Permanent Magnet Motor Market
Permanent Magnet Motor Market Size, Share & Trends Analysis Report by Motor Type (Direct Current (DC) Motor and Alternating Current (AC) Motor), by Magnetic Material Type (Ferrite (Ceramic) Magnets, Neodymium Iron Boron (NdFeB or NIB), Samarium Cobalt (SmCo), and Others), and by End-User (Automotive, General Industrial, Renewable Energy (Wind Power), Water and Wastewater Management, Mining, Oil, and Gas, Aerospace and Defense, and Others) Forecast Period (2024-2031)
Permanent magnet motor market is anticipated to grow at a CAGR of 9.4% during the forecast period (2024-2031). The market’s growth is attributed to the growing demand for imperative for energy efficiency across the globe. The development of medium-range Permanent Magnet Pumps complies with the global push for energy efficiency. The capacity to operate at NEMA Ultra-Premium Efficiency levels demonstrates a dedication to decreased energy usage, which is essential in modern sustainability-focused the globe. For instance, in February 2022, Armstrong Launched a Medium Range Line of Permanent Magnet Pumps. The pumps feature motors ranging from 15 to 50 hp, offering 20% lower operating costs and operating at NEMA Ultra-Premium Efficiency levels.
Segmental Outlook
The global permanent magnet motor market is segmented on the motor type, magnetic material type, and end-user. Based on the motor type, the market is sub-segmented into direct current (DC) motor, and alternating current (AC) motor. Based on the magnetic material type, the market is sub-segmented into ferrite (ceramic) magnets, neodymium iron boron (NdFeB or NIB), samarium cobalt (smco), and others. Furthermore, based on end-users, the market is sub-segmented into automotive, general industrial, renewable energy (wind power), water and wastewater management, mining, oil, and gas, aerospace and defense, and others. The neodymium iron boron subcategory is expected to capture a significant portion of the market share within the magnetic material type segment. The growth can be attributed to the neodymium is a mineral element essential in the manufacturing process of permanent magnet motors, and its extraction is highly expensive, potentially slowing the expansion of the permanent magnet motor market.
The Direct Current (DC) Motor Sub-Segment is Anticipated to Hold a Considerable Share of the global Permanent Magnet Motor Market
Among the motor type, the direct current (DC) motor sub-segment is expected to hold a considerable share of the global permanent magnet motor market. The segmental growth is attributed to the increasing demand for sustainability in a modern context. Brushed Permanent Magnet DC motors add significantly to the modern sustainability narrative by emphasizing lower energy consumption. As the globe focuses increasingly on environmentally friendly technologies, these motors play an essential role in developing more sustainable systems. For instance, in July 2023, Delta Line launched a Brushed Permanent Magnet DC motor range. The development of medium-range Permanent Magnet Pumps complies with the global movement for energy efficiency. The capacity to operate at NEMA Ultra-Premium Efficiency levels demonstrates a dedication to decreased energy usage, which is essential in modern sustainability-focused the globe.
Regional Outlook
The global permanent magnet motor market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the increased investment in the auto industry, especially in electric vehicles, and the region's expanding electronic manufacturing. India Brand Equity Foundation (IBEF), in October 2023, the sale of 8,32,434 electric cars (EVs) by August 2023 was an immense achievement. The EV industry in India is expected to reach a valuation of Rs. 50,000 crore (US$ 7.09 billion) by 2025. According to a study conducted by the CEEW Centre for Energy Finance, India's electric vehicle industry has an expansive US$ 206 billion potential, seeking a significant investment of US$ 180 billion for vehicle manufacturing and charging infrastructure by 2030.
