Permanent Magnet Motor Market Size & Share, by Power Rating (Up to 25 kW, 25-100kW, 100-300 kW, 300 kW & Above); Type (PMAC, PMDC, Brushless DC); End-user (Industrial, Commercial, Residential) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5170
  • Published Date: Aug 18, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 - 2036

Permanent Magnet Motor Market size was over USD 47.8 Billion in 2023 and is projected to exceed USD 132 Billion by the end of 2036, witnessing over 10.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of permanent magnet motor is evaluated at USD 51.2 Billion. The growth of the market can be attributed to the growing adoption of robotic automation. The global stock of operational robots has reached a new high of over 3.5 million units. The use of permanent magnet motors is well-suited for different applications of robotic machinery including better energy efficiency and low requirement for maintenance.

In addition to these, factors that are believed to fuel the market growth of permanent magnet motor include the increasing production of automobiles. In 2022, 85.4 million automobiles have been manufactured worldwide, a 5.7% increase over 2021. The compact size of these motors helps to improve the space utilization within the vehicles and reduce the overall weight of the vehicle.

Permanent Magnet Motor Market
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Permanent Magnet Motor Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Need for Energy-Efficient Machines– Rising fuel prices have increased the demand for energy-efficient machines. In recent weeks, global oil prices have skyrocketed. On the basis of Brent oil, the worldwide benchmark, has risen 16% since a trough in late June 2023. Permanent magnet motors offer better power-to-weight ratios and higher power densities, making them best for applications where energy savings are crucial.
  • Growing Demand for Consumer Electronics– Permanent magnetic motors are used in various consumer electronics, including electric fans, cordless tools, blenders, food processors, shavers, home devices, compact cameras, and others. All these devices use this motor owing to high reliability and compact sizes.
  • Rising Use of HVAC Systems – A typical HVAC system contributes to roughly 40% of overall energy consumption in a commercial building, with comparable values in residential and industrial use cases. Currently, in the world, there are around 1 billion single-room air conditioning units and this number is expected to reach nearly 4.5 billion by 2050. A permanent magnet motor allows for accurate and efficient control of variable speeds, enabling HVAC controls to adjust temperature and airflow.


  • Limited Availability of Raw Material- Neodymium and dysprosium are two rare metals that are used in the manufacturing of permanent magnet motors, therefore the limited availability and changing prices of these metals impact the production of these motors and also affect the supply chain
  • Complex Manufacturing of the Motors
  • Need for High Initial Investment

Permanent Magnet Motor Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2023)

USD 47.8 Billion

Forecast Year Market Size (2036)

USD 132 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Permanent Magnet Motor Segmentation

Type (PMAC, PMDC, Brushless DC)

The PMAC segment is estimated to hold 45% share of the global permanent magnet motor market in the year 2036. The growth of the segment can be attributed to the increasing consumption of PMAC in the industrial manufacturing and electric vehicle sectors. Therefore, rising investment in electric vehicles and various industrial sectors is expected to drive the market’s growth. This year, global sales of electric vehicles are expected to establish a new high investment worth USD 8.3 billion

Power Rating (Up to 25 kW, 25-100kW, 100-300 kW, 300 kW & Above)

Permanent magnet motor market from the up to 25 kW segment is expected to garner a significant share of around ~46% in the year 2036. Rising demand for medical electricians, including dental instruments, body scanners, breathing systems, membrane pumps, and others is expected to drive the segment’s growth. The demand for medical equipment is rising owing to rising instances of people suffering from chronic conditions and a higher number of being hospitalized every day.

Our in-depth analysis of the global market includes the following segments:


  • PMAC
  • PMDC
  • Brushless DC

   Power Rating

  • Up to 25 kW
  • 25-100kW
  • 100-300 kW
  • 300 kW & Above

   End User

  • Industrial
  • Commercial
  • Residential

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Permanent Magnet Motor Industry- Regional Synopsis

APAC Market Forecast

The market share of permanent magnet motors in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 34% by the end of 2036. The growth of the market can be attributed majorly to the increasing investment in the automotive sector. To boost the automotive sector, the government of India boosted the financial allocation for FAME II by 78% in the Union financial 2023. Moreover, in 2023, the automotive sector in India attracted around USD 52 million in investment which further boosted the production of automobiles. On the other hand, the growing adoption of industrial automation is also expected to boost market growth in the region.

North American Market Statistics

The North America permanent magnet motor market is estimated to be the second largest, registering a share of about 26% by the end of 2036. The growth of the market can be attributed majorly to the rising efforts by the government to build a sustainable and energy-efficient environment. For instance, in Canada, the government launched the Canada Industry Program for Energy Conservation (CIPEC) that focuses on energy consumption, On the other hand, the growing wind energy sector is also expected to augment the market growth in the region.

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Companies Dominating the Permanent Magnet Motor Landscape

    • Collins Aerospace
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Rockwell Automation, Inc.
    • Moog Inc.
    • Brook Crompton UK Ltd.
    • WEG S.A.
    • Johnson Electric Holdings Limited
    • Franklin Electric Co., Inc.
    • Parker Hannifin Corporation
    • GKN Metallurgy
    • Bavde Engineering Ltd.

In the News

  • Collins Aerospace has launched the first functional prototype of a 500 kW electric motor, especially for Airland 10 aircraft. The production was successfully conducted in partnership with the University of Nottingham and Hybrid Air Vehicles.
  • Bavde Engineering Ltd. an Indian automotive manufacturer announced the partnership with Israeli startup, EVR Motors to develop electric motors for the electric vehicle market.

Author Credits:  Dhruv Bhatia

  • Report ID: 5170
  • Published Date: Aug 18, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for automated industrial equipment and the growing need for saving energy are the major factors driving the market growth.

The market size of permanent magnet motor is anticipated to attain a CAGR of approximately 10% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Rockwell Automation, Moog Inc., Brook Crompton UK Ltd., WEG S.A., Johnson Electric Holdings Limited, Franklin Electric Co., Inc., Parker Hannifin Corporation, GKN Metallurgy, Bavde Engineering, and Collins Aerospace

The PMAC segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Permanent Magnet Motor Market Report Scope

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