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Permanent Magnet Global Market Report 2024 To 2033 | Siemens AG, Mitsubishi Electric Corporation, Toshiba Corp., Hitachi Ltd., Asea Brown Boveri, Robert Bosch GmbH
Permanent Magnet Market Share
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According to The Business Research Company's, The permanent magnet market size has grown rapidly in recent years. It will grow from $33.91 billion in 2023 to $38.31 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to electronics and it industry growth, rise in demand from consumer electronics, government policies and regulations, industrial automation, focus on clean energy initiatives.
The permanent magnet market size is expected to see rapid growth in the next few years. It will grow to $60.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to electric vehicle market expansion, increasing demand for smart devices, expansion of industrial robotics, growing demand for permanent magnet generators, increasing focus towards wind energy. Major trends in the forecast period include magnetic levitation technology, development of rare earth-free magnets, miniaturization of electronic devices, customization and design flexibility, magnetic refrigeration.
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Market Drivers and Trends:
The increasing demand for automobile applications is expected to propel the growth of the permanent magnet market. Permanent-magnet motors are most commonly used in variable-speed drives, in which the stator is powered by a variable-frequency, variable-voltage, electronically controlled source. For instance, in December 2021, in India, the total number of electric vehicle sales was reported to be 50,866 units resulting in a 240% jump from the previous year. Moreover, in 2021, Norway, recorded a sale of 176,276 cars with 65% electric cars resulting in a 54% rise. Therefore, the increasing demand for automobile applications is driving the growth of the permanent magnet market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Siemens AG, Mitsubishi Electric Corporation, Toshiba Corp., Hitachi Ltd., Asea Brown Boveri, Robert Bosch GmbH, Meidensha Corp., Continental AG, Alstom SA, Broad-Ocean Motor Co. Ltd., Xizi Forvorda ELECTRICAL MACHINERY CO. LTD., DRS Technologies Pvt. Ltd., Emerson Electric Co., Johnson Electric Holdings Limited, Leonardo DRS, Nidec Motor Corporation, Hangzhou Permanent Magnet Group, Arnold Magnetic Technologies Corp., Tokyo Denki Kagaku Kōgyō, Shin-Etsu Chemical Co. Ltd., Electron Energy Corporation, Adams Magnetic Products Co. Inc., Bunting Magnetics Co., Tengam Engineering Inc., Yantai Shougang Magnetic Materials Inc., Chengdu Galaxy Magnets Co. Ltd., Goudsmit Magnetics Ltd., Eclipse Magnetics Ltd., MagnaWorks Technology Inc., Dura Magnetics Inc., Daido Steel Co. Ltd., Hengdian Group DMEGC Magnetics Co. Ltd., Ningbo Vastsky Magnet Co. Ltd.
Permanent Magnet Market 2024 Key Insights:
• The permanent magnet market size is expected to see rapid growth in the next few years. It will grow to $60.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
• Rising Demand For Permanent Magnets In The Automotive Industry Fuels The Market
• Revolutionizing Charging Solutions Through The Rise Of Technological Transitions In The Permanent Magnet Market
• Asia-Pacific was the largest region in the permanent magnet market in 2023
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