Permanent Magnet Motor Market

Global Permanent Magnet Motor Market Size (2024 to 2029)

The size of the global permanent magnet motor market is expected to be worth USD 56.49 Billion in 2024 and USD 88.52 Billion by 2029, growing at a CAGR of 9.4% from 2024 to 2029.

A permanent magnet motor is a type of electric motor that uses the magnet to generate a magnetic field which then combines with the electric current in the motor to produce mechanical rotation. Permanent magnet motors are highly efficient, reliable, and compact devices used in various applications such as industrial machinery, household appliances, consumer electronics, electric vehicles, and renewable energy systems like wind turbines. There are different types of permanent magnet motors, such as the Brushed DC motors, which use brushes to change the direction of the current in the motor; Permanent Magnet Synchronous Motors (PMSM), which are used in high-performance applications; and AC Synchronous Motors use permanent magnets on the rotor and works in synchronism alternating current (AC) supplied to the motor. Permanent magnets in the motor reduce energy losses making these motors environmentally friendly as compared to traditional motors.

Global Permanent Magnet Motor Market Drivers:

Increasing focus and awareness of energy efficiency is the major driving factor that is contributing to the rise in the permanent magnet motor market share. A permanent magnet motor has higher energy efficiency as compared to traditional induction motors, and this efficiency is due to the currents in the motor's magnetic field. In traditional motors, the magnetic field is induced by the stators rotating magnetic field. This leads to loss of energy because of heating, whereas permanent magnet motors use fixed magnets on the rotor, creating a constant magnetic field and reducing energy losses, causing improved efficiency and lower operating temperatures. Therefore, it lowers the operational cost causes cost-saving, and also benefits the environment has driven the widespread adoption of permanent magnet motors in various applications, including electric vehicles, industrial machinery, renewable energy systems, and consumer electronics.

Increasing growth of industries, urbanization, and surge in manufacturing activities has also led to the demand and necessity for energy efficiency and sustainability. Hence, permanent magnet motors are emerging in the market due to their energy-efficient features. And has an awareness of the environment, and sustainability is increasing, and the adoption of magnet motors increased, which caused its growth in market size. Hence permanent magnet motor is used in the manufacturing, mining, and construction sectors, and therefore, switching to permanent motor magnet industries and manufacturers can save costs and reduce energy consumption.

Moreover, as the government worldwide is implementing rules and guidelines and making manufacturers aware of the energy efficient and sustainability features of permanent magnet motors, this directly has caused the usage of permanent magnet motors in various industries, which therefore caused an increase in the permanent magnet motor market size.

The increasing adoption of electric vehicles (EVs) and the rise in the market of electric vehicles has led to a surge in the permanent magnet motor, as these motors play an imperative role in the electric vehicle due to their energy efficiency and high-performance features. As the consumers and government are becoming aware of the environment and sustainability, this caused rapid growth in the usage of electric vehicles, and it led to the significant opportunity for permanent magnet motors. Permanent magnet motors offer several advantages that make them ideal for use in electric vehicles. Their high power density resulted in improved acceleration and overall vehicle performance. Additionally, permanent magnet motors have higher energy efficiency, which extends the driving range of EVs, reduces charging times, and enhances battery life.

With increasing environmental awareness and stringent emissions regulations, automobile manufacturers are shifting their focus toward the adoption of electric vehicles. As a result, the demand for electric vehicles is increasing, creating a significant market for permanent magnet motors. Moreover, the development of more affordable and technologically advanced electric vehicles is attracting a broader consumer base, further driving the demand for these motors. This has created an opportunity for the permanent magnet motor market.

Global Permanent Magnet Motor Market Restraints:

One of the significant market restraints for the permanent magnet market is the high cost involved in the extraction process of rare earth elements such as neodymium, dysprosium, and praseodymium, these materials are extracted from the limited geographical regions, and their extraction process can be environmentally destructing. Therefore, this can limit the permanent magnet motor market growth.

The high cost and limited availability of rare earth materials can disrupt the supply chain of permanent magnet production, which ultimately can disrupt the production and demand of permanent magnet motors. And can increase the overall cost of permanent magnet motors and devices.

Impact of COVID-19 on the permanent magnet motor market:

The outbreak of COVID-19 led to the implementation of lockdowns and restrictions to prevent the spread of the virus, which caused the shutting down of operations and processes in industries and factories, including those which was involved in the production of permanent magnet motors.