Global Permanent Magnet Motor Market Growth by Region 2024-2031
The North American region is Expected to Grow at a Significant CAGR in the global Permanent Magnet Motor Market
Among all regions, the North American region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the increasing demand for environmental concerns and regulations. The shift to RE-free magnets has been driven by increased environmental concerns and governmental initiatives encouraging the adoption of sustainable technology in the global Permanent Magnet Motor Market. According to the National Institute of Health (gov.) in September 2023, the project identified five core products where the RE-free magnets could penetrate the market, e-bikes, e-motorbikes, e-cars, e-scooters, and pump drives. The forecasts indicate significant growth potential for these products, with an estimated 60% growth in the e-bike market, 50% in the e-motorbike market, 70% in the e-car market, and 25% in the e-scooter market between 2021 and 2031. Additionally, pump drives are expected to experience an annual growth rate of 7.6% during the same decade. Considering the current market size of 5 million e-bikes in 2021, each unit with 300 g of permanent magnets, the projected growth translates to approximately 62-kilo tons of CO2-eq emissions.
Market Players Outlook
The major companies serving the permanent magnet motor market include Danaher Corp., Franklin Electric Co., Inc., Robert Bosch GmbH, Rockwell Automation Inc., and Siemens AG., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in October 2021, NORD DRIVESYSTEMS introduced the IE5+ permanent magnet synchronous motors with ventilated or smooth versions up to a power of 4.0 kW. The new IE5+ motors have superior performance and a wide torque range, leading to perfect for cost-effective partial load operation, notably in the food and pharmaceutical industries.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global permanent magnet motor market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. ABB Ltd.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Aerotech, Inc.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Allied Motion, Inc.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Permanent Magnet Motor Market by Motor Type
4.1.1. Direct Current (DC) Motor
4.1.2. Alternating Current (AC) Motor
4.2. Global Permanent Magnet Motor Market by Magnetic Material Type
4.2.1. Ferrite (Ceramic) Magnets
4.2.2. Neodymium Iron Boron (NdFeB or NIB)
4.2.3. Samarium Cobalt (SmCo)
4.2.4. Others ( Alnico (Aluminum, Nickel, Cobalt, and Iron), and Bonded Magnets)
4.3. Global Permanent Magnet Motor Market by End-User
4.3.1. Automotive
4.3.2. General Industrial
4.3.3. Renewable Energy (Wind Power)
4.3.4. Water and Wastewater Management
4.3.5. Mining, Oil, and Gas
4.3.6. Aerospace and Defense
4.3.7. Others (Medical Devices, Telecommunications, and Consumer Electronics)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. AMETEK
6.2. Bonfiglioli Riduttori S.p.A.
6.3. Bühler Motor GmbH
6.4. CROUZET
6.5. Danaher Corporation
6.6. Franklin Electric Co., Inc.
6.7. Graphics and Industrial Circuits, LLC.
6.8. Johnson Electric Group
6.9. Nidec Corp.
6.10. Robert Bosch GmbH
6.11. Rockwell Automation Inc.
6.12. Siemens AG.
6.13. Toshiba Corp.
1. GLOBAL PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY MOTOR TYPE, 2023-2031 ($ MILLION)
2. GLOBAL PERMANENT MAGNET DIRECT CURRENT MOTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL PERMANENT MAGNE ALTERNATING CURRENT MOTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY MAGNETIC MATERIAL TYPE, 2023-2031 ($ MILLION)
5. GLOBAL FERRITE PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
6. GLOBAL NEODYMIUM IRON BORON PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
7. GLOBAL SAMARIUM COBALT PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
8. GLOBAL OTHER MATERIALS PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
10. GLOBAL PERMANENT MAGNET MOTOR FOR AUTOMOTIVE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
11. GLOBAL PERMANENT MAGNET MOTOR FOR GENERAL INDUSTRIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
12. GLOBAL PERMANENT MAGNET MOTOR FOR RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
13. GLOBAL PERMANENT MAGNET MOTOR FOR WATER AND WASTEWATER MANAGEMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
