PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1764342
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1764342
The global permanent magnet motor market is estimated to grow from USD 58.68 billion in 2025 to USD 93.75 billion by 2030, at a CAGR of 9.8% during the forecast period. The growing demand for energy-efficient and high-performance motors in electric vehicles, industrial automation systems, and HVAC systems is contributing to the growth of the permanent magnet motor market. Sector-wise adoption is also gaining pace because of technological improvements and tightening energy regulations.
Scope of the Report | |
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Years Considered for the Study | 2021-2030 |
Base Year | 2024 |
Forecast Period | 2025-2030 |
Units Considered | Value (USD million) and volume (million units) |
Segments | Type, power rating, and end user |
Regions covered | North America, Europe, Asia Pacific, South America, and the Middle East & Africa |
"By end user, industrial segment to capture most significant share of the permanent magnet motor market throughout forecast period"
The industrial segment accounts for the most significant portion of the permanent magnet motor market owing to its immense utilization of the motors in several pieces of equipment, with pumps, compressors, conveyors, as well as robotic systems. The features of permanent magnet motors, such as high efficiency, excellent torque control, and low maintenance, make them suitable for industrial processes that need constant and dependable services. Due to the growing importance of energy conservation, automation, and productivity enhancement by industries, the demand for these motors has been ever-growing. Also, government policies that encourage using energy-efficient technologies and the Industry 4.0 and smart manufacturing transition provide additional benefits to adopting these technologies.
"North America to be second-largest market during forecast period"
North America is projected to be the second-largest permanent magnet motor market because of the high uptake in industrial automation, electric cars, and HVAC systems. The area already has an established industrial sector, heavy investment in energy-efficient equipment, and favorable government policy toward clean energy and electrification. Further, the major automotive and manufacturing firms in the US and Canada are becoming more aggressive in the inclusion of permanent magnet motors to achieve performance and sustainability objectives, enhancing the region's demand.
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3 - 11%
By Designation: C-evel Executives - 30%, Directors - 25%, and Others - 45%
By Region: North America - 31%, Europe - 19%, Asia Pacific - 40%, Middle East & Africa - 3%, and South America - 8%
Note: The tiers of the companies are defined based on their total revenues as of 2024. Tier 1: >USD 1 billion, Tier 2: USD 500 million to USD 1 billion, and Tier 3: <USD 500 million. Other designations include sales managers, engineers, and regional managers.
NIDEC CORPORATION, ABB, Siemens, Wolong Electric Group, and WEG are some major players in the permanent magnet motor market. The study includes an in-depth competitive analysis of these key players, including their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the global permanent magnet motor market, by type, power rating, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the permanent magnet motor market.
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