Permanent Magnet Motor Market worth $93.75 billion by 2030 | MarketsandMarkets™
DELRAY BEACH, Fla., June 25, 2025 /PRNewswire/ -- The global Permanent Magnet Motor Market is anticipated to grow from estimated USD 58.68 billion in 2025 to USD 93.75 billion by 2030, at a CAGR of 9.8% during the forecast period. The Permanent Magnet Motor Market is experiencing significant global growth due to the increasing demand for high-performance and energy-efficient motors across various applications. Permanent magnet motors utilize permanent magnets to create the magnetic field, making them more efficient, offering superior torque profiles, and allowing for a more compact design than conventional motors. As energy savings and performance become more critical in automotive, industrial automation, HVAC, aerospace, and consumer electronics, these motors have emerged as the preferred choice. A key factor driving this market growth is the rise in the adoption of electric vehicles (EVs). Permanent magnet motors are particularly popular in EV drivetrains because of their high power density and efficiency. Additionally, advancements in magnet technology, decreasing prices of rare-earth materials, and supportive government policies aimed at energy conservation further propel market growth. The Asia Pacific region is emerging as the fastest-growing area, supported by rapid industrialization, increasing EV production, and strong government backing in countries such as China, Japan, and India. The Permanent Magnet Motor Market is expected to grow steadily in the coming years, as companies continue to invest in production capacity and innovation. These motors' high efficiency, compact size, and improved torque control enable their use in electric vehicles, industrial automation, HVAC systems, and household appliances. Furthermore, the global shift toward a more sustainable future and stricter energy policies are stimulating the replacement of older motors with permanent magnet alternatives. Continuous technological advancements and decreasing costs of rare-earth materials make these motors more affordable and accessible.
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By Type, permanent magnet AC segment to dominate market during forecast period
Permanent Magnet AC motors hold the largest market share because they are more efficient, have a higher torque-to-weight ratio, and perform better in variable speed applications than other motors. These motors have found considerable application in significant areas, which include electric vehicles, industrial automation, HVAC systems, and robotics, where saving energy and controlled precision are essential. Additionally, advances in motor control technologies and the decreasing prices of rare-earth magnets have reduced the cost difference between PMAC motors and PI motors, making them more attractive for widespread adoption across various industries.
Asia Pacific to be fastest-growing market during forecast period
During the forecast period, Asia Pacific is expected to be the fastest-growing market for permanent magnet motors. There is strong demand for permanent magnet motors in Asia Pacific because of the blistering industrialization, the rising use of electric vehicles, and the growing production industries in nations such as China, India, Japan, and South Korea. Government programs promoting energy efficiency and clean energy, and an increasing interest in investing in automation and infrastructure, are driving demand in this sector. Additionally, the region boasts a high concentration of motor manufacturers and parts suppliers, facilitating faster production and innovation at competitive prices.
Key Players
Some major players in the Permanent Magnet Motor Market are NIDEC CORPORATION, ABB, Siemens, Wolong Electric Group, and WEG. These players' major strategies include acquisitions, product launches, agreements, partnerships, and expansions.
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ABB (Switzerland)
ABB (Switzerland) is a global leader offering various products, systems, and services in the utilities, infrastructure, and transportation industries. The company operates through four major divisions: Electrification, Industrial Automation, Motion, and Robotics & Discrete Automation. ABB offers a complete portfolio in the Motion segment, including electric motors, generators, drives, and services. This segment is critical, constituting the greater share of ABB's revenues. The Motion business is involved with powertrain solutions and transmission products for automation needs in transportation, discrete manufacturing, and process industries. The Motion business serves a broad customer base with a complete range of motors, from standard to highly customized motor designs, including large AC synchronous motors and high-voltage induction motors. ABB has a strong presence in over 100 countries, and it is supported by approximately 300 consolidated operating and holding subsidiaries.
Siemens (Germany)
Siemens (Germany) is a technology company focused on electrification, automation, and digitalization, and it works in numerous sectors. The company produces generators, motors, transformers, control apparatus, general-purpose machinery, and advanced signaling and control equipment for road and rail traffic. Siemens operates through five business units: Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, and Portfolio Companies, delivering integrated offerings focused on discrete and process automation, smart energy distribution, intelligent transportation, and healthcare technology. The Digital Industries segment is the dominant growth segment for the company, with diverse industrial automation products, software, and system solutions that support comprehensive digital transformation for the manufacturing and process sectors. Siemens is committed to innovation and sustainability, growing its global reach to almost 200 countries and having a provincial presence in regional manufacturing, research and development, and service operations.
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