Permanent Magnet Motor Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—for a limited time only!

LONDON, GREATER LONDON, UNITED KINGDOM, December 12, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!

What Is Driving the Strong Growth Momentum in the Permanent Magnet Motor Market?

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.

How Will the Permanent Magnet Motor Market Develop in the Future?

The permanent magnet motor market size is expected to see robust growth in the future. 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.

Examine these developments and gain more insights with a detailed sample report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=19643&type=smp

What Is the Key Growth Driver Of the Permanent Magnet Motor Market?

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, 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.

Who Are The Leading Players 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.

What Are The Emerging Trends In The Permanent Magnet Motor Market?

A key trend emerging in the permanent magnet motor market is the focus on the development of high-performance brushed permanent magnet DC motors by major companies. These motors offer improved efficiency, reliability, and cost-effective solutions for various industries, including automotive, industrial automation, and consumer electronics.

Catch the complete market trends and pivotal information in the full report:
https://www.thebusinessresearchcompany.com/report/permanent-magnet-motor-global-market-report

How Is The Permanent Magnet Motor Market 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

What Are The Regional Insights Into The Permanent Magnet Motor Market?

Asia-Pacific was the largest region in the permanent magnet motor market in 2023. The region is also expected to be the fastest-growing during the forecast period. The analysis spans Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Browse Through More Similar Reports By The Business Research Company:
Permanent Magnet Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/permanent-magnet-global-market-report

Permanent Magnet Synchronous Motor (PMSM) Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/permanent-magnet-synchronous-motor-global-market-report

Magnet Wire Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/magnet-wire-global-market-report

About The Business Research Company
Learn More About The Business Research Company. With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/](https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:
LinkedInhttps://in.linkedin.com/company/the-business-research-company
YouTubehttps://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Modelhttps://www.thebusinessresearchcompany.com/global-market-model

Oliver Guirdham
The Business Research Company
+44 20 7193 0708
email us here
Visit us on social media:
Facebook
X
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.