Permanent Magnet Motor Market Report 2024

This Permanent Magnet Motor market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The permanent magnet motor market size has grown strongly in recent years. It will grow from $41.41 billion in 2023 to $45.42 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth observed in the historic period can be attributed to several factors, the rise in the number of new households, growing adoption in the automotive sector, improvements in machine efficiency, increased demand for automobiles, and a heightened need for energy-efficient motors.

The permanent magnet motor market size is expected to see strong growth in the next few years. It will grow to $66.23 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The projected growth during the forecast period can be attributed to several factors, rising production costs, enhanced motor efficiency due to permanent magnets, growing demand for permanent magnet motors (PMMs), increased use of PMDC motors in electric vehicles, and a boost in sales of both passenger and commercial vehicles. Key trends for this period include technological advancements, the development of advanced solutions, innovations in products, improvements in motor design and manufacturing techniques, and increased investments in research and development.

The increasing adoption of electric vehicles is expected to drive the growth of the permanent magnet motor market in the future. Electric vehicles (EVs) are powered entirely or partially by electricity stored in rechargeable batteries, rather than by internal combustion engines. The growth of EVs is being fueled by factors such as rising environmental consciousness, government incentives, advancements in battery technology, and growing consumer demand for sustainable transportation options. Permanent magnet motors play a crucial role in electric vehicles, offering advantages like high efficiency, compact design, and reduced maintenance, all of which enhance vehicle performance and efficiency. For example, in May 2023, the World Economic Forum, a Switzerland-based non-governmental organization, reported a 55% surge in EV sales in 2022, totaling 10.5 million units, according to the EV Volumes sales database. As a result, the increasing adoption of electric vehicles is driving the expansion of the permanent magnet motor market.

Leading companies in the permanent magnet motor market are concentrating on developing innovative products, such as brushed permanent magnet DC motors, to enhance their offerings, boost energy efficiency, and meet the rising demand for reliable and cost-effective solutions across various sectors, including automotive, industrial automation, and consumer electronics. Brushed permanent magnet DC (PMDC) motors use permanent magnets to generate the necessary magnetic field and employ brushes to transfer current to the rotor. For instance, in June 2023, Delta Line, a Switzerland-based firm specializing in permanent magnet motors, introduced high torque capacity Brushed Permanent Magnet DC motors, including models 42D1, 52D1, and 63D1. These motors are built to withstand harsh environmental conditions, featuring an IP54 protection rating and F insulation class for improved durability. They also offer customization options for small and medium volume requests, including shaft or flange designs and special winding variations.

In October 2023, Ara Partners, a US-based investment firm focused on funding industrial projects and companies, acquired VACUUMSCHMELZE GmbH & Co. KG for an undisclosed amount. This acquisition positions Ara Partners to take advantage of the growing demand for high-performance magnetic materials, which are crucial for the energy transition and electrification across various industries. VACUUMSCHMELZE GmbH & Co., a German-based company, specializes in the production of magnetic materials and related products, playing a key role in supporting the shift toward sustainable energy solutions.

Major companies operating in the permanent magnet motor market are Robert Bosch GmbH, Siemens AG, General Electric Co., Denso Corporation, ABB Limited, Toshiba Corporation, Valeo SA, Emerson Electric Co., Parker Hannifin Corporation, Nidec Corporation, Rockwell Automation Inc., MinebeaMitsumi Inc., Ametek Inc., WEG S.A., Yaskawa Electric Corp., Johnson Electric Holdings Ltd., Wolong Electric Co. Ltd., Buhler Motors GmbH, Bonfiglioli Group, Aerotech Corporation, Sinotech Group Inc.

Asia-Pacific was the largest region in the permanent magnet motor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the permanent magnet motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the permanent magnet motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A permanent magnet motor is an electric motor that employs permanent magnets to generate a magnetic field, thereby removing the need for an external excitation current. It typically features a rotor with permanent magnets and a stator equipped with windings. These motors are appreciated for their efficiency, compact design, and reliability, making them ideal for a range of applications, from household appliances to sophisticated automotive systems.

Permanent magnet motors come in several main types include permanent magnet alternating current (PMAC) motors, permanent magnet direct current (PMDC) motors, and brushless direct current (DC) motors. Permanent magnet AC motors, also known as permanent magnet synchronous motors (PMSMs), utilize permanent magnets in the rotor to produce a steady magnetic field. They are available in various power ratings, including up to 25 kW, 25-100 kW, 100-300 kW, 300 kW, and above. These motors find applications in automotive, industrial, consumer electronics, aerospace and defense, energy and power generation, and healthcare sectors, serving a range of end users in industrial, commercial, and residential contexts.

The permanent magnet motor market research report is one of a series of new reports that provides permanent magnet motor market statistics, including permanent magnet motor industry global market size, regional shares, competitors with a permanent magnet motor market share, detailed permanent magnet motor market segments, market trends, and opportunities, and any further data you may need to thrive in the permanent magnet motor industry. This permanent magnet motor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The permanent magnet motor market consists of sales of permanent magnet steppers, axial flux permanent magnet steppers, and radial flux permanent magnet steppers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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