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Permanent Magnet Motor Market Share & Growth | Forecast 2031
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Permanent Magnet Motor Market Share & Growth | Forecast 2031

Segments - Permanent Magnet Motor Market by Motor Type (Direct Current Motor, and Alternating Current Motor), Magnetic Material Type (Ferrite, Neodymium, Samarium Cobalt), End-user Vertical (General Industrial, Automotive, Energy, Water and Wastewater Management, Mining, Oil & Gas, Aerospace & Defense) and Geography (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Raksha Sharma
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Fact-checked by : V. Chandola
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Editor : Swapnil Hedau

Upcoming | Report ID :EP-1828 | 4.3 Rating | 64 Reviews | 182 Pages | Format : PDF Excel PPT

Report Description


Permanent Magnet Motor Market Outlook

The  Permanent Magnet Motor Market size was USD 45.07 Billion in 2022 and is likely to reach USD 101.17 Billion by 2031, expanding at a CAGR of 9.4% during 2023 - 2031. The growth of the market is attributed to the rising demand for electric vehicles.

A permanent magnet is a ferromagnetic item with magnetic characteristics and the ability to generate its own magnetic field. Permanent magnets are used in the rotors of permanent magnet motors.

Global Permanent Magnet Motor Market Outlook

Rare earth magnets are strong magnets produced from rare earth metals that are utilized in PM motors. Permanent magnets, unlike electromagnets, do not require constant electrical energy to sustain their electric field, making PM motors superior than electromagnetic motors. Nano composite permanent magnets are one of the most recent advancements in permanent magnet technology.

These magnets are utilized in magnetic storage media, biomedicine, sensors, pigments, and catalysts, among other applications. The majority of permanent magnet motors are combined with AC or DC electric motors. When compared to other electric motors, these motors consume less power, have better heat dissipation properties, and run at better efficiencies. Permanent magnet motors are utilized in a variety of industrial applications to increase machine efficiency.

  • Growing demand for energy-efficient and low-maintenance motors is projected to fuel the market during the forecast period.

  • Many advantages of permanent magnet motors, such as the fact that the former does not require a feedback sensor to provide accurate speed control are key factors propelling the market in the coming years.

  • High price of permanent magnet motor is expected to hinder the market growth.

  • Lack of awareness act as major challenge that can hamper the market during the forecast period.

  • Rising use of permanent magnet motors into EVs is a major factor driving the market.

Scope of Permanent Magnet Motor Market Report

The report on the permanent magnet motor market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Permanent Magnet Motor Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Motor Type (Direct Current Motor and Alternating Current Motor), Magnetic Material Type (Ferrite, Neodymium, Samarium Cobalt), End-user Vertical (General Industrial, Automotive, Energy, Water and Wastewater Management, Mining, Oil & Gas, Aerospace & Defense)

Geographical Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Allied Motion Technologies Inc.; Franklin Electric Company; Siemens AG; ABB Limited; and Rockwell Automation

Permanent Magnet Motor Market Segment Insights

The direct current segment is projected to hold a major market share

In terms of motor type, the permanent magnet motor market is bifurcated into direct current motor and alternating current motor. The direct current motor segment is expected to represent a key share of the market during the forecast period. Since the industry began to move away from induction motors, permanent DC motors have become increasingly common.

DC motors provide a number of advantages, including ease of use, compact size, and the ability to function without further control. PMDC motors are extremely efficient and can deliver a significant amount of power and torque in a small package.

PMDC motors are utilized in a variety of automotive components, including windows and blowers in air conditioners and heaters, personal computer discs and drives, and low-power devices like toys and tiny robots. Electric vehicles have become increasingly popular in recent years. Electric vehicles are frequently regarded as the automobile industry's future. In 2019, the number of battery electric vehicles sold in the United States was estimated to reach about 245,000, with Tesla models accounting for over 80% of the total.

Global Permanent Magnet Motor Market Types

The neodymium segment is expected to grow at a rapid pace

On the basis of magnetic material type, the permanent magnet motor market is segregated into ferrite, neodymium, and samarium cobalt. The neodymium segment is expected to represent a key share of the market during the forecast period. The most common type of rare-earth magnet is a neodymium magnet. It is a permanent magnet composed of a neodymium, iron, and boron alloy. When compared to a traditional motor, neodymium provides both high and low-grade versions, allowing it to give better performance and torque, therefore increasing its acceptance.

