Middle East and Africa
            8.8.5.1    Market Share
            8.8.5.2    Historical Trend (2018-2022) 
            8.8.5.3    Forecast Trend (2023-2028)
9    North America Permanent Magnet Motor Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Permanent Magnet Motor Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Permanent Magnet Motor Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Permanent Magnet Motor Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Permanent Magnet Motor Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    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    Value Chain Analysis
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1     ABB Ltd.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Rockwell Automation, Inc.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Siemens AG
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Franklin Electric Co., Inc.
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Allied Motion, Inc.
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Nidec Motor Corporation
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    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 2028
2.    Global Permanent Magnet Motor Historical Market: Breakup by Motor Type (USD Billion), 2018-2022
3.    Global Permanent Magnet Motor Market Forecast: Breakup by Motor Type (USD Billion), 2023-2028
4.    Global Permanent Magnet Motor Historical Market: Breakup by Magnet Type (USD Billion), 2018-2022
5.    Global Permanent Magnet Motor Market Forecast: Breakup by Magnet Type (USD Billion), 2023-2028
6.    Global Permanent Magnet Motor Historical Market: Breakup by Power Range (USD Billion), 2018-2022
7.    Global Permanent Magnet Motor Market Forecast: Breakup by Power Range (USD Billion), 2023-2028
8.    Global Permanent Magnet Motor Historical Market: Breakup by End-User (USD Billion), 2018-2022
9.    Global Permanent Magnet Motor Market Forecast: Breakup by End-User (USD Billion), 2023-2028
10.    Global Permanent Magnet Motor Historical Market: Breakup by Region (USD Billion), 2018-2022
11.    Global Permanent Magnet Motor Market Forecast: Breakup by Region (USD Billion), 2023-2028
12.    North America Permanent Magnet Motor Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    North America Permanent Magnet Motor Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Europe Permanent Magnet Motor Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Europe Permanent Magnet Motor Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Asia Pacific Permanent Magnet Motor Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Asia Pacific Permanent Magnet Motor Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Latin America Permanent Magnet Motor Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Latin America Permanent Magnet Motor Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Middle East and Africa Permanent Magnet Motor Historical Market: Breakup by Country (USD Billion), 2018-2022
21.    Middle East and Africa Permanent Magnet Motor Market Forecast: Breakup by Country (USD Billion), 2023-2028
22.    Global Permanent Magnet Motor Market Structure

Key Questions Answered in the Report

What was the global permanent magnet motor market size in 2020?

In 2020, the global permanent magnet motor market attained a value of nearly USD 44 billion.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 10% between 2021 and 2026.

What is the forecast outlook of the market for 2023-2028?

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 77.9 billion by 2026.

What are the major industry drivers?

The industry is being aided by the growing demand for permanent magnet motors in the automotive sector and the growing popularity of electric vehicles.

What are the key industry trends of the global permanent magnet motor market?

The market is expected to be aided by the rising demand for alternative energy sources and the development of innovative permanent magnet motors.

What are the major regional markets of permanent magnet motor, according to the EMR report?

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

What are the major motor types of permanent magnet motor in the industry?

The major motor types of permanent magnet motor in the industry are AC motors, DC motors, and hermetic motors.

What are the significant magnet types of permanent magnet motor?

The significant magnet types in the market are neodymium, samarium cobalt, and ferrite, among others.

What are the various power ranges of permanent magnet motor?

The various power ranges of permanent magnet motor 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.

What are the different end-users of permanent magnet motor?

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.

Who are the key industry players, according to the report?

The major players in the industry are 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 44 billion in 2020, 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 2023-2028, growing at a CAGR of 10%. The market is projected to reach about USD 77.9 billion by 2026.

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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