Westford, USA, Dec. 05, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global permanent magnet for EV market size will reach a value of USD 9.92 Billion by 2031, with a CAGR of 19.8% during the forecast period (2024-2031). The global permanent magnet for EV market for electrical vehicles (EVs) is vital for technological progress for EVs, fueled by increasing demand for energy-efficient and sustainable transportation. These magnets power electric motors, increasing the efficiency, performance, and reliability of which are all important. This market is mainly driven by adopting an increasing number of EVs, improved magnet technologies, and government policies promoting clean energy. Thus, with the progress made in the automotive industry, these permanent magnets carry a lot of significance when it comes to the future of green mobility.
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Browse in-depth TOC on the ” Permanent Magnet for EV Market”
Pages – 165
Tables – 37
Figures – 74
Permanent Magnet for EV Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 1.91 Billion |
| Estimated Value by 2031 | USD 9.92 Billion |
| Growth Rate | Poised to grow at a CAGR of 19.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing investments and expansions capacity of businesses |
| Key Market Opportunities | Increasing government support through subsidies & tax incentives |
| Key Market Drivers | Expanding EV charging infrastructure |
Permanent Magnet for EV Market Segmental Analysis
Permanent magnet for EV market segmentation is based on type and region.
Based on type, the market is segmented into Neodymium Iron Boron (NdFeB), Ferrite, Samarium Cobalt (SmCo), and Aluminum Nickel Cobalt (AlNiCo).
Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Neodymium Iron Boron to Hold Significant Growth due to Exceptional Energy Density & Enabling Compact
Neodymium Iron Boron (NdFeB) magnets dominate the global permanent magnet market for EVs due to their exceptional energy density, enabling compact, lightweight, and high-efficiency electric motors. Increased demand for electric vehicles (EVs), advancements in NdFeB production, and the ability to offer higher torque and performance-rather than the manufacturer’s need for efficiency gains or emissions reductions, which significantly contribute to the global permanent magnet for EV market share.
Interior Permanent Magnet (IPM) to Lead Market due to Superior Efficiency & Torque Density
Interior Permanent Magnet (IPM) motors dominate the EV market due to their superior efficiency, torque density, and enhanced thermal performance. Such superiority is the outcome of effectively utilizing energy, which increases the range and performance of EVs. Furthermore, the ongoing trend of sustainability, coupled with chronic and increasingly stringent emission norms. This facilitates the interior permanent magnet adoption in manufacturers seeking advanced motor solutions in keeping with the evolving efficiency standards and supports the rising global magnet for EV market growth.
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Asia-Pacific to Dominate Market due to its Robust EV Production & Abundant Raw Materials
Asia-Pacific dominates the global permanent magnet for EV market due to its robust EV production, abundant raw materials like rare earth elements, and strong government policies promoting EV adoption. Big auto manufacturers or suppliers in China, Japan, and South Korea are pushing innovations and cost efficiency to anchor the region as a permanent magnet, EV technology development center and reflects the region’s leadership in the global permanent magnet for EV market outlook.
Permanent Magnet for EV Market Insight
Drivers:
- Permanent Magnets are Essential Components in EV
- Stringent Emission Regulations and Government Incentives
- Improvements in Magnet Manufacturing Technologies
Restraints:
- Dependence on Rare Earth Materials
- Limited Recycling of Permanent Magnets
- Sophisticated and Expensive Manufacturing Process
Prominent Players in Permanent Magnet for EV Market
- Proterial (Japan)
- Adams Magnetic Products Co. (US)
- Shin-Etsu Chemical Co. LTD. (Japan)
- Arnold Magnetic Technologies (US)
- Daido Steel Co., Ltd (Japan)
- TDK Corporation (Japan)
- Newland Magnetics (Europe)
- Ningbo Giantank Magnet Co., Ltd. (China)
- Compass Diversified Holdings LLC (US)
- Electron Energy Corporation (US)
- Hangzhou Permanent Magnet Group., Ltd. (China)
- Anhui Dadixiong New Materials Co., Ltd. (China)
- Tengam Engineering, Inc. (US)
- Yantai Zhenghai Magnetic Material CO. LTD. (China)
- Vacuumschmelze GmbH & Co. KG (Germany)
- Yantai Dongxing Magnetic Materials Inc (China)
- JL MARG Rare-Earth Co., Ltd. (China)
- MP Materials (US)
- Beijing Zhong Ke San Huan Hi-Tech Co., Ltd. (China)
- USA Rare Earth – (US)
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Key Questions Answered in Global Permanent Magnet for EV Market Report
- What is the projected value of the global permanent magnet for EV industry by 2031?
- Which type of permanent magnet dominates the market?
- Why is the Asia Pacific region expected to dominate the market?
This report provides the following insights:
Analysis of key drivers (Transition from fossil fuel-based transportation, consumer’s demand for better EV performance, Increased investment in EV charging infrastructure), restraints (Trade barriers between major producers, limited growth of permanent magnets) opportunities (Increased focus on EVs in emerging markets, recycling of rare earth materials) influencing the growth of permanent magnet for EV market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the permanent magnet for EV market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the permanent magnet for EV market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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