A permanent magnet motor is a type of electric motor that generates its magnetic field using permanent magnets embedded in or attached to the rotor rather than relying on electrically energized windings. This design allows the motor to operate more efficiently, as it reduces the need for external power to create a magnetic field, thereby minimizing energy loss due to resistance in windings.
The permanent magnet motor market consists of sales, by entities (organizations, sole traders and partnerships), of electric motors that utilize permanent magnets embedded in or attached to the rotor to generate a constant magnetic field. Permanent magnet motors offer superior torque density and energy savings compared to traditional induction motors, making them increasingly popular for applications requiring sustainable and energy-efficient solutions.
The global permanent magnet motor market was valued at $37,392.84 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 6.00%.
Growing Use In Medical Devices And Equipment
During the historic period, permanent magnet motor market was mainly driven by the growing use in medical devices and equipment. Permanent magnet motors are integral components in devices such as mechanical ventilators, imaging systems and surgical tools, where they provide compact size, high efficiency and precise motion control. The COVID 19 pandemic significantly accelerated the production and deployment of ventilators worldwide, highlighting the increasing reliance on motorized medical equipment. For instance, in November 2020 according to Annals of the American Thoracic Society, the U.S. government contracted for over 187,000 mechanical ventilators by the end of 2020 to support clinical demand during the pandemic. Therefore, the permanent magnet motor global market was driven by the growing adoption of motorized medical devices.
Expansion Of High-Efficiency Permanent Magnet Motors For Advanced Industrial Automation Applications
Key players in the permanent magnet motor market are increasingly integrating high performance PM (permanent magnet) motors into industrial automation systems to support precision, reliability and digital transformation across manufacturing and process applications. These motors deliver enhanced control accuracy, lower energy consumption and improved speed or torque response, enabling advanced robotics, conveyor systems and factory automation to operate more efficiently and flexibly than traditional motor types. For instance, in November 2024, Inovance Technology, a China based industrial automation company, launched its MV33 (Medium Voltage Series 33) AC motor, its first industrial AC (Alternating Current) motor introduced to the European market, utilizing hairpin winding technology adapted from the automotive sector. Inovance claims that the flat winding and hairpin winding technology used in its new MV33 motors will allow their sizes to be reduced by two or three frames for the same output. The permanent magnet synchronous motors can operate in temperatures up to 60°C.
The global permanent magnet motor market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 11.49% of the total market in 2024.
Permanent Magnet Motor Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global permanent magnet motor market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for permanent magnet motor? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The permanent magnet motor market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider permanent magnet motor market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by power rating, by application, by industry vertical and by end user.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Global Market Size And Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods
- Regional And Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by power rating, by application, by industry vertical and by end user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Recent Developments- Information on recent developments in the market covered in the report.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for permanent magnet motor market providers in terms of product/service offerings geographic expansion, marketing strategies and target groups next five years.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Permanent Magnet Alternating Current (PMAC); Brushless Direct Current (DC) Motors; Permanent Magnet Direct Current (PMDC)
- 2) By Power Rating: 0 - 75 kW; 76 - 150 kW; 151 - 300 kW; Above 300 kW
- 3) By Application: Industrial Automation; Home Appliance Sector / Home Appliances; Pump-Related Applications / Pump Systems; Building Applications / Construction Applications; Air Compressors And Gas Treatment Equipment; Other Applications
- 4) By Industrial Vertical: Automotive; Consumer Electronics; Industrial; Energy And Power Generation; Aerospace And Defense; Healthcare; Other Industry Verticals
- 5) By End User: Industrial_End User; Commercial; Residential
- Companies: Siemens AG; ABB Ltd.; Nidec Corp.; WEG SA; Wolong Electric Group Co. Ltd
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; permanent magnet motor indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.