Permanent Magnet Motor Market Size

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.

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 â€“ 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 Size