Permanent Magnet Motor Market Size, Share, Opportunities, And Trends By Motor Type (Direct Current Motor, Alternating Current Motor, Hermetic Motor), By Magnet (Ferrite, Neodymium, Samarium Cobalt), By Industry Vertical (Consumer Electronics, Manufacturing, Healthcare, Energy, Others), And By Geography - Forecasts From 2021 To 2026

Published:  Oct 2021 Report Code: KSI061610435 Pages: 114

The Permanent Magnet Motor market was valued at US$32.257 billion in 2019 and is expected to grow at a CAGR of 11.05% over the forecast period to reach a total market size of US$67.182 billion by 2026. 

Permanent magnets are made of ferromagnetic materials, which have magnetic properties and generate their own magnetic fields. Permanent magnet motor manufacturers are leveraging energy-efficient motor manufacturing and growing use of permanent magnet motors in industries such as automotive to drive market growth. As a result, the market is seeing growth opportunities due to product innovations, the expansion of energy-efficient motors, and emerging robotic technologies. The market has seen major vendors launch highly efficient and low energy consuming motors for applications and the widespread adoption of permanent magnet motors in electric vehicles is offering a great opportunity to the market, while environmental concerns are also posing a good opportunity to this market. As of March 31, 2019, more than 1.18 million electric vehicles are on the road in the U.S. Approximately 62% of electric vehicles sold in the U.S. belong to Tesla, General Motors, and Nissan. (Source:

Growth Factors:

  • Increasing demand for low-cost and energy-efficient motors 

Motors with permanent magnets can be far more energy-efficient than induction motors, and they are also the most power-efficient traction motors available at present. Due to the rising demand for efficient motors, permanent magnet synchronous motors will likely increase in demand across various industries. Electric, Textile, Pulp & Paper are some of the industries that use permanent magnet motors to provide better-functioning products that offer additional functions. Commercial and residential customers are also interested in using Permanent Magnet Motors in HVAC applications. In the near future, it is expected that electric vehicles will use permanent magnet synchronous motors. For instance, Mercedes-Benz and Siemens formed a joint strategy for a sustainable automotive production partnership in March 2021. As part of a project sponsored by the State of Berlin, the two companies will be collaborating to advance the digitization and automation of the automotive industry. A prominent target of Mercedes-Benz AG is digitizing manufacturing processes. A new magnetic material developed by Toshiba Corporation in December 2020 contributes to improved motor efficiency. Specifically, these features increase consumer satisfaction in weak-grid and off-grid markets, which subsequently leads to more customers willing to pay for high-performance appliances.


  • High Cost

The high cost of permanent magnet motors is one of the major obstacles to their growth. As a result of rare-earth magnets' high cost, permanent magnets are highly efficient, but at a high price. Despite some industrial and commercial electronics manufacturers being reluctant to invest in permanent magnet motors, it is likely to change in the future because permanent magnet motors increase productivity, reduce maintenance costs, and improve operations in industrial and commercial sectors.

Covid-19 Insight

In the near future, the most significant impact will be felt through supply chains on permanent magnet motors in contracts already existing or manufacturing processes already underway. The industry anticipates a delay in delivery and construction due to closures of plants to limit the spread of the Coronavirus or because workers begin getting sick. Furthermore, PMMs are likely to be affected by the escalating COVID-19 pandemic, which has considerable applications in certain industries (such as the manufacturing sector) and has a high rate of adoption in the industrial sector. For instance, EV sales in China were expected to fall by 23% year on year to 821,000 units in 2020, but this decline was expected to be reversed in the second half of the year due to the COVID-19 outbreak. 

Permanent Magnet Motor Market Scope:

Report Metric Details
 Market size value in 2019  US$32.257 billion
 Market size value in 2026  US$67.182 billion
 Growth Rate  CAGR of 11.05% from 2019 to 2026
 Base year  2019
 Forecast period  2021–2026
 Forecast Unit (Value)  USD Billion
 Segments covered  Motor Type, Magnet, Industry Vertical, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered  Siemens AG, ABB, Rockwell Automation, Inc., Franklin Electric Co., Inc., Toshiba   Corporation, Allied Motion Technologies Inc., Autotrol Corporation, Johnson Controls,   General Electric, Nidec Corporation
 Customization scope  Free report customization with purchase


  • By Motor Type
    • Direct Current Motor
    • Alternating Current Motor
    • Hermetic Motor 
  • By Magnet
    • Ferrite
    • Neodymium
    • Samarium Cobalt
  • By Industry Vertical
    • Consumer Electronics
    • Manufacturing
    • Healthcare
    • Energy
    • Others
  • By Geography
    • North America
      • United States
      • Canada
      • Others 
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Others
    •  Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • China
      • India
      • South Korea
      • Taiwan
      • Thailand
      • Indonesia
      • Japan
      • Others

Frequently Asked Questions (FAQs)

Q1. What is the size of the global permanent magnet motor market?
A1. Permanent Magnet Motor Market was valued at US$32.257 billion in the year 2019.

Q2. What will be the permanent magnet motor market size by 2026?
A2. The global permanent magnet motor market is expected to reach a market size of US$67.182 billion by 2026.

Q3. What are the growth prospects for the permanent magnet motor market?
A3. The permanent magnet motor market is expected to grow at a CAGR of 11.05% during the forecast period.

Q4. What factors are anticipated to drive the permanent magnet motor market growth?
A4. Permanent magnet motor manufacturers are leveraging energy-efficient motor manufacturing and growing use of permanent magnet motors in industries such as automotive to drive market growth.

Q5. How is the global permanent magnet motor market segmented?
A5. The permanent magnet motor market has been segmented by motor type, magnet, industry vertical, and geography.

1.1. Market Definition
1.2. Market Segmentation

2.1. Research Data
2.2. Assumptions

3.1. Research Highlights

4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis

5.1. Introduction
5.2. Direct Current Motor
5.3. Alternating Current Motor
5.4. Hermetic Motor 

6.1. Introduction
6.2. Ferrite
6.3. Neodymium
6.4. Samarium Cobalt

7.1. Introduction
7.2. Consumer Electronics
7.3. Manufacturing 
7.4. Healthcare
7.5. Energy
7.6. Others

8.1. Introduction
8.2. North America
8.2.1. United States
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. Germany
8.4.2. France
8.4.3. United Kingdom 
8.4.4. Spain 
8.4.5. Others
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. UAE
8.5.3. Israel
8.5.4. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. India
8.6.3. South Korea
8.6.4. Taiwan
8.6.5. Thailand
8.6.6. Indonesia 
8.6.7. Japan
8.6.8. Others

9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix

10.1. Siemens AG
10.2. ABB
10.3. Rockwell Automation, Inc.
10.4. Franklin Electric Co., Inc.
10.5. Toshiba Corporation
10.6. Allied Motion Technologies Inc.
10.7. Autotrol Corporation
10.8. Johnson Controls
10.9. General Electric
10.10. Nidec Corporation

Siemens AG


Rockwell Automation, Inc.

Franklin Electric Co., Inc.

Toshiba Corporation

Allied Motion Technologies Inc.

Autotrol Corporation

Johnson Controls

General Electric

Nidec Corporation



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