Permanent Magnet Motor Market Size and Share Forecast Outlook From 2024 to 2034
The permanent magnet motor market is valued at USD 49.2 billion in 2024 and is projected to reach USD 132 billion by 2034, exhibiting a modest CAGR of 10.40% over the forecast period.
The permanent magnet motor industry generated an estimated revenue of USD 26.5 billion in 2019. In the past four years, the market grew at a pace of 13.5% CAGR and added revenue of USD 43.90 billion. Several reasons can be attributed to this growth:
- Increasing adoption of electric vehicles (EVs) and hybrid vehicles, utilizing permanent magnet motors in their propulsion systems
- Growing demand for energy-efficient appliances and industrial equipment, where permanent magnet motors offer higher efficiency compared to traditional motors
- Expansion of renewable energy generation, such as wind turbines and hydropower systems, which heavily rely on permanent magnet motors for their operation
- Technological advancements leading 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
- Rising awareness among consumers and industries about the benefits of permanent magnet motors in terms of reduced energy consumption and lower operational costs
- Increasing investments in research and development aimed at further enhancing the efficiency and capabilities of permanent magnet motor technology.
- Integration of permanent magnet motors in various applications beyond traditional uses, including robotics, medical devices, and aerospace.
- Global initiatives to reduce carbon emissions and combat climate change, pushing industries to adopt cleaner and more energy-efficient technologies like permanent magnet motors
| Attributes |
Key Statistics |
| Expected Base Year Value (2024) |
USD 49.2 billion |
| Anticipated Forecast Value (2034) |
USD 132 billion |
| Estimated Growth (2024 to 2034) |
10.40% CAGR |
Consumption Trends Shaping the Permanent Magnet Motor Market
- The global automotive sector is increasingly adopting permanent magnet motors, especially companies involved in electric vehicles (EVs) and hybrid vehicles in electric propulsion systems, traction motors, power steering systems, and pumps
- The sales of permanent magnet motors are also growing among industries such as manufacturing, mining, construction, and materials as they offer higher efficiency, compact size, and better performance compared to traditional motors
- Permanent magnet motors are also experiencing increasing demand from renewable energy companies, particularly in wind turbines and hydropower systems. They are used in generators and turbines to convert mechanical energy into electrical energy efficiently.
- Heating, ventilation, and air conditioning (HVAC) systems also incorporate permanent magnet motors, in fans, blowers, and pumps for efficient air circulation and temperature control in buildings and commercial spaces
- The growing adoption of permanent magnet motors is also observed in aerospace and defense applications, where they are used in actuators, pumps, and various systems requiring lightweight, high-performance motors with precise control capabilities
- The sales of permanent magnet motors are also touching the skies in robotic systems and industrial automation equipment. They provide high torque-to-weight ratios, fast response times, and precise control for robotic motion and automation tasks
Factors Restraining the Demand for Permanent Magnet Motors
The permanent magnet motor industry is anticipated to surpass a global valuation of USD USD 132 billion by the year 2034, with a growth rate of 10.40% CAGR. While the market is expected to experience remarkable growth, several restraining factors could adversely affect its development:
- Operating and installing permanent magnetic motors in factory units requires specialized expertise and skill. The lack of a skilled workforce is a major hurdle for businesses in underdeveloped parts of the world.
- Competing technologies such as induction motors or switched reluctance motors also significantly hinder the widespread adoption of permanent magnetic motors in industries across the world
- Integrating permanent magnet motors into existing systems with permanent magnet motors also requires significant retrofitting or redesign. This factor also contributes to the negative market growth for permanent magnet motors.
Permanent Magnet Motor Industry Analysis by Top Investment Segments
DC Permanent Magnetic Motors to Revolutionize the Global Industrial Sector
Depending on the motor type, the permanent magnet motor industry is bifurcated into DC and AC motors. The DC motors segment is anticipated to grow at a remarkable CAGR of 10.10%.
- The demand for DC permanent magnet motors is skyrocketing among manufacturing units due to their high efficiency, compact size, and precise control, which are transforming various industrial processes and applications.
- Direct current permanent magnetic motors are enhancing productivity, reducing energy consumption, and enabling innovative solutions across manufacturing, automation, robotics, and renewable energy industries
- The adoption of direct current permanent magnetic motors is very likely to follow an upward trajectory as companies increasingly seek sustainable and cost-effective solutions in their factory units.
| Attributes |
Details |
| Motor Type |
Direct Current |
| CAGR |
10.10% |
Ferrite Permanent Magnetic Motors’ Sales to Touch the Skies in the Future
The permanent magnet motor industry is categorized by materials into ferrite, neodymium, and samarium cobalt. The ferrite segment dominates the market and is anticipated to grow at an outstanding CAGR of 9.80%.
- Businesses are increasingly preferring permanent magnet motors due to cost-effectiveness, durability, and resistance to demagnetization.
- Their demand is also growing as they offer a perfect solution for various industrial and consumer applications, including automotive, appliances, electronics, and renewable energy systems.
| Attributes |
Details |
| Materials |
Ferrite |
| CAGR |
9.80% |
Analysis of Top Countries, Manufacturing and Deploying Permanent Magnet Motors
The section provides an analysis of the permanent magnet motor industry by country, including Japan, China, the United States, South Korea, and the United Kingdom. The table presents the CAGR for each country, indicating the expected growth of the market in through 2034.
| Countries |
CAGR |
| South Korea |
12.10% |
| The United Kingdom |
11.80% |
| China |
11.10% |
| The United States |
10.70% |
| Japan |
8.80% |
Permanent Magnet Motor Market in South Korea
South Korea is one of the leading countries in this market. The South Korean permanent magnet motor industry is anticipated to retain its dominance by progressing at an annual growth rate of 12.10% till 2034.
