Permanent Magnet Motor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Permanent Magnet Motor Market is segmented by Motor Type (Direct Current Motor, Alternating Current Motor), Magnetic Material Type (Ferrite, Neodymium, Samarium Cobalt), End-user Vertical (General Industrial, Automotive, Energy, Water and Wastewater Management, Mining, Oil, and Gas, Aerospace and Defense), and Geography.

Market Snapshot

permanent magnet motor market
Study Period: 2018- 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: 10.08 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The Permanent Magnet Motor Market was valued at USD 30.11 billion in 2020 and expected to reach USD 52.31 billion by 2026 and grow at a CAGR of 10.08% over the forecast period (2021 - 2026). The COVID-19 outbreak has forced several industries to halt almost every industrial operation globally. Since the raw materials are bought in from China, the sourcing is affected by the United States' tariffs.

Further, amidst the pandemic spread of COVID-19, the market for PMMs, which has a significant application in industries (such as the manufacturing sector) and sees substantial adoption at the industrial front, is likely to be impacted. For instance, EV sales in China in 2020 were expected to decline by 23% year on year to 821,000 units, with a continued sales recovery expected in the second half of the year due to the pandemic.

  • Permanent magnet motor (PMM) is witnessing a significant increase in demand due to its high efficiency and throughput. These motors cover a wide range of applications, from stepping motors for wristwatches and industrial drives for machine tools, to large PM synchronous motors for ship propulsion.
  • Electric vehicles are expected to boost the growth of the market studied over the forecast period. The number of new EV cars registered globally hit an unprecedented market share in 2019, with the developed markets supporting this trend. With the leading automotive companies increasingly adopting permanent magnet motors into EVs, the global demand is expected to increase, further driving the market growth over the forecast period.
  • Neodymium magnet accounted for the largest share in the market in 2019, and it is expected to be the fastest-growing magnetic material segment over the forecast period. The high energy product and high residual flux density of neodymium make it a compulsive choice of material for industrial applications. Neodymium offers both high- and low-grade variants, enabling it to deliver superior performance and torque, as compared to a conventional motor, thereby increasing its adoption. However, high prices and scarcity are likely to pose challenges to the growth of this material.
  • The increasing demand for HVAC equipment is also expected to influence the market studied. It is majorly driven by the increase in the number of new households, rising average construction spending, rapid urbanization, and growth in disposable income across several major economies. The increasing standards on minimum energy efficiency on appliances and equipment are also driving the growth of PMMs in HVAC equipment.

Scope of the Report

A permanent magnet motor is a type of brushless electric motor that uses permanent magnets rather than winding. Permanent magnet motors are more efficient than traditional induction motors, or motors with field winding, for specific high-efficiency applications, such as electric vehicles.

Motor Type
Direct Current (DC) Motor
Alternating Current (AC) Motor
Magnetic Material Type
Samarium Cobalt
Other Magnetic Material Types
End-user Vertical
General Industrial
Water and Wastewater Management
Mining, Oil, and Gas
Aerospace and Defense
Other End-user Verticals
North America
Asia Pacific
Latin America
Middle East and Africa

Report scope can be customized per your requirements. Click here.

Key Market Trends

Direct Current Motor Holds Significant Share

  • Permanent DC motors have been popular in the industry since the industry started shifting from an induction motor. The DC motors offer a few advantages, such as ease of operation, compact size, and ability to perform without further control.
  • PMDC motors are highly efficient, and they can provide considerable power and torque in a tiny form factor. Additionally, they can be easily interfaced with batteries because they have been widely used in various applications. Their compact size and compatibility with batteries provide opportunities for many newer applications and industries, like drones, regenerative braking, power tools, etc.
  • PMDC motors have various applications in automobile components, which include windows and blowers used in AC and heaters, in personal computer disks and drives, as well as small power rating equipment, like toys and small robots.
  • In recent years, the world witnessed the advent of electric vehicles. Electric cars are often considered as the future in the automotive market. Increasing adoption of PMDC motors in electric cars and increasing investments by leading players, like Tesla Motors, are expected to boost the market. The number of battery electric vehicles sold in the United States was approximately 245,000 in 2019, with sales of Tesla models accounting for almost 80% of that figure. (Inside EVs Estimates)
Electric Vehicles.png

To understand key trends, Download Sample Report

North America Holds Significant Market Share

  • The North American region is expected to hold a significant share globally due to the increasing investments by market players and other organizations, coupled with government initiatives toward building an energy-efficient and sustainable environment. The strong wind energy sector is set to grow in the region and boost the growth of the permanent magnet market during the forecast period.
  • With the focus on energy-efficient solutions rising, industries across the region are deploying PMM across various factory operation segments, in turn, augmenting the market for PMM. Canada is focusing heavily on energy consumption with programs like CIPEC (Canada Industry Program for Energy Conservation).
  • Furthermore, Geomega Resources Inc, a rare earth cleantech developer for mining and recycling, collaborated with USA Rare Earth, a funding and development partner of the Round Top-Heavy Rare Earth and Critical Minerals Project West Texas, to recycle rare earth–containing production waste. This waste comes from USA Rare Earth’s production of sintered neodymium iron boron permanent magnets (sintered neo magnets) in the United States. Such initiatives are expected to boost the adoption of PMMs in the region, especially in this sector, which is a major industry in the region.

