Global Permanent Magnet Synchronous Motor Market Analysis & Trends - Industry Forecast to 2030

Global Permanent Magnet Synchronous Motor Market Analysis & Trends - Industry Forecast to 2030

Permanent Magnet Synchronous Motor: Market Size

From $44.08 billion in 2024, the global Permanent Magnet Synchronous Motor market is projected to reach $101.43 billion by 2030. Based on our analysis the market is expected to grow at a CAGR of 14.9% from 2024 - 2030 timeframe. Some of the prominent trends that the market is witnessing include emergence of robotics technology, growing acceptance of 5G technology, and increasing use of IoT.

Global Permanent Magnet Synchronous Motor Market: Market Dynamics

Permanent magnet synchronous motors are more efficient than induction motors and are the most power-dense type of traction motors commercially available. Therefore, the increasing demand for higher operating efficiency motors is likely to fuel the requirement of permanent magnet synchronous motors across different industries. Major factors influencing the PMSM market growth are growing need for energy-efficient low power-consuming motors, growing demand of permanent magnet synchronous motors in industrial and agricultural sectors, and increasing awareness towards the use of green vehicles.

On the other hand, the high price and scarcity of rare earth magnets are likely to obstruct the profit boundaries. In addition, increasing emphasis on the maintenance and use of standard motors will further boost for the Permanent Magnet Synchronous Motor market.

Impact of COVID-19 on Permanent Magnet Synchronous Motor

Many components for manufacturing permanent magnet motor come from Europe and Asia Pacific. Manufacturing disruptions in China and the US could contribute to a significant short-term decline in the permanent magnet motor market. Moreover, due to the COVID-19 outbreak, the value of the local currencies of many countries has depreciated. The balance between supply and demand has been disrupted which led to financial losses to the metal manufactures, and resulted in increased component costs.

By Power Rating

0-20kW Segment Dominate the Market in 2024

The 0-20kW segment made huge revenue in 2024 and growing its prominence during the forecast period. Motors of this power rating are extensively used in medical electronics such as gas analyzer membrane pumps and breathing systems. The various industrial applications of these motors include laser scanning instruments.


By Geography

Asia Pacific Region is Leading in the Global Market Place

Asia Pacific region is likely to have a huge demand in the forecast period owing to the rising investments in the automotive sector, especially electric vehicles, and increasing manufacturing of electronics in the region. Moreover, the countries such as China, Japan, and India are driving the growth in the permanent magnet motor market in the region.

List of the Key Players Profiled in the Market Include:

• Panasonic Corporation
• Toyota Motor Corporation
• General Motors
• Samsung Electronics Co. Ltd
• Google Inc.
• Parker Hannifin Corp
• Raytheon Company
• Fossil Group Inc.
• Vuzix Corporation
• Ekso Bionics Holdings Inc
• Life Sense Group B.V.
• Garmin
• BrainGate Company
• Magic Leap Inc.
• B-Temia Inc.

List of the Regions/Countries Profiled in the Market Include:

North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others