Permanent Magnet Motor Market Size, Share, Growth Analysis, By Motor Type(Permanent magnet alternating current Motor (PMAC), Permanent Magnet Direct Current Motor (PMDC)), By Magnet Type(Neodymium, Samarium Cobalt), By Application(Factory Automation, Consumer), By End User(Industrial (Automotive, Textile) - Industry Forecast 2024-2031

Permanent Magnet Motor Market size was valued at USD 41.2 billion in 2021 and is poised to grow from USD 45.07 billion in 2022 to USD 92.48 billion by 2030, growing at a CAGR of 9.4% in the forecast period (2023-2030).

The market of permanent magnet motors is likely to witness steady growth owing to the presence of an ample number of players. With innovations and R&D expenditures, market leaders can obtain a competitive advantage and increase their market share. Due to growing market penetration and the implementation of effective competitive strategies by market participants, the intensity of competition is anticipated to get fierce in the forecast period. 'ABB Ltd.', 'Siemens AG', 'General Electric Company', 'Toshiba Corporation', 'Hitachi Ltd.', 'Mitsubishi Electric Corporation', 'Danaher Motion, LLC', 'Nidec Corporation', 'Johnson Electric Holdings Limited', 'WEG S.A.', 'Regal Beloit Corporation', 'Allied Motion Technologies Inc.', 'Franklin Electric Co. Inc.', 'Rockwell Automation Inc.', 'Brook Crompton UK Ltd.', 'Parker Hannifin Corporation', 'Lafert SpA', 'Bonfiglioli Riduttori S.p.A.', 'Oriental Motor Co., Ltd.', 'Moog Inc.', 'In March 2022, Mercedes-Benz and Siemens collaborated to produce cars in an environmentally friendly manner. As a result of this agreement, the automobile industry will see breakthrough digitization and extremely flexible production.', 'In December 2020, Toshiba Corporation created a new magnetic material to increase the motor's ability to convert energy. The product's efficiency is raised to 0.9 points after testing. For greater efficiency, this component can also be put in a synchronous motor.'

Permanent magnet motors have been found to operate with enormous efficiency and speed in comparison to traditional ACIMs since there is no direct connection between the stator and rotor. As a result, it is currently being used by numerous vendors globally in a variety of end user sectors.

Permanent magnet motors have seen a significant increase in sales over the past few years due to their enormous efficacy and output, and this trend is expected to continue in the coming years due to product differentiation and innovations supported by market leaders.

The Asia Pacific emerged dominant in 2022 owing to high revenue generation from nations such as Japan, China, India, and South Korea. These nations source electronic materials and consequently stimulate market interest. Additionally, increased urbanisation contributes to rise in market interest. Due to the presence of nations like Canada, Mexico, and the United States, which stimulate market interest locally, the North American area owns the second-largest share and is likely to emerge as the fastest growing market in the forecast period. Growing interest in various structure and framework upgrade projects results in increased market demand. The existence of numerous large, influential firms in this sector further boosts interest. This procedure helps in the development of powerful, long-lasting magnet simultaneous engines that use less energy and are even safer for the environment. For market participants, this creates substantially more tempting opportunities.