Global Permanent Magnet Market Outlook 2024, Forecast To 2033
23 Feb, 2024
The permanent magnet market has seen rapid growth, increasing from $33.91 billion in 2023 to $38.31 billion in 2024, with a 13.0% CAGR. This is linked to electronics and IT industry growth. Projections indicate continued growth to $60.08 billion in 2028, driven by electric vehicle expansion and industrial robotics. Key trends include magnetic levitation technology and rare earth-free magnets.
Global Permanent Magnet Market Key Driver
The permanent magnet market is expected to grow with the increasing demand for automobile applications. Permanent magnets are commonly used in variable-speed drives for electric vehicles. With electric vehicle sales reaching 50,866 units in India in May 2021 and a 240% jump from the previous year, the demand for permanent magnets in automobile applications is set to increase.
Get A Free Sample Of The Global Permanent Magnet Market ReportGlobal Permanent Magnet Market Segments
The permanent magnet market covered in this report is segmented –
1)By Type: Ferrite Magnets, Samarium Cobalt Magnets, Alnico Magnets, Neodymium Iron Boron Magnets
2)By Sales Channel Type: Direct Sales, Distributors
3)By End-Use: General Industrial, Automotive, Medical Technology, Environment & Energy, Aerospace & Defense, Consumer Electronics
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacificwas the largest region in the permanent magnet market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the permanent magnet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Permanent Magnet Industry Players
Siemens AG; Mitsubishi Electric Corporation; Toshiba Corp.; Hitachi Ltd.; Asea Brown Boveri; Robert Bosch GmbH; Meidensha Corp.; Continental AG; Alstom SA; Broad-Ocean Motor Co. Ltd.; Xizi Forvorda ELECTRICAL MACHINERY CO. LTD.; DRS Technologies Pvt. Ltd.; Emerson Electric Co.; Johnson Electric Holdings Limited; Leonardo DRS; Nidec Motor Corporation; Hangzhou Permanent Magnet Group; Arnold Magnetic Technologies Corp.; Tokyo Denki Kagaku Kogyo; Shin-Etsu Chemical Co. Ltd.; Electron Energy Corporation; Adams Magnetic Products Co. Inc.; Bunting Magnetics Co.; Tengam Engineering Inc.; Yantai Shougang Magnetic Materials Inc.; Chengdu Galaxy Magnets Co. Ltd.; Goudsmit Magnetics Ltd.; Eclipse Magnetics Ltd.; MagnaWorks Technology Inc.; Dura Magnetics Inc.; Daido Steel Co. Ltd.; Hengdian Group DMEGC Magnetics Co. Ltd.; Ningbo Vastsky Magnet Co. Ltd.
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Permanent Magnet Market Overview
A permanent magnet refers to a piece of magnetized material used in various types of electronic products that generates a strong magnetic field on its own and preserves its magnetic characteristics in the absence of a magnetizing force, such as a current or an inducing field.
Permanent Magnet Global Market Report 2023 provides data on the global permanent magnet market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The permanent magnet market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.