Permanent Magnet Motor Market Size, Share, and Trends 2024 to 2034

Permanent Magnet Motor Market Size and Forecast 2024 to 2034

The global permanent magnet motor market size is estimated at USD 59.88 billion in 2024 and is anticipated to reach around USD 193.78 billion by 2034, expanding at a CAGR of 12.46% from 2024 to 2034.

Permanent Magnet Motor Market Key Takeaways

• The U.S. Market was valued at US$ 7 Billion in 2023.
• China will reach at US$ 16.2 billion by 2034 with a CAGR of 9.2% during the forecast period.
• Germany is projected to grow at CAGR of 7.2% over the forecast period.
• By Brushless DC segment, the Asia-Pacific is expected to hit at US$ 2.3 billion by 2034.
• Based on Brushless DC segment, the Latin America will grow at a CAGR of 6.8% from 2024 to 2034.
• By end user, automotive segment contributed 32% market share in 2023.

Asia Pacific Permanent Magnet Motor Market Size and Growth 2024 to 2034

The Asia Pacific permanent magnet motor market size is evaluated at USD 24.55 billion in 2024 and is predicted to be worth around USD 80.42 billion by 2034, rising at a CAGR of 12.59% from 2024 to 2034.

The Asia Pacific in 2023 on the grounds that to the presence of countries like Japan, China, India and South Korea which are considered as electronic materials places and subsequently drive market interest around here. Moreover, rising urbanization adds to expanded market interest. The North American region holds the second-biggest piece of the pie in the overall market because of the presence of countries like the Canada, Mexico and United States which drive market interest around here. More market request is made by expanding interest in various structure and framework improvement exercises. The presence of various huge significant players in this space additionally helps market interest. This procedure supports the improvement of long-lasting magnet simultaneous engines, which consume less energy and are all the more harmless to the ecosystem. This makes significantly more appealing possibilities for market members.

North America has laid out a hearty breeze energy area that has generally upheld development. The area's development is for the most part determined by the EU's eco-advancement activity programs. Because of such drives, the region is seeing an expansion popular for elite execution, harmless to the ecosystem long-lasting magnet simultaneous engines. Expanded assembling of these engines has likewise upheld market extension.

Market Overview

A super durable magnet coordinated engine is an AC simultaneous engine that involves long-lasting magnets for field excitation. It includes a sinusoidal back electromotive power (EMF). The worldwide market for extremely durable magnet coordinated engines is extending quickly. Super durable magnet coordinated engines are generally used in various applications, including oil and gas, auto, aviation, guard, mining, marine, and electrical and gadgets. Besides, reliable mechanical headways joined with innovative work for inventive plan ideas have helped the market with the presentation of a few kinds of extremely durable magnet simultaneous engines, including pivotal field and outspread field long-lasting magnet coordinated engines.

The worldwide market for super durable magnet coordinated engines is sectioned by type, limit, control, geology and end use. The continuous COVID-19 pandemic forced numerous impediments all through the world, smothering business sector development. This created boundless commotion in the administration of end-use areas, for example, auto and aviation, electrical and gadgets, marine, and some more. The extremely durable magnet simultaneous engines market endured incredibly, from deals to ventures to creation tasks. States all through the world are continually doing whatever it takes to forestall the spread of the COVID-19 infection. The market is wrestling with limits on business and item development in this situation. Moreover, cash vacillations and moving charges worsen the predicament.

Permanent Magnet Motor Market Growth Factors

The developing interest for extremely durable magnet engines in the car business is moving the market forward. As stresses over quick environmental change and regular asset exhaustion develop, long-lasting magnet engines are being utilized in many segments of automobiles, like vehicle windshield wipers, to supply high voltage by means of electric energy. Moreover, the reception of such engines works on working effectiveness while lessening ozone harming substance outflows in automobiles. Subsequently, the expanded interest for extravagance vehicles with further developed eco-friendliness and computerization is expanding the sending of long-lasting magnet engines, adding to advertise improvement.

The developing interest for electric vehicles is driving up the utilization of extremely durable magnet engines. The rising use of AC super durable magnet engines in electric vehicle motors is projected to fuel market extension. Besides, it is normal that the presentation of various examination endeavors by significant firms to deliver practical magnets with further developed working productivity would fuel the extension of the super durable magnet engine area. As there is an increase in the demand for automobiles in the nations like Japan China and India the permanent magnet market will grow in the Asia Pacific region. Due to an increase in the sales of passenger as well as the commercial vehicles across many nations in the Asia Pacific region especially in India the market is expected to grow well in this region. Many major market players are expanding or increasing their capacity of production by in Japan the Asia Pacific region. There is a growing demand for these magnets due to an increasing demand for hybrid electric vehicles. In the nations where there is high level of pollution there shall be a greater demand for hybrid electric vehicles do to the environment friendly norms of the government in the respective regions. Fluctuating prices of gasoline and as it happens to be an expensive alternative there shall be a large demand for permanent magnets during the forecast. Increasing amount of disposable income and higher standards of living will drive the market growth in the Asia Pacific region. 

Market Scope

Type Insights

Direct Current Motor

An immediate flow engine is a sort of turning electric engine that changes direct flow electrical energy into mechanical energy. The most common structures depend on attractive field powers. Practically a wide range of DC engines contain an interior component, either electromechanical or electronic, that redirects current in a piece of the engine consistently. DC engines were the main regularly used kind of engine since they could be driven by existing direct-current lighting power conveyance organizations. The speed of an immediate current engine might be shifted across an enormous reach by fluctuating the stockpile voltage or changing the ongoing power in its field windings. Little immediate current engines are tracked down in apparatuses, toys, and machines.