14. GLOBAL PERMANENT MAGNET MOTOR FOR MINING, OIL, AND GAS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
15. GLOBAL PERMANENT MAGNET MOTOR FOR AEROSPACE AND DEFENSE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
16. GLOBAL PERMANENT MAGNET MOTOR FOR OTHER END-USERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
17. GLOBAL PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
18. NORTH AMERICAN PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
19. NORTH AMERICAN PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY MOTOR TYPE, 2023-2031 ($ MILLION)
20. NORTH AMERICAN PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY MAGNETIC MATERIAL TYPE, 2023-2031 ($ MILLION)
21. NORTH AMERICAN PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
22. EUROPEAN PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
23. EUROPEAN PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY MOTOR TYPE, 2023-2031 ($ MILLION)
24. EUROPEAN PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY MAGNETIC MATERIAL TYPE, 2023-2031 ($ MILLION)
25. EUROPEAN PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
26. ASIA-PACIFIC PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
27. ASIA-PACIFIC PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY MOTOR TYPE, 2023-2031 ($ MILLION)
28. ASIA-PACIFIC PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY MAGNETIC MATERIAL TYPE, 2023-2031 ($ MILLION)
29. ASIA-PACIFIC PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
30. REST OF THE WORLD PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
31. REST OF THE WORLD PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY MOTOR TYPE, 2023-2031 ($ MILLION)
32. REST OF THE WORLD PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY MAGNETIC MATERIAL TYPE, 2023-2031 ($ MILLION)
33. REST OF THE WORLD PERMANENT MAGNET MOTOR MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
1. GLOBAL PERMANENT MAGNET MOTOR MARKET SHARE BY MOTOR TYPE, 2023 VS 2031 (%)
2. GLOBAL PERMANENT MAGNET DIRECT CURRENT MOTOR MARKET SHARE BY REGION, 2023 VS 2031 (%)
3. GLOBAL PERMANENT MAGNET ALTERNATING CURRENT MOTOR MARKET SHARE BY REGION, 2023 VS 2031 (%)
4. GLOBAL PERMANENT MAGNET MOTOR MARKET SHARE BY MAGNETIC MATERIAL TYPE, 2023 VS 2031 (%)
5. GLOBAL FERRITE PERMANENT MAGNET MOTOR MARKET SHARE BY REGION, 2023 VS 2031 (%)
6. GLOBAL NEODYMIUM IRON BORON PERMANENT MAGNET MOTOR MARKET SHARE BY REGION, 2023 VS 2031 (%)
7. GLOBAL SAMARIUM PERMANENT MAGNET MOTOR MARKET SHARE BY REGION, 2023 VS 2031 (%)
8. GLOBAL OTHERS PERMANENT MAGNET MOTOR MARKET SHARE BY REGION, 2023 VS 2031 (%)
9. GLOBAL PERMANENT MAGNET MOTOR MARKET SHARE BY END-USER, 2023 VS 2031 (%)
10. GLOBAL PERMANENT MAGNET MOTOR FOR AUTOMOTIVE MARKET SHARE BY REGION, 2023 VS 2031 (%)
11. GLOBAL PERMANENT MAGNET MOTOR FOR GENERAL INDUSTRIAL MARKET SHARE BY REGION, 2023 VS 2031 (%)
12. GLOBAL PERMANENT MAGNET MOTOR FOR RENEWABLE ENERGY MARKET SHARE BY REGION, 2023 VS 2031 (%)
13. GLOBAL PERMANENT MAGNET MOTOR FOR WATER AND WASTEWATER MANAGEMENT MARKET SHARE BY REGION, 2023 VS 2031 (%)
14. GLOBAL PERMANENT MAGNET MOTOR FOR MINING, OIL, AND GAS MARKET SHARE BY REGION, 2023 VS 2031 (%)
15. GLOBAL PERMANENT MAGNET MOTOR FOR AEROSPACE AND DEFENSE MARKET SHARE BY REGION, 2023 VS 2031 (%)
16. GLOBAL PERMANENT MAGNET MOTOR FOR OTHERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
17. GLOBAL PERMANENT MAGNET MOTOR MARKET SHARE BY REGION, 2023 VS 2031 (%)
18. US PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
19. CANADA PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
20. UK PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
21. FRANCE PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
22. GERMANY PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
23. ITALY PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
24. SPAIN PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
25. REST OF EUROPE PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
26. INDIA PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
27. CHINA PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
28. JAPAN PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
29. SOUTH KOREA PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
30. REST OF ASIA-PACIFIC PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
31. REST OF THE WORLD PERMANENT MAGNET MOTOR MARKET SIZE, 2023-2031 ($ MILLION)