The automotive segment is anticipated to expand at a high CAGR

Based on end-user vertical, the permanent magnet motor market is segregated into general industrial, automotive, energy, water & wastewater management, mining, oil & gas, aerospace & defense. The automotive segment is expected to represent a key share of the market during the forecast period. The automotive segment holds the major market share. The locking system, windshield wipers, and the seat belt indication all employ magnets. ABS systems employ magnets to keep them attached to the automobile and maintain them in place.

Global Permanent Magnet Motor Market End User Vertical

North America is expected to dominate the market

On the basis of geography, the permanent magnet motor market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period.  Due to increased investments by market players and other organizations, as well as government efforts aimed at creating an energy-efficient and sustainable environment, North America is projected to occupy a large proportion of the market.

With a growing emphasis on energy-efficient solutions, businesses throughout the region are implementing PMM across a variety of factory operating sectors, therefore expanding the PMM market.

Global Permanent Magnet Motor Market Regions

Segments

The permanent magnet motor market has been segmented on the basis of

Motor Type

  • Direct Current Motor
  • Alternating Current Motor

Magnetic Material Type

  • Ferrite
  • Neodymium
  • Samarium Cobalt

End-user vertical

  • General Industrial
  • Automotive
  • Energy
  • Water and Wastewater Management
  • Mining
  • Oil & Gas
  • Aerospace & Defense

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

 

Competitive Landscape

Key players competing in the permanent magnet motor market include Allied Motion Technologies Inc., Franklin Electric Company, Siemens AG, ABB Limited, and Rockwell Automation.

Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.

Global Permanent Magnet Motor Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Permanent Magnet Motor Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Permanent Magnet Motor Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Permanent Magnet Motor Market - Supply Chain
  4.5. Global Permanent Magnet Motor Market Forecast
     4.5.1. Permanent Magnet Motor Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Permanent Magnet Motor Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Permanent Magnet Motor Market Absolute $ Opportunity
5. Global Permanent Magnet Motor Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Permanent Magnet Motor Market Size and Volume Forecast by Types
     5.3.1. Direct Current Motor
     5.3.2. Alternating Current Motor
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Permanent Magnet Motor Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Permanent Magnet Motor Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Permanent Magnet Motor Demand Share Forecast, 2019-2026
7. North America Permanent Magnet Motor Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Permanent Magnet Motor Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Permanent Magnet Motor Market Size and Volume Forecast by Types
     7.4.1. Direct Current Motor
     7.4.2. Alternating Current Motor
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Permanent Magnet Motor Demand Share Forecast, 2019-2026
8. Latin America Permanent Magnet Motor Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Permanent Magnet Motor Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Permanent Magnet Motor Market Size and Volume Forecast by Types
     8.4.1. Direct Current Motor
     8.4.2. Alternating Current Motor
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Permanent Magnet Motor Demand Share Forecast, 2019-2026
9. Europe Permanent Magnet Motor Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Permanent Magnet Motor Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Permanent Magnet Motor Market Size and Volume Forecast by Types
     9.4.1. Direct Current Motor
     9.4.2. Alternating Current Motor
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Permanent Magnet Motor Demand Share Forecast, 2019-2026
10. Asia Pacific Permanent Magnet Motor Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Permanent Magnet Motor Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Permanent Magnet Motor Market Size and Volume Forecast by Types
     10.4.1. Direct Current Motor
     10.4.2. Alternating Current Motor
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Permanent Magnet Motor Demand Share Forecast, 2019-2026
11. Middle East & Africa Permanent Magnet Motor Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Permanent Magnet Motor Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Permanent Magnet Motor Market Size and Volume Forecast by Types
     11.4.1. Direct Current Motor
     11.4.2. Alternating Current Motor
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Permanent Magnet Motor Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Permanent Magnet Motor Market: Market Share Analysis
  12.2. Permanent Magnet Motor Distributors and Customers
  12.3. Permanent Magnet Motor Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Allied Motion Technologies Inc.
     12.4.2. Franklin Electric Company
     12.4.3. Siemens AG
     12.4.4. ABB Limited
     12.4.5. Rockwell Automation

Methodology

Our Clients

Honda Motor Co. Ltd.
FedEx Logistics
Siemens Healthcare
The John Holland Group
Microsoft
General Electric
Nestle SA
Deloitte