Permanent Magnet DC Motor

An extremely durable magnet dc engine is an engine with a long-lasting magnet shaft. In this engine, the magnet might be utilized to cause the motion to work inside the air hole rather than the field winding. The rotor structure is like that of a straight DC engine. The rotor of a PMDC engine comprises of the armature center, commutator, and armature winding. In a standard DC engine, there are two kinds of winding: armature and recorded. The essential job of field twisting is to produce attractive transition inside the air hole and to be twisted on the stator of the engine, while armature winding can be twisted on the rotor. Similarly as with a normal DC engine, inert carbon brushes are squeezed against the commutator. The PMDC engine's functioning voltage is 6 volts, 12 volts, or 24 volts DC supply got from the voltage sources.

Permanent magnet alternating current Motor

A PMAC engine is a moderately new expansion to the market. PMAC is a contraction for extremely durable magnet, substituting current. This engine family utilizes a stator twisted with three stage windings and a rotor containing extremely durable magnets. These engines spin in musicality with the rotating attractive field delivered by the stage windings. PMAC engines capability at the exact speed you pick using a variable recurrence drive instead of a servo drive, as per machine developers. This is a huge advantage while dealing with multi-hub machines that request more prominent accuracy than normal enlistment engines. The gave recurrence drives the working velocity of acceptance engines; in any case, minuscule changes in working voltage or working temperature can cause speed vacillations that are observable.

Magnet Insights

Neodymium magnets segment accounted largest market share in 2023 and witness highest growth rate through the estimate period. It has properties like a high energy item and a high lingering motion thickness, going with it a conspicuous decision for modern applications. It has both high-and poor quality varieties, permitting it to convey further developed execution and force over a conventional engine. High estimating and shortage are anticipated to be an issue.

Uncommon earth super durable magnets are many times used in expensive magnet engines. Ferrite magnets are broadly utilized in the creation cycles of minimal expense engines and are generally accessible in APAC countries like China. In low-recurrence applications, for example, engine drivers, ferrite magnets have no huge flow misfortune. In spite of their significant expense, a few states are searching for ways of using these magnets. They ensure lower support costs.

Application Insights

PMDC engines are used in a great many applications, from divisions to a few pull. They are intended to give up to 200 kW of force for use in different businesses. The applications recorded beneath are models.

• PMDC engines are for the most part utilized in vehicles to control windshield wipers and washers, raise lower windows, and drive blowers for warmers and climate control systems, in addition to other things.
• They're additionally tracked down in hard circles.
• These engines are additionally utilized in the toy business.
• Oscillating brushes, convenient vacuum cleaners, and food blenders all utilize PMDC engines.
• Utilized in versatile electric devices like bores and clippers.

End User Insights

The automotive segment dominated the market in 2023. Electric vehicle utilization is growing quickly in the current market setting. Electric vehicles are anticipated to have an expansive future degree, which will improve interest for PMDC engines in electric vehicles. High interest in electric vehicles by a portion of the business' most remarkable auto key organizations, for example, Tesla Motors and others is projected to drive long-lasting magnet engine market development soon.

Permanent Magnet Motor Market Companies

• Toshiba Corporation
• Nidec
• Johnson Electric
• Yaskawa
• WEG
• General Electric
• Rockwell

Key Market Developments

• Electric vehicles are as often as possible seen as the auto business' future. Driving firms, for example, Tesla Motors are helping their interests in PMDC engines in electric vehicles. In the United States, approximately 245,000 battery electric vehicles were sold, with Tesla models representing almost 80% of that aggregate.
• PMDC engines are used in different auto parts, for example, windows and blowers in AC and radiators, PC circles and drives, and low-power rating gear like as toys and little robots.
• The large key organizations are vigorously putting resources into consolidations and acquisitions, joint endeavors, and new products.
• Toshiba Corporation fostered a clever attractive material in December 2020 to further develop the engine energy transformation proficiency. Following item testing, productivity is improved to 0.9 point. This item can likewise be utilized in simultaneous engines to further develop effectiveness.
• Johnson Electric (Hong Kong) is putting vigorously in research and improvement to acquire an upper hand. This will help the firm in expanding their deals pay.
• Mercedes-Benz and Siemens marked an essential joint effort for feasible auto fabricate in March 2021. This joint effort will prompt better digitalization, effective, and profoundly versatile vehicle fabricating.

Segments covered in the report

By Type

• PMAC
• PMDC
• Brushless DC

By Power Rating

• Up to 25 kW
• 25–100 kW
• 100–300 kW
• 300 kW and Above

By Magnet Type

• Neodymium
• Samarium Cobalt
• Ferrite
• Others

By Application

• Factory Automation
• Consumer
• Office Automation
• Commercial
• Lab Equipment
• Medical
• Military/Aerospace

By End User

• Industrial
• Automotive
• Textile
• Pulp & Paper
• Aerospace & Aviation
• Electronics
• Robotics
• Food & Beverage
• Chemicals & Petrochemicals
• Others
• Commercial and Residential
• Commercial
• Malls
• Offices
• Banks
• Healthcare
• Others
• Residential
• Others (Defense, Railways)

 By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa