EV Magnet Market worth $9.5 billion by 2030 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., March 5, 2026 /PRNewswire/ -- According to MarketsandMarkets, 'EV Magnet Market by Magnet Type (NdFeB, SmCo, AINiCo, Ferrite), By Vehicle Type (Passenger EVs, Electric Buses & Trucks), By Power Rating, Application, and Region - Forecast to 2030', the EV magnet market is expected to reach USD 9.5 billion by 2030 from USD 5.3 billion in 2025, at a CAGR of 12.4% from 2025 to 2030.

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EV Magnet Market Size & Forecast:

• Market Size Available for Years: 2023-2030
• 2025 Market Size: USD 5.3 billion
• 2030 Projected Market Size: USD 9.5 billion
• CAGR (2025-2030): 12.4%

EV Magnet Market Trends & Insights:

• The EV magnet market is experiencing strong growth, driven by rising global electric vehicle production and demand for high-efficiency traction motors across passenger EVs, electric buses, hybrid vehicles, and light commercial vehicles. Continuous advancements in permanent magnet materials, particularly neodymium-iron-boron (NdFeB) and samarium cobalt (SmCo), along with improvements in motor design and thermal management technologies, have enhanced power density, torque performance, and overall drivetrain efficiency, expanding the use of EV-grade magnets in propulsion, auxiliary motors, and control systems. This demand is further reinforced by rapid electrification trends, including government incentives for zero-emission vehicles, expansion of EV manufacturing capacity, and growing adoption of advanced motor architectures such as permanent magnet synchronous motors (PMSMs). At the same time, increasing integration of magnet-based control and sensing systems, development of high-voltage (400V–800V) platforms, and investments in localized rare-earth supply chains are driving sustained growth of the EV magnet market globally.
• Asia Pacific dominated the EV magnet market, with a share of 79.4%, in terms of value in 2024.
• By magnet type, the ferrite segment is projected to grow at the highest CAGR of 12.5% during the forecast period.
• By vehicle type, the passenger electric vehicles segment dominated the EV magnet market with a share of 90.2% in terms of value in 2024.
• By power rating, the low-power motors (<60 kW) segment is expected to register the highest CAGR during the forecast period.
• By application, the control & sensing systems segment is expected to register the highest CAGR during the forecast period.
• Proterial, Ltd., Arnold Magnetic Technologies, TDK Corporation, Yantai Dongxing Magnetic Materials Inc., and Shin-Etsu Chemical Co., Ltd are star players in the EV magnet market, given their broad industry coverage and strong operational & financial strength.
• Hangzhou Permanent Magnet Group., Ltd., JPMF Guangdong Co., Ltd, and Thomas & Skinner, Inc. have distinguished themselves among startups and SMEs due to their well-developed marketing channels and extensive funding to build their product portfolios.

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The EV magnet market is significantly influenced by the presence of global and regional aluminum manufacturers. Companies such as Proterial Ltd., TDK Corporation, Shin-Etsu Chemical Co., Ltd., Vacuumschmelze GmbH & Co. KG, JL Mag Rare-Earth Co., Ltd., Beijing Zhong Ke San Huan High-Tech Co., Ltd., Ningbo Yunsheng Co., Ltd., Arnold Magnetic Technologies, Yantai Dongxing Magnetic Materials Inc., Baotou Tianhe Magnetic Technology Co., Ltd., Adams Magnetic Products, LLC, Bunting Magnetics Co., Magnequench International, LLC, Daido Steel Co., Ltd., Goudsmit Magnetics, Eclipse Magnetics, and Earth-Panda Advanced Magnetic Material Co., Ltd. offer a wide range of EV magnets. The availability of these high-quality products from numerous reliable suppliers facilitates market growth, as various industries show increasing interest in utilizing EV magnets.

By magnet type, the ferrite segment is expected to grow at the highest CAGR in the EV magnet market during the forecast period

By magnet type, the ferrite segment is projected to register the highest CAGR during 2025-2030, outpacing the overall EV magnet market. This accelerated growth is driven by increasing OEM adoption of ferrite-based traction motor designs to reduce dependence on rare earth materials amid price volatility in neodymium and dysprosium. Ferrite magnets are seeing higher penetration in cost-sensitive passenger EV platforms and entry-level electric two- and three-wheelers, particularly in the Asia Pacific region. Advancements in motor design optimization, such as improved rotor topology and higher electrical efficiency compensation, are enabling ferrite magnets to be used in mid-power traction applications, further strengthening their growth trajectory.

By vehicle type, the passenger electric-vehicle segment is projected to grow at the second-highest CAGR in the EV magnet market during the forecast period.

Among vehicle types, the passenger electric vehicles (PEVs) segment is projected to grow at the second-highest CAGR during the forecast period. Although passenger EVs account for the largest share of magnet consumption (by volume) due to high global production volumes, their growth rate is comparatively moderate versus light commercial EVs and electric buses, which are expanding from a smaller base. Increasing penetration of dual-motor configurations, higher-power-rated traction systems (150-250 kW platforms), and rising average magnet content per vehicle continue to support strong and sustained demand within this segment.

Medium-power motors (60-150 KW) segment to grow at third-highest CAGR in the EV magnet market during the forecast period.

The medium-power motors (60-150 kW) segment is projected to grow at the third-highest CAGR in the EV magnet market during the forecast period. This growth is driven primarily by rising production of compact and mid-size passenger EVs, which typically operate within this power range for optimal efficiency and cost balance. Increasing adoption of single-motor front- and rear-wheel drive architectures in mainstream EV models is strengthening magnet demand in this category. The shift toward higher-efficiency traction systems and improved torque density within mid-range platforms is supporting greater consumption of high-performance NdFeB magnets per motor unit.

The powertrain components segment is expected to hold the second-largest market share during the forecast period.

The powertrain components segment is expected to hold the second-largest share in the EV magnet market during the forecast period, supported by the growing integration of permanent magnets in traction motors, e-axles, integrated drive units (IDUs), and rotor assemblies. As OEMs shift toward compact, high-efficiency propulsion platforms, magnet intensity per vehicle is rising, particularly in dual-motor and high-voltage architectures. Growing production of high-performance and long-range EV models is further strengthening magnet demand within core powertrain systems, maintaining this segment's strong value contribution throughout the forecast period.

North America is expected to hold the second-largest market share during the forecast period.

North America is expected to hold the second-largest market share in the EV magnet market during the forecast period, supported by strong EV production growth in the US, expanding domestic battery and e-drive manufacturing capacity, and policy incentives under clean energy and localization initiatives. Rising investments in rare-earth processing and magnet manufacturing facilities to reduce import dependence are further strengthening regional supply chain resilience. Increasing adoption of high-performance and long-range EV models, particularly SUVs and electric trucks with higher power ratings, is contributing to sustained magnet demand across the region.

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Key Players

Prominent companies include Proterial Ltd. (Japan), TDK Corporation (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), Vacuumschmelze GmbH & Co. KG (Germany), JL Mag Rare-Earth Co., Ltd. (China), Beijing Zhong Ke San Huan High-Tech Co., Ltd. (China), Ningbo Yunsheng Co., Ltd. (China), Arnold Magnetic Technologies (US), Yantai Dongxing Magnetic Materials Inc. (China), Baotou Tianhe Magnetic Technology Co., Ltd. (China), Adams Magnetic Products, LLC (US), Bunting Magnetics Co. (US), Magnequench International, LLC. (Singapore), Daido Steel Co., Ltd. (Japan), Goudsmit Magnetics (Netherlands), Eclipse Magnetics (UK), Earth-Panda Advanced Magnetic Material Co., Ltd. (China), and others. 

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