Permanent Magnet Motor Global Market Opportunities And Strategies To 2034

This report describes and explains the permanent magnet motor market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global permanent magnet motor market reached a value of nearly $52.02 billion in 2024, having grown at a compound annual growth rate (CAGR) of 6.83% since 2019. The market is expected to grow from $52.02 billion in 2024 to $78.92 billion in 2029 at a rate of 8.69%. The market is then expected to grow at a CAGR of 8.38% from 2029 and reach $118.01 billion in 2034.

Growth in the historic period resulted from the growing use in medical devices and equipment, rising demand in the aerospace industry, supportive government incentives and subsidies and increasing demand for electric vehicles (EVs). Factors that negatively affected growth in the historic period were competition from alternative motor types and environmental and sustainability pressures.

Going forward, the growing demand in industrial automation, development of smart grids and advance electrified infrastructure, growing renewable energy projects and growing usage in robotics will drive the growth. Factors that could hinder the growth of the permanent magnet motor market in the future include lack of viable rare-earth-free substitutes, limited overload capability and impact of trade war and tariff.

The permanent magnet motor market is segmented by type into permanent magnet alternating current (PMAC), permanent magnet direct current (PMDC) and brushless direct current (DC) motors. The permanent magnet alternating current (PMAC) market was the largest segment of the permanent magnet motor market segmented by type, accounting for 43.64% or $22.7 billion of the total in 2024. Going forward, the brushless direct current (DC) motors segment is expected to be the fastest growing segment in the permanent magnet motor market segmented by type, at a CAGR of 10.34% during 2024-2029.

The permanent magnet motor market is segmented by application into air compressors and gas treatment equipment, industrial automation, pump-related applications/pump systems, building applications/construction applications, home appliance sector/home appliances and other applications. The industrial automation market was the largest segment of the permanent magnet motor market segmented by application, accounting for 31.29% or $16.27 billion of the total in 2024. Going forward, the industrial automation segment is expected to be the fastest growing segment in the permanent magnet motor market segmented by application, at a CAGR of 10.89% during 2024-2029.

The permanent magnet motor market is segmented by power rating into 0 - 75 kW, 76 - 150 kW, 151 - 300 kW and above 300 kW. The 0 - 75 kW market was the largest segment of the permanent magnet motor market segmented by power rating, accounting for 50.06% or $26.04 billion of the total in 2024. Going forward, the above 300 kW segment is expected to be the fastest growing segment in the permanent magnet motor market segmented by power rating, at a CAGR of 10.44% during 2024-2029.

The permanent magnet motor market is segmented by industry vertical into automotive, industrial, consumer electronics, aerospace and defense, energy and power generation, healthcare and other industry verticals. The automotive market was the largest segment of the permanent magnet motor market segmented by industry vertical, accounting for 30.39% or $15.81 billion of the total in 2024. Going forward, the automotive segment is expected to be the fastest growing segment in the permanent magnet motor market segmented by industry vertical, at a CAGR of 10.58% during 2024-2029.

The permanent magnet motor market is segmented by end user into industrial, commercial and residential. The industrial market was the largest segment of the permanent magnet motor market segmented by end user, accounting for 61.40% or $31.94 billion of the total in 2024. Going forward, the commercial segment is expected to be the fastest growing segment in the permanent magnet motor market segmented by end user, at a CAGR of 9.73% during 2024-2029.

Asia Pacific was the largest region in the permanent magnet motor market, accounting for 37.61% or $20.39 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the permanent magnet motor market will be Asia Pacific and Western Europe where growth will be at CAGRs of 9.24% and 8.76% respectively. These will be followed by Eastern Europe and North America where the markets are expected to grow at CAGRs of 8.44% and 8.24% respectively.

The global permanent magnet motor market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 11.49% of the total market in 2024. Siemens AG was the largest competitor with a 1.85% share of the market, followed by ABB Ltd with 1.80%, Nidec Corp with 1.75%, WEG SA with 1.62%, Wolong Electric Group Co. Ltd with 1.08%, Ametek Inc with 0.88%, Johnson Electric Holding Ltd with 0.70%, Valeo SA with 0.67%, Inovance Technology GmbH with 0.60% and Delta Electronics Inc with 0.54%.

The top opportunities in the permanent magnet motor market segmented by type will arise in the permanent magnet alternating current (PMAC) segment, which will gain $11.82 billion of global annual sales by 2029. The top opportunities in the permanent magnet motor market segmented by power rating will arise in the 0 - 75 kW segment, which will gain $13.39 billion of global annual sales by 2029. The top opportunities in the permanent magnet motor market segmented by application will arise in the industrial automation segment, which will gain $11.01 billion of global annual sales by 2029. The top opportunities in the permanent magnet motor market segmented by industry vertical will arise in the automotive segment, which will gain $10.32 billion of global annual sales by 2029. The top opportunities in the permanent magnet motor market segmented by end user will arise in the industrial segment, which will gain $16.17 billion of global annual sales by 2029. The permanent magnet motor market size will gain the most in China at $6.43 billion.

Market-trend-based strategies for the permanent magnet motor market include focus on developing energy-efficient motor technologies to meet regulatory and sustainability goals, focus on expansion of high-efficiency permanent magnet motors for advanced industrial automation applications and focus on compact and high-power-density motor design enabled by advanced magnet materials.

Player-adopted strategies in the permanent magnet motor market include focus on expanding business capabilities through new product launches and focus on strengthening business operations through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the permanent magnet motor market companies to focus on advancing energy efficient motor systems, focus on integration of high-performance PM motors in industrial automation, focus on high-power-density compact motor designs, focus on brushless direct current motors for high-growth opportunities, expand in emerging markets, continue to focus on developed markets, focus on competitive value-based pricing, focus on digital engagement and targeted outreach, focus on partnerships and industry events and focus on targeting commercial end-users with tailored solutions.

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