Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 47.91 Billion | USD 133.40 Billion | 10.78% | 2024 |
FrequentlyAsked Questions
The global permanent magnet motor market is expected to grow due to demand for energy-efficient motors in EVs, industrial automation, and renewable energy applications.
According to a study, the global permanent magnet motor market size was worth around USD 47.91 Billion in 2024 and is expected to reach USD 133.40 Billion by 2034.
The global permanent magnet motor market is expected to grow at a CAGR of 10.78% during the forecast period.
Asia-Pacific is expected to dominate the permanent magnet motor market over the forecast period.
Leading players in the global permanent magnet motor market include ABB Ltd., Siemens AG, Nidec Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, Rockwell Automation, WEG S.A., Franklin Electric Co. Inc., Allied Motion Technologies Inc., Robert Bosch GmbH, Ametek Inc., Johnson Electric Holdings Ltd., YASA Limited, Traktionssysteme Austria, Hinetics, among others.
The report explores crucial aspects of the permanent magnet motor market, including a detailed discussion of existing growth factors and restraints, while also examining future growth opportunities and challenges that impact the market.
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