Permanent Magnet Motor Market Size to double in the next 10 years.

With the global Permanent Magnet motor market valued at USD 45 billion in 2021, rising demand of Electric Vehicle are increasingly driving the demand in the automotive market. With growing market share of automotive companies choosing to move away from the traditional use of fossil fuel which effects our environmental imprint, the growth of the permanent magnet motor industry seeks to allow for the market and the industry to move away by providing better performance and cost-saving methods when it comes to moving away from the traditional method of the automotive industry.

Therefore, neodymium plays an important role when it comes to the permanent motor market, as they are the strongest and most versatile magnets in the world which provide durability and performance required and utilized by PM engines. Neodymium Magnets are the perfect magnet as they do not require consistent electrical energy to keep their electric field stable. This is due to the nanocomposite in magnets to provide long-lasting performance while not diminishing engine size. Examples of long-lasting magnet engines can be seen used in forklifts, robots, blower drives, railroad switchers and commercial applications.

According to Precedence Research, the global permanent magnet motor market size is expected to be worth around USD$ 89.6 billion by 2030, poised to grow at a CAGR (Compound annual growth rate) of 7.95% from 2022 to 2030. The compound annual growth rate is important as it is the rate of return that is required for an investment to grow from its starting balance to its end balance with profits reinvested at the end of each period during the investment`s life span. This is crucial in determining how CAGR can be seen as a model to see smooth returns over alternative methods.

Key Takeaways:

- China market size will hit US$ 15.4 billion by 2030, with a registered CAGR of 8.7% from 2022 – 2030.

- U.S.A permanent motor market reached $US 6.7 billion in 2021.

- Germany PM motor market is anticipated to reach a registered CAGR of 6.7% in 2030.

- Asia-Pacific district holds the most critical part in the general market with countries like China, South Korea, Japan, and India look to subsequently drive market revenue. India especially with its rising urbanization.