What Fueled The Previous Growth In The Permanent Magnet Motor Market?
The permanent magnet motor market has seen considerable growth due to a variety of factors.
• Over the years, the permanent magnet motor market has seen robust growth. The market that was valued at $45.42 billion in 2024 will see an uptick to $49.95 billion in 2025, which represents a compound annual growth rate (CAGR) of 10.0%.
The growth observed during the historic period has been triggered by factors such as the rise in the number of new homes, increased adoption in the auto industry, improvements in machinery efficiency, heightened demand for cars, and a surge in demand for energy-efficient motors.
How Does the Forecast Look for the Permanent Magnet Motor Market?
The permanent magnet motor market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions point towards robust expansion in the permanent magnet motor market in the coming years, with it set to approach a worth of $72.67 billion by 2029, boasting a compound annual growth rate (CAGR) of approximately 9.8%.
Factors driving growth during this forecast period include rising production expenses, enhanced motor efficiency made possible by permanent magnets, surging demand for permanent magnet motors (PMM), an uptick in the use of PMDC motors in electric vehicles, and rising sales in both the passenger and commercial vehicle sectors. Key trends for this period encompass technological progress, cutting-edge solutions, innovative products, advancements in the methodology of motor design and manufacturing, and heightened emphasis on innovation and investments within research and development.
What Are The Leading Drivers Of Growth In The Permanent Magnet Motor Market?
The expansion of the permanent magnet motor market is anticipated to be driven by the increased uptake of electric vehicles. These vehicles are powered either entirely or partially by rechargeable batteries, rather than internal combustion engines. The increasing popularity of such vehicles can be attributed to heightened environmental awareness, government interventions, improved battery technology, and higher consumer demand for eco-friendly transportation solutions. Permanent magnet motors, used across the electric vehicles, provide numerous benefits such as greater efficiency, a more compact size, and lesser maintenance. This essentially enhances the overall performance and efficiency of the vehicle. For instance, a report by the World Economic Forum, a non-governmental organization based in Switzerland, in May 2023, mentioned that sales of electric vehicles (EV) had spiked by 55% to 10.5 million units in 2022 as documented by the EV Volumes sales database. Consequently, the rise in adoption of electric vehicles is catalyzing the expansion of the permanent magnet motor market.
How Are The Segments Defined Within The Global Permanent Magnet Motor Market?
The permanent magnet motormarket covered in this report is segmented –
1) By Type: Permanent Magnet Alternating Current (PMAC), Permanent Magnet Direct Current (PMDC), Brushless Direct Current (DC) Motors
2) By Power Rating: Up To 25KW, 25-100kW, 100-300KW, 300KW And Above
3) By Application: Automotive, Industrial, Consumer Electronics, Aerospace And Defense, Energy And Power Generation, Healthcare
4) By End User: Industrial, Commercial, Residential
Subsegments:
1) Permanent Magnet Alternating Current (PMAC): Synchronous PMAC Motors, Asynchronous PMAC Motors, Servo PMAC Motors
2) Permanent Magnet Direct Current (PMDC): Series Wound PMDC Motors, Shunt Wound PMDC Motors, Permanent Magnet Stepper Motors
3) Brushless Direct Current (DC) Motors: Outrunner Brushless DC Motors, Inrunner Brushless DC Motors, Servo Brushless DC Motors
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What New Trends Are Influencing The Permanent Magnet Motor Market?
Major corporations in the permanent magnet motor market are striving to create innovative products like brushed permanent magnet DC motors to expand their product range and boost energy efficiency. They are aiming to fulfill escalating demand for dependable, economical solutions in diverse fields such as automotive, industrial automation, and consumer electronics. Brushed Permanent Magnet DC (PMDC) motors, a form of electric motor using permanent magnets to generate the necessary magnetic field for functionality, use brushes to convey current to the rotor. To illustrate, Delta Line, a Swiss-based firm dedicated to permanent magnet motors, unveiled Brushed Permanent Magnet DC motors with high torque capacity, including 42D1, 52D1, and 63D1, in June 2023. These motors are engineered for severe environmental conditions, come with an IP54 protection rating and an F insulation class to increase their robustness. Moreover, it allows tweaking possibilities even on requests for modest to median volumes, including unique shaft or flange designs and special windings variations.
Who Are the Key Players In The Permanent Magnet Motor Market?
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.
What Is The Most Dominant Region In The Permanent Magnet Motor Market?
Asia-Pacific was the largest region in the permanent magnet motor market in 2024. 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.
