Permanent Magnet Motor Market size is estimated to surpass USD 93 Billion by the end of 2035, witnessing around 10% CAGR during the forecast period i.e., 2023 – 2035. In the year 2022, the industry size of permanent magnet motor was USD 43 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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~10% |
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Base Year Market Size (2022) |
~ USD 43 Billion |
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Forecast Year Market Size (2035) |
~ USD 93 Billion |
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Regional Scope |
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Type (PMAC, PMDC, Brushless DC)
The PMAC segment is estimated to hold 45% share of the global permanent magnet motor market in the year 2035. 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 2035. 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:
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Type |
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Power Rating |
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End User |
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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 2035. 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 2035. 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.
Author Credits: Payel Roy, Dhruv Bhatia
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