To understand geography trends, Download Sample Report

Competitive Landscape

The Permanent Magnet Motor Market is moderately competitive. Market incumbents can gain an advantage to garner a larger market share with innovations and investments in R&D. The intensity of competitive rivalry is expected to increase further, owing to increasing market penetration and deployment of powerful competitive strategies by market players.

  • March 2021 - Siemens and Mercedes-Benz formed a strategic partnership for sustainable automotive production. Both the companies are planning to cooperate on advancing digitalization and automation in the automotive industry, supported by the State of Berlin. Mercedes-Benz AG is aiming to digitize its production processes. Siemens will be bringing its expertise and technologies to the partnership in order to develop highly flexible, efficient, and sustainable automotive production together with Mercedes-Benz.
  • December 2020 - Toshiba Corporation developed a new magnetic material that delivers improved motor energy conversion efficiency. Through testing in an induction motor in the railway rolling stock drive systems, the company confirmed an efficiency increase of 0.9 pt, with an improvement approaching the efficiency of permanent magnet synchronous motors. The material can also be installed in permanent magnet synchronous motors to realize much higher efficiency.

Recent Developments

  • April 2021 - Franklin Electric Co. Inc. acquired Puronics, Inc. and its wholly owned subsidiaries, headquartered in Livermore, California. Puronics is a residential and commercial water treatment products and services provider that is operating four company owned service centers and serving approximately 133 independent water quality dealers with approximately 260 locations in 31 states.
  • April 2021 - ABB secured a contract with Spanish shipbuilder Astilleros Gondán in order to supply all-electric power solution for fast 40-meter urban passenger ferries transporting up to 540 passengers each across Lisbon’s Tagus river.
  • November 2020 - Autotrol Corporation launched a new ranged of Permanent Magnet Synchronous AC gear motor with theModel 550 HT. Autotrol’s newest motors is the Model 550HT High Torque AC Gear Motor. The 550HT incorporates the dual coil powerhead of model 550 and couples it with an extruded aluminum gearbox. This design offers output speeds from as fast as 120 RPM to as low as 0.25 RPM and torque ratings from 69 oz. in. up to 416 oz. n.

Table of Contents


    1. 1.1 Study Assumptions​ and Market Definition​

    2. 1.2 Scope of the Study




    1. 4.1 Industry Attractiveness - Porter's Five Forces Analysis​

      1. 4.1.1 Bargaining Power of Suppliers

      2. 4.1.2 Bargaining Power of Buyers/Consumers

      3. 4.1.3 Threat of New Entrants

      4. 4.1.4 Threat of Substitute Products

      5. 4.1.5 Intensity of Competitive Rivalry

    2. 4.2 Market Drivers

      1. 4.2.1 Increased Motor Efficiency due to Permanent Magnets

      2. 4.2.2 Rising Demand for Electric Vehicles

      3. 4.2.3 Rising Demand for Permanent Magnet Motor (PMM) in the Industrial Sector

    3. 4.3 Market Challenges

      1. 4.3.1 Diminishing Availability of Rare-earth Metals

    4. 4.4 Market Opportunities

    5. 4.5 Assessment of Impact of COVID-19 on the Permanent Magnet Motor Market

    6. 4.6 Technology Snapshot


    1. 5.1 Motor Type

      1. 5.1.1 Direct Current (DC) Motor

      2. 5.1.2 Alternating Current (AC) Motor

    2. 5.2 Magnetic Material Type

      1. 5.2.1 Ferrite

      2. 5.2.2 Neodymium

      3. 5.2.3 Samarium Cobalt

      4. 5.2.4 Other Magnetic Material Types

    3. 5.3 End-user Vertical

      1. 5.3.1 Automotive

      2. 5.3.2 General Industrial

      3. 5.3.3 Energy

      4. 5.3.4 Water and Wastewater Management

      5. 5.3.5 Mining, Oil, and Gas

      6. 5.3.6 Aerospace and Defense

      7. 5.3.7 Other End-user Verticals

    4. 5.4 Geography

      1. 5.4.1 North America

      2. 5.4.2 Europe

      3. 5.4.3 Asia Pacific

      4. 5.4.4 Latin America

      5. 5.4.5 Middle East and Africa


    1. 6.1 Company Profiles

      1. 6.1.1 Siemens AG

      2. 6.1.2 Rockwell Automation

      3. 6.1.3 ABB Limited

      4. 6.1.4 Franklin Electric Company Inc.

      5. 6.1.5 Allied Motion Technologies Inc.

      6. 6.1.6 Toshiba Corporation

      7. 6.1.7 Ametek Inc.

      8. 6.1.8 Johnson Electric Holdings Ltd

      9. 6.1.9 Autotrol Corporation

      10. 6.1.10 Robert Bosch GmbH

      11. 6.1.11 Danaher Corporation

      12. 6.1.12 Bonfiglioli Group

      13. 6.1.13 Aerotech Corporation

      14. 6.1.14 Crouzet Automatismes

      15. 6.1.15 Buhler Motors GmbH

      16. 6.1.16 Nidec Corporation

    2. *List Not Exhaustive


**Subject to Availability

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Global Permanent Magnet Motor Market market is studied from 2018 - 2026.

The Global Permanent Magnet Motor Market is growing at a CAGR of 10.08% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

ABB Limited, Rockwell Automation, Siemens AG, Franklin Electric Company Inc., Allied Motion Technologies Inc. are the major companies operating in Global Permanent Magnet Motor Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!