Permanent Magnet Motor Market is Expected to Reach USD 51.45 Billion by 2027

A permanent magnet motor, a type of electric motor, consists of a permanent magnet as its stator while the rotor is similar to that of the commonly used induction motor. Despite the high cost, since the magnets are made from rare earth elements, high efficiency and longer life have made this motor type popular in recent times.

Rapid industrialization, extensive use in industrial applications, growing demand from the HVAC industry, proliferation in various sectors, etc. have positively influenced the electric motor market in the past few years. The market has witnessed a decline in demand due to the pandemic and the measures taken to curb the spread. Nevertheless, the significant rise in the adoption of electric vehicles will navigate the electric motor market through the pandemic.