Permanent Magnet Motor Market Growth, Size, Share 2024-2032

The global permanent magnet motor market attained a value of nearly USD 58.56 billion in 2023, driven the permanent magnet motors in the automotive sector. Aided by the rising demand for alternative energy sources, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 10%.
The global permanent magnet motor market attained a value of about USD 58.56 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 10.0% to reach nearly USD 138.01 billion by 2032.

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