Permanent Magnet Motor Market on Track for Strong Growth, Estimated to Grow at 9.8% CAGR Through 2029

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What Is the Expected CAGR for the Permanent Magnet Motor Market Through 2025?
The market size for permanent magnet motors has experienced robust growth over the past few years. Its progression is expected to continue from $45.42 billion in 2024 to $49.95 billion in 2025, with a compound annual growth rate (CAGR) of 10.0%. Various factors have contributed to this growth in the historic period, including an augmentation in new household numbers, a rising trend of adoption within the automotive sector, enhanced machine efficiency, an increased demand for cars, and a growing requirement for energy-efficient motors.

What's the Projected Size of the Global Permanent Magnet Motor Market by 2029?
Strong expansion is anticipated in the permanent magnet motor market in the coming years, with the market size projected to reach $72.67 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 9.8%. Factors contributing to this growth during the forecast period include heightened production costs, improved motor efficiency due to the use of permanent magnets, burgeoning demand for permanent magnet motors (PMM), a surge in the application of PMDC engines in electric vehicles, and a rise in the sales in both passenger and commercial vehicles. The forecast period will see key trends such as technological evolution, advanced technological solutions, innovative products, progress in motor design and manufacturing methods, and fresh initiatives and investments in research and development.

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Top Growth Drivers in the Permanent Magnet Motor Industry: What's Accelerating the Market?
The permanent magnet motor market's growth is anticipated to be driven by the increased uptake of electric vehicles. These electric vehicles, largely or wholly fueled by electricity deposited in rechargeable batteries instead of internal combustion engines, have seen more demand due to factors like better environmental consciousness, governmental incentives, enhancements in battery tech, and an increased consumer desire for eco-friendly transportation options. Electric vehicles immensely benefit from permanent magnet motors, which offer high efficiency, small size, and less need for maintenance, all culminating in an improved overall vehicle function and efficiency. For instance, as informed by the EV Volumes sales database, the World Economic Forum, a non-governmental organization based in Switzerland, reported that, in 2022, sales of electric vehicles soared by 55%, achieving a total of 10.5 million units. Hence, the escalating usage of electric vehicles is a significant factor propelling the permanent magnet motor market's growth.

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What Trends Will Shape the Permanent Magnet Motor Market Through 2029 and Beyond?
Prominent businesses in the permanent magnet motor market are concentrating their efforts on developing cutting-edge products like brushed permanent magnet DC motors. This strategy is aimed at expanding their product portfolio, increasing energy efficiency, and addressing the increasing demand for reliable, affordable solutions in various sectors, including automotive, industrial automation, and consumer electronics. Brushed PMDC motors, a type of electric motor, utilize permanent magnets to generate the necessary magnetic field for operation and use brushes to transfer current to the rotor. For example, in June 2023, Delta Line, a Swiss company specializing in permanent magnet motors, introduced high torque Brushed Permanent Magnet DC motors, namely 42D1, 52D1, and 63D1. These motors, designed to function in severe environmental conditions, boast an IP54 protection rating and are F insulation class, thereby increasing their lifespan. This allows for customization, even catering to smaller and medium volume orders, providing options for shaft or flange designs and special windings diversities.

What Are the Main Segments in the Permanent Magnet Motor Market?
The permanent magnet motormarket 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

Subsegments:
1) Permanent Magnet Alternating Current (PMAC): Synchronous PMAC Motors, Asynchronous PMAC Motors, Servo PMAC Motors
2) Permanent Magnet Direct Current (PMDC): Series Wound PMDC Motors, Shunt Wound PMDC Motors, Permanent Magnet Stepper Motors
3) Brushless Direct Current (DC) Motors: Outrunner Brushless DC Motors, Inrunner Brushless DC Motors, Servo Brushless DC Motors

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Which Top Companies are Driving Growth in the Permanent Magnet Motor Market?
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.

Which Regions Will Dominate the Permanent Magnet Motor Market Through 2029?
Asia-Pacific was the largest region in the permanent magnet motor market in 2024. 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.

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