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The global permanent magnet motor market is projected to reach USD 64.6 billion by 2026 from an estimated value of USD 41.2 billion in 2021, at a CAGR of 9.4% during the forecast period. Increasing demand for energy-efficient motors and growing implementation of permanent magnet motor in industries such as automotive are the key factors driving the permanent magnet motor market. The high initial cost of permanent magnet motor can restraint the growth of the permanent magnet motor market. However, growing robotics technology offers promising business opportunities in the permanent magnet motor market.
The permanent magnet motor market has promising growth potential due to increasing large-scale industrial investments in key market regions. Global trends such as electric vehicles, robotics, industrial equipment have led to the increased demand for permanent magnet motor market. Asia Pacific is also the fastest-growing market for permanent magnet motor owing to rising investment in electric vehicles where permanent magnet motors are installed on a large scale.
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The permanent magnet motor market, by type, is segmented into PMAC, PMDC, and Brushless DC.
Brushless DC motor is expected to be the largest and fastest growing segment in permanent magnet motor market. Better efficiency of these motors makes them suitable for many uses. The brushless DC motor has various benefits over other electric motors such as reduced noise, longer life, elimination of ionizing sparks from the commutator, and overall reduction of electromagnetic interference. These motors are expected to witness considerable growth due to their increasing usage in electric vehicle, HVAC equipment, robotics, medical equipment, among others. These advantages and resultant increased adoption is expected to be the major factor for high growth in this area.
The permanent magnet motor market, by end user, is segmented into industrial, commercial and residential, and others. Others include transportation, and defense among others. Industrial end user segment is expected to be one of the fastest-growing segment. The growth of the segment is attributed to the increase in demand from Automotive, Electronics, Pulp & Paper and textile industries. Rapid growth of electric vehicles and industrial robotics are among the major factors driving the growth in this segment.
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Asia Pacific is estimated to be the fastest-growing market for permanent magnet motor market during the forecast period. Asia pacific includes China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. The Rest of Asia Pacific includes Myanmar, Vietnam, Indonesia, Malaysia, Singapore, Taiwan, and the Philippines. Asia Pacific is a growing market for Permanent Magnet Motor in various applications, such as automotive, electronics in industrial segment and offices and healthcare in commercial segment, due to its fast-growing economies. The market in China is expected to grow mainly because the number of manufacturing units in China is increasing, which is expected to create a massive demand for Permanent Magnet Motor. Another reason for the growth of the Permanent Magnet Motor market in APAC is the increase in the number of manufacturing plants in various sectors, such as transportation, chemicals, and pharmaceutical industries.