Permanent Magnet Motor Market - Forecasts from 2023 to 2028

The permanent magnet motor market is estimated to grow at a CAGR of 11.05%, reaching US$80.811 billion in 2028 from US$38.801 billion in 2021.

Permanent magnet motors are in high demand due to their efficiency and throughput. These motors have many uses, from massive PM synchronous motors for ship propulsion to stepping motors for wristwatches and industrial motors for machine tools. Further, electric cars are predicted to accelerate market growth over the forecast period. Global demand is also anticipated to increase as top automakers increasingly incorporate permanent magnet motors into EVs, fueling the market's expansion throughout the projected period. The rising demand for HVAC units is also projected to impact the market positively.

The Potential of Permanent Magnet Motors

There is an increase in the industrial demand for motors that promise energy efficiency, especially in automotive, which is simultaneously driving permanent magnet motors adoption. These motors are very effective and can deliver a lot of power and torque in a small package. They are also easily connected with batteries due to their widespread use in numerous applications. They are beneficial in numerous new sectors and applications because of their tiny size and battery-operable nature, including drones, regenerative brakes, power tools, etc. Further, permanent magnet motors are used in many different automotive parts, such as windows, blowers for air conditioning and heaters, drives, and discs for personal computers, and small power rating devices like toys and miniature robots.

Increasing Investments in the Market

The market growth is anticipated to be aided by rising permanent magnet direct current motors deployment in electric vehicles and rising investments from key companies like Tesla Motors. For instance, the IEA said roughly 11.3 million battery electric vehicles were sold globally in 2021, more than twice as many as in 2020. Further, the market is experiencing many changes as nations seek to use electric vehicles more due to a growing emphasis on a sustainable future.

Increasing Utilization in Robot Manufacturing

The permanent magnet motor also forms a major role in robot manufacturing. With the growing industrial automation in China, robotics installation has shown a significant increase in the country, which is expected to propel further the market demand for permanent magnet motors. For instance, according to the International Federation of Robotics, in 2021, the industrial robotics installation witnessed a 44% growth compared to 2020.

Asia Pacific region is expected to grow significantly.

The bolstering growth observed across end-user industries, coupled with favorable government initiatives to enhance rare earth magnet mining, has provided a positive outlook on the demand for permanent magnet motors. The booming electric vehicle adoption in China has also been driving the permanent magnet motor demand in the country as they are used in EV traction drive systems. According to the International Energy Agency, in December 2022, electric car registration in China stood at 6,71,000, representing a significant increase of 31.8% over the same month's electric vehicle registration recorded in 2021. Furthermore, as per the source, China accounted for up to 60% of electronic vehicle registrations globally in 2022.

Major Market Players

• Toshiba Corporation provides a varied portfolio of Permanent Magnet motors designed to suit commercial and industrial applications. The company aims to build energy-saving motors that offer high operational efficiency and thus focuses on product innovations and launches to improve its market name.

Market Developments:

• In December 2022, a team of UK engineering firms began a government-funded GBP 6 million (USD 7.23 million) effort to develop a technique for manufacturing electric motors. Especially for usage in electric vehicles, the project intends to develop and provide manufacturing procedures for the high-volume manufacturing of permanent magnet motors.
• As part of the Ministry of Electronics and Information Technology's (MeitY) program for the indigenous development of electric vehicle subsystems, IIT Kharagpur created an indigenous, effective, and cost-effective smart controller for e-rickshaws in July 2022. A direct current voltage source powers the brushless DC motor (BLDC) the smart controller uses.
• In June 2021, Toshiba Corporation launched its new magnetic material that provides significant improvement in motor efficiency & thereby reducing power consumption overall. Unique properties of the magnetic material also include low heat resistance & high material loss. It suits the needs of different end users and is installed at the minimum cost possible.

Market Segmentation:

By Motor Type

• Direct Current Motor
• Alternating Current Motor
• Hermetic Motor

By Magnet Type

• Ferrite
• Neodymium
• Samarium Cobalt

By Industry Vertical

• Consumer Electronics
• Manufacturing
• Healthcare
• Energy
• Automotive
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Japan
• Others