The global permanent magnet motor market size is estimated to be around US$ 49.2 billion in 2024. It is projected to exhibit a CAGR growth of 10.40% over the forecast period, with an estimated valuation of US$ 132 billion in 2034.
The market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) and hybrid vehicles, which heavily rely on them in their propulsion systems. There is also a growing demand for energy-efficient appliances and industrial equipment, where permanent magnet motors offer higher efficiency compared to traditional motors.
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Another factor contributing to the growth of the permanent magnet motor market is the expansion of renewable energy generation, such as wind turbines and hydropower systems. Technological advancements have also led to improved performance and reliability of permanent magnet motors, making them more attractive across various industries. Favorable government policies and regulations promoting the use of sustainable and eco-friendly technologies, including permanent magnet motors, have further boosted demand.
Rising awareness among consumers and industries about the benefits of permanent magnet motors in terms of reduced energy consumption and lower operational costs has also contributed to market growth. Investments in research and development aimed at further enhancing the efficiency and capabilities of permanent magnet motor technology are also driving the market forward.
“With increasing emphasis on sustainability, companies in the permanent magnet motor market must invest in eco-friendly manufacturing practices. This will reduce energy consumption, minimizing waste generation and carbon emissions, ultimately contributing to a more environmentally sustainable production process,” – Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Market Study
- The DC motor segment is likely to dominate the global permanent magnet motor market with a CAGR of 10.10% through 2034.
- Based on the materials, the ferrite segment is projected to lead the market with a CAGR of 9.80% through 2034.
- The permanent magnet motor market in the United Kingdom is anticipated to rise at a modest CAGR of 11.80% through 2034.
- China’s permanent magnet motor market is estimated to rise at an 11.10% CAGR through 2034.
- The permanent magnet motor market in Japan has the potential to increase at 8.80% CAGR through 2034.
- The United States permanent magnet motor market is predicted to rise by 10.70% CAGR through 2034.
- The permanent magnet motor market in South Korea is very likely to grow at a CAGR of 12.10% through 2034.
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Competitive Landscape
- ABB Limited, Rockwell Automation, Siemens AG, Franklin Electric Company Inc., and Allied Motion Technologies Inc. are some of the key players in the global permanent magnet motor market.
- The global market for permanent magnet motors is highly competitive, with both international and domestic players vying for market.
- These companies invest heavily in research and development to create motors with better efficiency, enhanced functionality, and smart features.
- Key players in the market are collaborating with government and non-government environmental entities to improve their reputation as socially responsible entities and attract environmentally conscious consumers.
Recent Developments:
- In November 2023, Niron Magnetics received a US$ 33 million investment from General Motors and Stellantis to develop rare-earth-free permanent magnets for electric vehicles. Despite experts being skeptical, the aim is to mass-produce iron-nitride magnets for future GM electric vehicles.
- In August 2023, NORD introduced new design enhancements and larger frame sizes for their permanent magnet synchronous motor product line to cater to diverse industry needs. These included the size 90 TENV variant, which boasts enhanced corrosion resistance and efficiency for demanding applications such as food and pharmaceuticals.
- In June 2023, Alstom NUG Propulsion System Co successfully demonstrated their silicon carbide traction converter and permanent magnet synchronous motor technology for metro trains in Chengdu Line 7, China. The technology resulted in a 30% energy saving and reduced weight and noise.
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Permanent Magnet Motor Market by Segmentation
By Motor Type:
- Direct Current Motor
- Alternating Current Motor
By Magnetic Material Type:
- Ferrite
- Neodymium
- Samarium Cobalt
By End-user Vertical:
- General Industrial
- Automotive
- Energy
- Water and Wastewater Management
- Mining
- Oil and Gas
- Aerospace and Defense
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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