- Permanent magnetic motors are one of the important components in wind power and electric vehicles, and the South Korean government has been actively promoting the development and adoption of renewable energy technologies. This naturally generates significant demand for these motors in the country.
- South Korea is home to major automotive manufacturers like Hyundai and Kia, which are increasingly investing in electric vehicle production. This expansion also creates a perfect environment for the growth of the permanent magnetic motor market in South Korea.
Permanent Magnet Motor Market in the United Kingdom
The United Kingdom also dominates the permanent magnet motor industry. The United Kingdom's permanent magnet motor market is anticipated to retain its dominance by progressing at an annual growth rate of 11.80% till 2034.
- Similar to South Korea, the United Kingdom’s government is concerned about its sustainability goals and carbon emissions. This is why a considerable number of wind turbines, tidal energy systems, and other renewable energy projects that extensively use permanent magnet motors are found in the country.
- Apart from this, the United Kingdom's industrial sector is transforming with the adoption of Industry 4.0 technologies. Permanent magnet motors play a crucial role in industrial automation, amplifying their adoption across various manufacturing processes.
Permanent Magnet Motor Market in China
China’s permanent magnet motor market is anticipated to exhibit a CAGR of 11.10% till 2034.
- China has the world’s most comprehensive market for renewable energy, with significant investments in wind power, solar energy, and electric vehicles. Permanent magnetic motors are required in these industries to ensure efficient energy conversion and utilization.
- China is also the largest manufacturer of permanent magnet motors. This also makes businesses easily adopt these motors in their factory unit. Besides this, government subsidies and grants also help these companies in the adoption.
Permanent Magnet Motor Market in the United States
The United States is also one of the leading countries in the global permanent magnet motor industry, which is anticipated to register a CAGR of 10.70% through 2034.
- In recent years, there has been a growing emphasis on clean energy and sustainability in the United States. Government initiatives, such as tax credits for renewable energy projects and investments in electric vehicle infrastructure, are driving the demand for permanent magnet motors in various applications
- The United States is home to many innovative companies and research institutions that are developing advanced permanent magnet motor technologies. The presence of these companies is also driving the market growth for permanent magnet motors in the country.
Permanent Magnet Motor Market in Japan
The demand for permanent magnet motors in Japan is projected to rise at an 8.80% CAGR through 2034.
- Major Japanese automakers like Toyota, Nissan, and Honda are investing heavily in electric and hybrid vehicles. Permanent magnet motors play a crucial role in these vehicles, and the growth of the electric vehicle market in Japan boosts the demand for these motors
- Japan, as a country, is very particular about its energy resources, as it is an island country with very limited natural resources. Permanent magnet motors are integral components of renewable energy systems such as wind turbines and solar tracking systems. This is driving their demand in the Land of the Rising Sun.
Key Players and Market Concentration in the Permanent Magnet Motor Industry
The global market for permanent magnet motors is filled with international and domestic countries. ABB Limited, Rockwell Automation, Siemens AG, Franklin Electric Company Inc., and Allied Motion Technologies Inc.
are prominent companies in the permanent magnet motor industry. These companies invest heavily in developing motors with increased efficiency, enhanced functionality, and smart features.
Key players in the market are also collaborating with government and non-government environmental entities to improve their reputation as socially responsible entities, attracting environmentally conscious consumers to the market.
Recent Developments
- In November 2023, General Motors and Stellantis backed Niron Magnetics in developing rare-earth-free permanent magnets for EVs. Despite skepticism from experts, a USD 33 million investment aimed to mass-produce iron-nitride magnets for future GM electric vehicles.
- In June 2023, Chengdu Line 7 in China saw a successful demonstration of metro train traction equipment, featuring a silicon carbide traction converter and permanent magnet synchronous motor. Developed by Alstom NUG Propulsion System Co, the technology delivered a 30% energy saving and reduced weight and noise.
- In August 2023, NORD unveiled new design enhancements and larger frame sizes for their permanent magnet synchronous motor line, catering to diverse industry needs. The additions included a size 90 TENV variant, boasting enhanced corrosion resistance and efficiency for demanding applications like food and pharmaceuticals.
Leading Suppliers in the Global Permanent Magnet Motor Market
- ABB Limited
- Rockwell Automation
- Siemens AG
- Franklin Electric Company Inc.
- Allied Motion Technologies Inc.
- NORD Drivesystems
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Yaskawa Electric Corporation
- Regal Beloit Corporation
- WEG Electric Corp.
- Nidec Corporation
- Johnson Electric Holdings Limited
- Maxon Motor AG
- Danfoss Group
- Parker Hannifin Corporation
- Emerson Electric Co.
- Hitachi, Ltd.
- Bonfiglioli Riduttori S.p.A.
- Schneider Electric SE
Key Shifting Preferences Covered in the Permanent Magnet Motor Market Report
- Manufacturers of Permanent Magnet Synchronous Motors in India
- Pricing Strategy for 5KW Permanent Magnet Synchronous Motors in India
- Future of Permanent Magnet Motor Industry
- Efficiency of Permanent Magnet Motors as compared to Conventional Motors
- Applications of Permanent Magnet Motors in the EV Industry
- Factors affecting the cost of Permanent Magnet Motors for the Global EV Industry
