Permanent Magnet Motor Market Size (2024 - 2029)

Permanent Magnet Motor Market Analysis

The Permanent Magnet Motor Market size is estimated at USD 48.34 billion in 2024, and is expected to reach USD 77.71 billion by 2029, growing at a CAGR of 9.96% during the forecast period (2024-2029).

The market growth is driven by growing demand for electric vehicles and increased adoption in the industrial sector. Advancement in motor efficiency further fuels the adoption of permanent magnetic motors in end-user verticals.

• Permanent magnet motors (PMM) are witnessing a significant increase in demand due to their high efficiency and throughput. These motors cover a wide range of applications, from stepping motors for wristwatches and industrial drives for machine tools to large PM synchronous motors for ship propulsion.
• Electric vehicles are expected to boost the growth of the market studied over the forecast period. With leading automakers increasingly incorporating permanent magnet motors into EVs, global demand is expected to rise, driving the market's growth over the forecast period.
• The high energy product, along with the high residual flux density of neodymium, make it a compulsive choice of material for industrial applications. Neodymium offers both high- and low-grade variants, enabling it to deliver superior performance and torque as compared to a conventional motor, thereby increasing its adoption. However, high prices and scarcity are likely to pose challenges to the growth of this material.
• The increasing demand for HVAC equipment is also expected to influence the market studied. It is majorly driven by the increase in the number of new households, rising average construction spending, rapid urbanization, and growth in disposable income across several major economies. The increasing standards on minimum energy efficiency for appliances and equipment are also driving the growth of PMMs in HVAC equipment.
• The increasing price of raw materials due to geopolitical concerns and scarcity of minerals sources results in increasing price of motors, which is expected to restrict market growth. Also, the limited availability of rare-earth metals further creates challenges for the motor manufacturers and increase the production cost.

Permanent Magnet Motor Industry Segmentation

A permanent magnet motor is a type of brushless electric motor that uses permanent magnets rather than winding. Permanent magnet motors are more efficient than traditional induction motors or motors with field winding in high-efficiency applications like electric vehicles.

The scope of the report includes different types of permanent magnet motors based on the motor type, magnetic material type, and their applications. The study also tracks key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyzes the overall impact of COVID-19 on the ecosystem.

The scope of the report encompasses market sizing and forecasts for segmentation by 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, and gas, aerospace, and defense), and geography. The market sizes and forecasts are provided in terms of value (USD) for all the above segments.