
Permanent Magnet Motor Market Report and Forecast 2025-2034
Description
The global permanent magnet motor market attained a value of about USD 58.56 Billion in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 10.00% to reach nearly USD 151.89 Billion by 2034.
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.
The major motor types of permanent magnet motor are:
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:
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.
The major motor types of permanent magnet motor are:
- AC Motors
- DC Motors
- Hermetic Motors
- Neodymium
- Samarium Cobalt
- Ferrite
- Others
- 4.0 kW and Below
- Between 4.0 to 22.0 kW
- Between 22.0 to 75.0 kW
- 75.0 kW and Above
- Automotive
- General Industrial
- Energy
- Water and Wastewater Management
- Mining, Oil, and Gas
- Aerospace and Defence
- Others
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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
Table of Contents
154 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Global Permanent Magnet Motor Market Analysis
- 5.1 Key Industry Highlights
- 5.2 Global Permanent Magnet Motor Historical Market (2018-2024)
- 5.3 Global Permanent Magnet Motor Market Forecast (2025-2034)
- 5.4 Global Permanent Magnet Motor Market by Motor Type
- 5.4.1 AC Motors
- 5.4.1.1 Historical Trend (2018-2024)
- 5.4.1.2 Forecast Trend (2025-2034)
- 5.4.2 DC Motors
- 5.4.2.1 Historical Trend (2018-2024)
- 5.4.2.2 Forecast Trend (2025-2034)
- 5.4.3 Hermetic Motors
- 5.4.3.1 Historical Trend (2018-2024)
- 5.4.3.2 Forecast Trend (2025-2034)
- 5.5 Global Permanent Magnet Motor Market by Magnet Type
- 5.5.1 Neodymium
- 5.5.1.1 Historical Trend (2018-2024)
- 5.5.1.2 Forecast Trend (2025-2034)
- 5.5.2 Samarium Cobalt
- 5.5.2.1 Historical Trend (2018-2024)
- 5.5.2.2 Forecast Trend (2025-2034)
- 5.5.3 Ferrite
- 5.5.3.1 Historical Trend (2018-2024)
- 5.5.3.2 Forecast Trend (2025-2034)
- 5.5.4 Others
- 5.6 Global Permanent Magnet Motor Market by Power Range
- 5.6.1 4.0 kW and Below
- 5.6.1.1 Historical Trend (2018-2024)
- 5.6.1.2 Forecast Trend (2025-2034)
- 5.6.2 Between 4.0 to 22.0 kW
- 5.6.2.1 Historical Trend (2018-2024)
- 5.6.2.2 Forecast Trend (2025-2034)
- 5.6.3 Between 22.0 to 75.0 kW
- 5.6.3.1 Historical Trend (2018-2024)
- 5.6.3.2 Forecast Trend (2025-2034)
- 5.6.4 75.0 kW and Above
- 5.6.4.1 Historical Trend (2018-2024)
- 5.6.4.2 Forecast Trend (2025-2034)
- 5.7 Global Permanent Magnet Motor Market by End-User
- 5.7.1 Automotive
- 5.7.1.1 Historical Trend (2018-2024)
- 5.7.1.2 Forecast Trend (2025-2034)
- 5.7.2 General Industrial
- 5.7.2.1 Historical Trend (2018-2024)
- 5.7.2.2 Forecast Trend (2025-2034)
- 5.7.3 Energy
- 5.7.3.1 Historical Trend (2018-2024)
- 5.7.3.2 Forecast Trend (2025-2034)
- 5.7.4 Water and Wastewater Management
- 5.7.4.1 Historical Trend (2018-2024)
- 5.7.4.2 Forecast Trend (2025-2034)
- 5.7.5 Mining, Oil, and Gas
- 5.7.5.1 Historical Trend (2018-2024)
- 5.7.5.2 Forecast Trend (2025-2034)
- 5.7.6 Aerospace and Defence
- 5.7.6.1 Historical Trend (2018-2024)
- 5.7.6.2 Forecast Trend (2025-2034)
- 5.7.7 Others
- 5.8 Global Permanent Magnet Motor Market by Region
- 5.8.1 North America
- 5.8.1.1 Historical Trend (2018-2024)
- 5.8.1.2 Forecast Trend (2025-2034)
- 5.8.2 Europe
- 5.8.2.1 Historical Trend (2018-2024)
- 5.8.2.2 Forecast Trend (2025-2034)
- 5.8.3 Asia Pacific
- 5.8.3.1 Historical Trend (2018-2024)
- 5.8.3.2 Forecast Trend (2025-2034)
