Permanent Magnet Motor Market Share

APAC Market Forecast

The market share of permanent magnet motors in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 34% by the end of 2037. The growth of the market can be attributed majorly to the increasing investment in the automotive sector. To boost the automotive sector, the government of India boosted the financial allocation for FAME II by 78% in the Union financial 2023. Moreover, in 2023, the automotive sector in India attracted around USD 52 million in investment which further boosted the production of automobiles. On the other hand, the growing adoption of industrial automation is also expected to boost market growth in the region.

North American Market Statistics

The North America permanent magnet motor market is estimated to be the second largest, registering a share of about 26% by the end of 2037. The growth of the market can be attributed majorly to the rising efforts by the government to build a sustainable and energy-efficient environment. For instance, in Canada, the government launched the Canada Industry Program for Energy Conservation (CIPEC) that focuses on energy consumption, On the other hand, the growing wind energy sector is also expected to augment the market growth in the region.