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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Rising Demand for Permanent Magnet Motors in the Automotive Sector Bolstering the Market Growth
The rising demand for permanent magnet motors in the automotive sector is fuelling the growth of the market. As the concerns regarding rapid climate change and the depletion of natural resources are surging, permanent magnet motors are deployed in various parts of automobiles, such as car windshield wipers, to provide high voltage through electric energy. In addition, the use of such motors boosts operational efficiency while eliminating extensive greenhouse emissions in automobiles. Hence, the growing demand for luxury cars with enhanced fuel efficiency and automation is boosting the deployment of permanent magnet motors, thus adding to the market growth.
The increasing demand for electric vehicles is bolstering the deployment of permanent magnet motors. The growing use of AC permanent magnet motors in engines of electric vehicles (EV) is further expected to drive the market growth. Furthermore, the introduction of various research activities by the leading companies to develop cost-effective magnets with enhanced operational efficiency is estimated to fuel the growth of the permanent magnet motor industry.
Rising Demand for Permanent Magnet Motor in the Energy Sector to Augment the Market Growth
The rising demand for alternative energy sources is surging the deployment of wind turbines, which, in turn, is increasing the use of permanent magnet motors. As permanent magnet motors efficiently convert mechanical energy into electrical energy, they are increasingly deployed in generators of wind turbines. Moreover, the initiation of various research and development (R&D) activities for advancements in wind energy is increasing the use of permanent magnet motors, which is bolstering the growth of the market.
The development of innovative permanent magnet motors that maintain a constant speed while avoiding slippage is expected to augment the market growth. In addition, the cost-effectiveness, ease of installation, fuel efficiency, and low density offered by such motors are projected to propel the growth of the market. Various leading companies are also attempting to develop motors that solely utilise permanent magnets to generate magnetic force for rotors and generators. Hence, their surging demand is estimated to fuel the growth of the permanent magnet motor industry in the forecast period.
Permanent Magnet Motor Market Report Snapshots
Permanent Magnet Motor Market Size
Permanent Magnet Motor Market Growth
Permanent Magnet Motor Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global permanent magnet motor market attained a value of nearly USD 58.56 billion.
The market is projected to grow at a CAGR of 10% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 138.01 billion by 2032.
The major market drivers are the growing demand for permanent magnet motors in the automotive sector and the rising popularity of electric vehicles.
The rising demand for alternative energy sources and the development of innovative permanent magnet motors are the key trends guiding the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major motor types considered in the market report are AC motors, DC motors, and hermetic motors.
Neodymium, samarium cobalt, and ferrite, among others, are the various magnet types included in the market report.
The significant segments based on power range of permanent magnet motor considered in the market report are 4.0 kW and below, between 4.0 to 22.0 kW, between 22.0 to 75.0 kW, and 75.0 kW and above.
The different end-users of permanent magnet motor are automotive, general industrial, energy, water and wastewater management, mining, oil, and gas, and aerospace and defence, among others.
The key permanent magnet motor market players include ABB Ltd., Rockwell Automation, Inc., Siemens AG, Franklin Electric Co., Inc., Allied Motion, Inc., and Nidec Motor Corporation, among others.
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