The permanent magnet motor global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Permanent Magnet Motor Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The permanent magnet motor market size has grown strongly in recent years. It will grow from $41.41 billion in 2023 to $45.42 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to an increase in the number of new households, growing adoption in the automotive sector, an increase in machine efficiency, an increase in the demand for automobiles, and an increasing demand for energy-efficient motors.
The permanent magnet motor market size is expected to see strong growth in the next few years. It will grow to $66.23 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to an increase in production costs, increasing motor efficiency due to permanent magnets, rising demand for permanent magnet motors (PMM), increasing use of PMDC engines in electric vehicles, and an increase in passenger as well as commercial vehicle sales. Major trends in the forecast period include technological advancements, technologically advanced solutions, product innovations, advancements in motor design and manufacturing techniques, and innovations and investments in research and development.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The growing adoption of electric vehicles is expected to propel the growth of the permanent magnet motor market going forward. Electric vehicles are automobiles powered entirely or partially by electricity stored in rechargeable batteries rather than by internal combustion engines. The growth of electric vehicles is due to rising environmental awareness, government incentives, advancements in battery technology, and increasing consumer demand for sustainable transportation solutions. Permanent magnet motors are integral to electric vehicles, offering benefits such as high efficiency, compact size, and reduced maintenance, all of which contribute to better overall vehicle performance and efficiency. For instance, in May 2023, according to the World Economic Forum, a Switzerland-based non-governmental organization, in 2022, electric vehicle (EV) sales surged by 55%, totaling 10.5 million units, as reported by the EV Volumes sales database. Therefore, the growing adoption of electric vehicles is driving the growth of the permanent magnet motor market.
Market Trends –
Major companies operating in the permanent magnet motor market are focused on developing innovative products such as brushed permanent magnet DC motors to enhance their product offerings, improve energy efficiency, and meet the growing demand for reliable, cost-effective solutions in various applications, such as automotive, industrial automation, and consumer electronics. Brushed permanent magnet DC (PMDC) motors are a type of electric motor that uses permanent magnets to create the magnetic field required for operation, and they employ brushes to transfer current to the rotor. For instance, in June 2023, Delta Line, a Switzerland-based company specializing in permanent magnet motors, launched high torque capacity Brushed Permanent Magnet DC motors including 42D1, 52D1, and 63D1. These motors are designed to operate in harsh environmental conditions, featuring an IP54 protection rating and F insulation class, which enhances their durability. This offers customization options even for small and medium volume requests, including shaft or flange designs and special windings variations.
The permanent magnet motor market covered in this report is segmented –
1) By Type: Permanent Magnet Alternating Current (PMAC), Permanent Magnet Direct Current (PMDC), Brushless Direct Current (DC) Motors
2) By Power Rating: Up To 25KW, 25-100kW, 100-300KW, 300KW And Above
3) By Application: Automotive, Industrial, Consumer Electronics, Aerospace And Defense, Energy And Power Generation, Healthcare
4) By End User: Industrial, Commercial, Residential
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Regional Insights –
Asia-Pacific was the largest region in the permanent magnet motor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the permanent magnet motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the permanent magnet motor market are Robert Bosch GmbH, Siemens AG, General Electric Co., Denso Corporation, ABB Limited, Toshiba Corporation, Valeo SA, Emerson Electric Co., Parker Hannifin Corporation, Nidec Corporation, Rockwell Automation Inc., MinebeaMitsumi Inc., Ametek Inc., WEG S.A., Yaskawa Electric Corp., Johnson Electric Holdings Ltd., Wolong Electric Co. Ltd., Buhler Motors GmbH, Bonfiglioli Group, Aerotech Corporation, Sinotech Group Inc.
Table of Contents
1. Executive Summary
2. Permanent Magnet Motor Market Report Structure
3. Permanent Magnet Motor Market Trends And Strategies
4. Permanent Magnet Motor Market – Macro Economic Scenario
5. Permanent Magnet Motor Market Size And Growth
…..
27. Permanent Magnet Motor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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