Moreover, with travel restrictions, international shipping, logistics, and supply chain were disrupted, affecting the delivery of raw materials required for permanent magnet motor production. These restrictions on air travel further led to supply chain disruptions, leading to increased lead times for manufacturers. And thus, negatively affecting the market size. Overall, the COVID-19 pandemic had a significant impact on manufacturing facilities producing permanent magnet motors. The reduced workforce availability, supply chain disruptions, and shifts in demand impacted the permanent magnet motor market demand.

REPORT COVERAGE:

This research report on the global permanent magnet motor market has been segmented and sub-segmented based on motor, magnet, application, power range, and region.

Global Permanent Magnet Motor Market - By Motor Type:

• AC motors
• DC Motors
• Hermetic motors

Based on the motor type, the permanent magnet motor market is divided into AC motors, DC motors, and Hermetic motors. AC motors dominate the market and have the highest market share; this dominance is due to its wide application in electric vehicles, industrial automation, and renewable energy generation. Their efficiency and reliability caused the high demand for AC motors. Whereas DC motors, which are commonly used for cost-effectiveness, were the major factor. Hermetic motors are majorly used in refrigeration and air conditioning compressors.

Global Permanent Magnet Motor Market - By Magnet Type:

• Neodymium
• Samarium Cobalt
• Ferrite

The neodymium segment accounts for the highest market share due to its excellent magnetic properties, and it is the most widely used earth element, become the preferred choice for various applications, such as in permanent magnet motors used in electric vehicles, industrial machinery, consumer electronics, and wind turbines. Whereas the Samarium Cobalt magnet type has strong magnetic properties, is less commonly found in earth cores, and is used in applications where high-temperature stability or radiation resistance is required.

Ferrite magnets are the most common type of permanent magnet and are less costly as compared to neodymium and samarium cobalt magnets. But has limitations in application due to less magnetic strength.

Global Permanent Magnet Motor Market - 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

Based on the power range, 4.0 to 22.0 kW has the highest share in the permanent magnet motor market, as it is commonly used in small electric vehicles, household appliances, fans, and industrial machinery. This dominance of the 4.0 kW to 22.0 kW is due to the increasing adoption of electric vehicles, energy-efficient household appliances, and industrial automation. Also, the emphasis on sustainability and energy conservation also contributed to the permanent magnet motor market growth.

Global Permanent Magnet Motor Market - By Applications:

• Factory Automation
• Automotive
• Lab Equipment
• Military/Aerospace

Based on the applications, the automotive segment contributed to the highest share in the permanent magnet motor market; this was due to the wide usage of electric vehicles due to energy efficiency. Moreover, the increasing awareness of electric vehicles has led to growing demand for permanent magnet motors. The fastest-growing segment is factory automation and forecasted to have significant growth over the period. Lab equipment and military/Aerospace show steady growth in the forecasted period.

Global Permanent Magnet Motor Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America 
• Middle East and Africa

Based on the region, the Asia Pacific region accounted for the highest market share in the permanent magnet motor market and contributed to the maximum revenue generation. This dominance was due to the increasing demand for permanent magnet motors in the automotive industry, as countries like India and China is seeing increasing growth in automation which led to the demand for permanent magnet motors. North America is the fastest-growing market and has significant growth in the forecasted period. This is due to the increasing urbanization and industrialization, which is causing the surge of permanent magnet motors. Europe is forecasted to have significant growth due to awareness of environmental safety and sustainability. The Middle East and Africa have low market growth as compared to other regions.

KEY MARKET PLAYERS:

Major Key Players in the Global Permanent Magnet Motor Market areABB Ltd. Siemens AG, General Electric Company, Toshiba Corporation, Hitachi Ltd., Mitsubishi Electric Corporation, Danaher Motion, LLC, Nidec Corporation, Johnson Electric Holdings Limited, WEG S.A., Regal Beloit Corporation, Allied Motion Technologies Inc., Franklin Electric Co. Inc., Rockwell Automation Inc., Brook Crompton UK Ltd., Parker Hannifin Corporation, Lafert SpA, Bonfiglioli Riduttori S.p.A., Oriental Motor Co., Ltd., Moog Inc., and others.

RECENT HAPPENINGS IN THE MARKET:

• On 23rd April 2023, Cake, a Swedish electric motorcycle, launched Jante, which is a high-performance electric IPM motor for lightweight electric vehicles.
• On 31st March 2022, Mercedes-Benz and Siemens together collaborated to produce cars in an environmentally friendly manner. As a result of this, the automobile industry will see breakthrough digitization and flexible production.