The global permanent magnet motor market attained a value of about USD 58.56 Billion in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 10.00% to reach nearly USD 151.89 Billion by 2034.
The increasing demand for electric vehicles is bolstering the deployment of permanent magnet motors. The growing use of AC permanent magnet motors in engines of electric vehicles (EV) is further expected to drive the market growth. Furthermore, the introduction of various research activities by the leading companies to develop cost-effective magnets with enhanced operational efficiency is estimated to fuel the growth of the permanent magnet motor industry.
The development of innovative permanent magnet motors that maintain a constant speed while avoiding slippage is expected to augment the market growth. In addition, the cost-effectiveness, ease of installation, fuel efficiency, and low density offered by such motors are projected to propel the growth of the market. Various leading companies are also attempting to develop motors that solely utilise permanent magnets to generate magnetic force for rotors and generators. Hence, their surging demand is estimated to fuel the growth of the permanent magnet motor industry in the forecast period.
Rising Demand for Permanent Magnet Motors in the Automotive Sector Bolstering the Market Growth
The rising demand for permanent magnet motors in the automotive sector is fuelling the growth of the market. As the concerns regarding rapid climate change and the depletion of natural resources are surging, permanent magnet motors are deployed in various parts of automobiles, such as car windshield wipers, to provide high voltage through electric energy. In addition, the use of such motors boosts operational efficiency while eliminating extensive greenhouse emissions in automobiles. Hence, the growing demand for luxury cars with enhanced fuel efficiency and automation is boosting the deployment of permanent magnet motors, thus adding to the market growth.The increasing demand for electric vehicles is bolstering the deployment of permanent magnet motors. The growing use of AC permanent magnet motors in engines of electric vehicles (EV) is further expected to drive the market growth. Furthermore, the introduction of various research activities by the leading companies to develop cost-effective magnets with enhanced operational efficiency is estimated to fuel the growth of the permanent magnet motor industry.
Permanent Magnet Motor: Market Segmentation
A permanent magnet motor is an electric motor that utilises magnets to convert mechanical energy into electrical energy. It is portable in size, cost-effective, and provide enhanced operational efficiency. Moreover, a permanent magnet motor can be manufactured rapidly and cost-effectively, due to which it is used in various automotive and industrial applications.The major motor types of permanent magnet motor are:
- AC Motors
- DC Motors
- Hermetic Motors
The market can be broadly categorised on the basis of its magnet types into:
- Neodymium
- Samarium Cobalt
- Ferrite
- Others
Based on power range, the market is divided into:
- 4.0 kW and Below
- Between 4.0 to 22.0 kW
- Between 22.0 to 75.0 kW
- 75.0 kW and Above
By end-users, the market is categorised into:
- Automotive
- General Industrial
- Energy
- Water and Wastewater Management
- Mining, Oil, and Gas
- Aerospace and Defence
- Others
The report looks into the regional markets of permanent magnet motor like:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Rising Demand for Permanent Magnet Motor in the Energy Sector to Augment the Market Growth
The rising demand for alternative energy sources is surging the deployment of wind turbines, which, in turn, is increasing the use of permanent magnet motors. As permanent magnet motors efficiently convert mechanical energy into electrical energy, they are increasingly deployed in generators of wind turbines. Moreover, the initiation of various research and development (R&D) activities for advancements in wind energy is increasing the use of permanent magnet motors, which is bolstering the growth of the market.The development of innovative permanent magnet motors that maintain a constant speed while avoiding slippage is expected to augment the market growth. In addition, the cost-effectiveness, ease of installation, fuel efficiency, and low density offered by such motors are projected to propel the growth of the market. Various leading companies are also attempting to develop motors that solely utilise permanent magnets to generate magnetic force for rotors and generators. Hence, their surging demand is estimated to fuel the growth of the permanent magnet motor industry in the forecast period.
Key Industry Players in the Global Permanent Magnet Motor Market
The report presents a detailed analysis of the following key players in the global permanent magnet motor market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:- ABB Ltd.
- Rockwell Automation, Inc.
- Siemens AG
- Franklin Electric Co., Inc.
- Allied Motion, Inc.
- Nidec Motor Corporation
- Others
Table of Contents
1 Executive Summary
2 Market Overview and Stakeholder Insights
3 Economic Summary
4 Country Risk Profiles
5 Global Permanent Magnet Motor Market Analysis
6 North America Permanent Magnet Motor Market Analysis
7 Europe Permanent Magnet Motor Market Analysis
8 Asia-Pacific Permanent Magnet Motor Market Analysis
9 Latin America Permanent Magnet Motor Market Analysis
10 Middle East and Africa Permanent Magnet Motor Market Analysis
11 Market Dynamics
12 Competitive Landscape
Companies Mentioned
The key companies featured in this Permanent Magnet Motor market report include:- ABB Ltd.
- Rockwell Automation, Inc.
- Siemens AG
- Franklin Electric Co., Inc.
- Allied Motion, Inc.
- Nidec Motor Corporation
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 154 |
Published | August 2025 |
Forecast Period | 2025 - 2034 |
Estimated Market Value ( USD | $ 58.56 Billion |
Forecasted Market Value ( USD | $ 151.89 Billion |
Compound Annual Growth Rate | 10.0% |
Regions Covered | Global |
No. of Companies Mentioned | 7 |