- 5.8.4 Latin America
- 5.8.4.1 Historical Trend (2018-2024)
- 5.8.4.2 Forecast Trend (2025-2034)
- 5.8.5 Middle East and Africa
- 5.8.5.1 Historical Trend (2018-2024)
- 5.8.5.2 Forecast Trend (2025-2034)
- 6 North America Permanent Magnet Motor Market Analysis
- 6.1 United States of America
- 6.1.1 Historical Trend (2018-2024)
- 6.1.2 Forecast Trend (2025-2034)
- 6.2 Canada
- 6.2.1 Historical Trend (2018-2024)
- 6.2.2 Forecast Trend (2025-2034)
- 7 Europe Permanent Magnet Motor Market Analysis
- 7.1 United Kingdom
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Germany
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 France
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Italy
- 7.4.1 Historical Trend (2018-2024)
- 7.4.2 Forecast Trend (2025-2034)
- 7.5 Others
- 8 Asia Pacific Permanent Magnet Motor Market Analysis
- 8.1 China
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Japan
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 India
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 ASEAN
- 8.4.1 Historical Trend (2018-2024)
- 8.4.2 Forecast Trend (2025-2034)
- 8.5 Australia
- 8.5.1 Historical Trend (2018-2024)
- 8.5.2 Forecast Trend (2025-2034)
- 8.6 Others
- 9 Latin America Permanent Magnet Motor Market Analysis
- 9.1 Brazil
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Argentina
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Mexico
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 9.4 Others
- 10 Middle East and Africa Permanent Magnet Motor Market Analysis
- 10.1 Saudi Arabia
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 United Arab Emirates
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 10.3 Nigeria
- 10.3.1 Historical Trend (2018-2024)
- 10.3.2 Forecast Trend (2025-2034)
- 10.4 South Africa
- 10.4.1 Historical Trend (2018-2024)
- 10.4.2 Forecast Trend (2025-2034)
- 10.5 Others
- 11 Market Dynamics
- 11.1 SWOT Analysis
- 11.1.1 Strengths
- 11.1.2 Weaknesses
- 11.1.3 Opportunities
- 11.1.4 Threats
- 11.2 Porter’s Five Forces Analysis
- 11.2.1 Supplier’s Power
- 11.2.2 Buyer’s Power
- 11.2.3 Threat of New Entrants
- 11.2.4 Degree of Rivalry
- 11.2.5 Threat of Substitutes
- 11.3 Key Indicators for Demand
- 11.4 Key Indicators for Price
- 12 Competitive Landscape
- 12.1 Supplier Selection
- 12.2 Key Global Players
- 12.3 Key Regional Players
- 12.4 Key Player Strategies
- 12.5 Company Profiles
- 12.5.1 ABB Ltd.
- 12.5.1.1 Company Overview
- 12.5.1.2 Product Portfolio
- 12.5.1.3 Demographic Reach and Achievements
- 12.5.1.4 Certifications
- 12.5.2 Rockwell Automation, Inc.
- 12.5.2.1 Company Overview
- 12.5.2.2 Product Portfolio
- 12.5.2.3 Demographic Reach and Achievements
- 12.5.2.4 Certifications
- 12.5.3 Siemens AG
- 12.5.3.1 Company Overview
- 12.5.3.2 Product Portfolio
- 12.5.3.3 Demographic Reach and Achievements
- 12.5.3.4 Certifications
- 12.5.4 Franklin Electric Co., Inc.
- 12.5.4.1 Company Overview
- 12.5.4.2 Product Portfolio
- 12.5.4.3 Demographic Reach and Achievements
- 12.5.4.4 Certifications
- 12.5.5 Allied Motion, Inc.
- 12.5.5.1 Company Overview
- 12.5.5.2 Product Portfolio
- 12.5.5.3 Demographic Reach and Achievements
- 12.5.5.4 Certifications
- 12.5.6 Nidec Motor Corporation
- 12.5.6.1 Company Overview
- 12.5.6.2 Product Portfolio
- 12.5.6.3 Demographic Reach and Achievements
- 12.5.6.4 Certifications
- 12.5.7 Others
Pricing
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