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The permanent magnet motor market is valued at USD 33.97 billion in 2019 and is expected to reach USD 57.79 billion by 2025. During the forecast period (2020-2025), the compound annual growth rate is 9.46%. Permanent magnet motors (PMM) have significantly increased in demand due to their high efficiency and high output. These motors have a wide range of applications, from stepping motors for watches and industrial drives for machine tools to large permanent magnet synchronous motors for ship propulsion.
-Permanent magnet synchronous motors have high torque/current ratio, high power/weight ratio, high efficiency and robustness. Therefore, these motors are used in the latest variable speed AC drives, especially in electric vehicle applications. This is an important reason that has attracted more and more attention from the automotive industry.
-Electric vehicles are expected to promote the growth of the studied market during the forecast period. The number of new electric vehicles registered globally reached an unprecedented market share in 2019, and developed markets support this trend. As leading automobile companies increasingly apply permanent magnet motors to electric vehicles, global demand is expected to increase, which will further drive market growth during the forecast period.
-Neodymium magnets accounted for the largest market share in 2019 and are expected to be the fastest growing field of magnetic materials during the forecast period. The high energy product and high residual flux density of neodymium make it the material of choice for industrial applications. Neodymium has two models, high-grade and low-grade. Compared with traditional motors, neodymium has higher performance and torque, which increases the adoption rate. However, high prices and scarcity may challenge the growth of this material.
-Growing demand for HVAC equipment is also expected to affect the market under study. The main reasons are the increase in the number of new households, the increase in average construction expenditure, rapid urbanization, and the growth of disposable income in several major economies. The continuous improvement of minimum energy efficiency standards for household appliances and equipment has also promoted the growth of PMM in HVAC equipment.
-The COVID-19 outbreak has forced several industries to stop almost all industrial production worldwide. Since the raw materials are purchased from China, the purchase is affected by US tariffs. In addition, in the COVID-19 pandemic, the PMM market may be affected, and this market has important applications in industry (such as manufacturing) and is widely adopted in the industrial field.
Main market trends：DC motors occupy an important share
Since the industry started to switch from induction motors to permanent magnet DC motors, the industry has been very popular. DC motors have some advantages, such as easy operation, compact size, and the ability to perform without further control.PMDC motor is very efficient, and can provide considerable power and torque in a small size range. In addition, since they have been widely used in various applications, they can be easily connected to batteries. Their compact size and battery compatibility provide opportunities for many new applications and industries, such as drones, regenerative braking, and power tools.In addition, the main benefit for users is that they can easily operate a single product, which can be configured to use various operating modes and control methods to control different types of motors. These measures are expected to promote the adoption of permanent magnet DC motors among users.PMDC motors have many applications in automotive parts, including windows and blowers for AC and heaters, personal computer disks and drives, and small power-rated devices such as toys and small robots.In recent years, the world has witnessed the advent of electric vehicles. Electric vehicles are generally considered the future of the automotive market. The adoption of PMDC motors in electric vehicles continues to increase, and investment by leading companies such as Tesla Motors is also expected to increase the market. In 2019, the number of battery electric vehicles sold in the United States was approximately 245,000, and sales of Tesla models accounted for almost 80% of that number. (Internal estimates for electric vehicles)
North America has an important market share
Due to increased investment by market participants and other organizations, coupled with government initiatives to build energy-saving and sustainable environments, North America is expected to occupy an important share of the world. During the forecast period, the strong wind energy industry will grow in the region and drive the growth of the permanent magnet market.As people pay more and more attention to energy-saving solutions, various industries in the region are deploying PMM to various fields