India Permanent Magnet Motor Market Assessment, By Type [Surface Permanent Magnet Synchronous Motor, Interior Permanent Magnet Synchronous Motor], By Material Composition [Aluminum, Iron, Nickel, Copper, Cobalt, Others], By Power Rating [Up to 25 kW, 25 to 100 kW, 100 to 300 kW, 300 kW and above], By End-user [Industrial, Commercial, Residential], By Region, Opportunities and Forecast, FY2018-FY2032F

India permanent magnet motor market is projected to witness a CAGR of 12.45% during the forecast period FY2025-FY2032, growing from USD 2.95 billion in FY2024 to USD 7.55 billion in FY2032. The market has experienced significant growth in recent years and is expected to maintain an expansion in the coming years owing to growing demand for energy-efficient motors, increasing adoption rate of permanent magnet motors in industries including automotive, and rapid robotic technology in different industries. India permanent magnet motor market demand is projected to rise due to increasing electric vehicle requirements, growing demand for heating, ventilation, and air conditioning equipment, and rapid urbanization. The permanent magnet motors significantly utilize magnets from rare-earth materials including samarium-cobalt or neodymium, offer reduced energy consumption, high efficiency, and compact designs compared to the conventional induction motors. These benefits foster their adoption in applications ranging from electric vehicles and industrial machinery to household appliances and renewable energy systems. The effective rise in the production of electric vehicles is one of the major factors driving the Indian permanent magnet motor market. As companies and governments are efficiently pushing cleaner transportation solutions, electric motors with high effectiveness and low energy losses are significantly required. In addition, the country's shift toward renewable energy sources fosters the permanent magnet motor market demand in solar power systems and wind turbines, as these motors are important for efficiently converting solar and wind energy into electrical power. Companies in the equipment engineering market are efficiently introducing machines featuring permanent magnet motor to offer a better experience and expand their market presence.

For instance, in July 2024, Kongsberg Gruppen ASA, a leading company in India, introduced underwater mountable thrusters with a permanent magnet motor, a 3.7-meter propeller, and a 4.2-megawatt power output model joining the range.

Growing Demand for Electric Vehicles Drives the India Permanent Magnet Motor Market

The electric vehicle market is one of the leading drivers of India permanent magnet motor market growth in the forecast period. Permanent magnet motors are favored in electric drivetrains owing to their high effectiveness, lighter weight, and compact size compared to traditional induction motors. This trend is further driven by government incentives, rising consumer awareness of sustainability, and stricter emissions regulations. As countries shift toward net-zero emissions, automakers are rapidly shifting toward electric mobility, depending heavily on permanent magnet motors for their superior torque, energy effectiveness, and power density. In addition, permanent magnet motors are used in different electric vehicle components, including power steering systems, traction motors, and HVAC systems. Therefore, the growing adoption of electric vehicles significantly propels the demand for permanent magnet motors. The automotive industry is continuously rising, and innovation will probably drive the demand for permanent magnet motors as automakers consistently look for ways to reduce vehicle weight and enhance overall effectiveness and performance coupled with improved battery life.

For instance, in March 2024, POSCO INTERNATIONAL, an Indian manufacturer, won a deal worth nearly USD 9 billion to deliver permanent magnets to finished carmakers in North America and Europe. The magnets will be efficiently used in driving motors for the automaker’s upcoming mid- and large-size electric vehicles.

Cost-Effective Alternatives to Rare-Earth Materials Drive the India Market Growth

One of the challenges facing the permanent magnet motor (PMM) market has been the high cost and limited supply of rare-earth materials, including dysprosium and neodymium, typically utilized in manufacturing high-performance magnets. As the requirement for PMM continuously rises, the price volatility and supply chain risks linked with these materials encourage companies to discover alternatives. Therefore, companies in the market are focusing on developing cost-effective and sustainable solutions, including using ferrite magnets and hybrid motors that combine permanent magnets with conventional motor technologies. Whereas ferrite-based magnets are less efficient than rare-earth magnets because they are more affordable and sustainable. In addition, companies in the market are investing in different research and development activities and experimenting with ways to reduce the quantity of rare-earth materials used in PMMs or replace them wholly without compromising motor performance.

For instance, in May 2024, Chara Technologies designed motors free of rare earth minerals, thus reducing India's massive import dependency and accelerating electric mobility.

Industrial Dominates the Largest Market Share in the India Market

The industrial sector dominates the permanent magnet motor market in India, holding the largest market share as it offers higher efficiency and superior performance compared to traditional motors. Also, the growing adoption of automation and robotics in Indian industries is a prevalent driver for permanent magnet motors. Continuous innovations in motor technology, including the development of brushless DC motors and advanced magnetic materials, enhance the performance and durability of permanent magnet motors. These advancements support their growing use in diverse industrial applications. Supportive government policies and initiatives promoting industrial growth and modernization, such as 'Make in India,' are fostering the adoption of advanced technologies, including permanent magnet motors. These initiatives create a favorable environment for the market's growth. Furthermore, companies in the market are launching new and advanced motors to address the growing demand from the industrial end-user segment.

For instance, in November 2024, Danfoss A/S, manufacturer in Manjusar, Gujarat announced the launch of editron EM-PMI540B electric motor based on synchronous reluctance assisted permanent magnet technology to offer high efficiency, non-stop continuous power, and a high operational altitude to off-highway machinery and marine vessels.

Northern India Registers the Largest India Permanent Magnet Motor Market Size

Northern India holds the largest share of India permanent magnet motor market owing to ongoing technological advancements, rising requirements for energy-efficient solutions, and strong industrial sectors. The significant rise in the adoption of electric vehicles plays an important role in expanding the market. In addition, the industrial and consumer electronics sectors in Northern India contribute efficiently to the market growth in the forecast period. Moreover, with rapid urbanization and infrastructure development in Northern states, the need for advanced motors in applications, including elevators, air conditioning systems, and renewable energy systems, is growing. Furthermore, Northern India is home to different key manufacturers and suppliers of permanent magnet motors, benefiting from cost-effective production, access to raw materials, and technological innovations, resulting in the registration of the permanent magnet motor market in Asia-Pacific.

For instance, in May 2024, E.V.R. Motors Ltd. announced the opening of a new plant in Haryana, the first manufacturing operation in India by an Israeli automotive firm to produce trapezoidal geometry coils, a patented component of EVR’s Trapezoidal Stator Radial Flux Permanent Magnet (RFPM) motor technology.

Download Free Sample Report

Future Market Scenario (FY2024 – FY2031F)

• The rapid growth of the automotive industry, especially in the electric vehicle (EV) segment, is a major driver for permanent magnet motors.
• The rise in industrial automation and robotics in India is another critical trend driving market growth.
• India's focus on expanding its renewable energy capacity, particularly in wind and solar power, is boosting the demand for permanent magnet motors.
• Continuous advancements in motor technology, such as the development of new materials and manufacturing techniques, are enhancing the performance and reducing the costs of permanent magnet motors.

Report Scope

“India Permanent Magnet Motor Market Assessment, Opportunities and Forecast, FY2018-FY2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of India permanent magnet motor market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between FY2025 and FY2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	FY2024
Historical Period	FY2018-FY2023
Forecast Period	FY2025-FY2032F
Projected Growth Rate	CAGR of 12.45% between FY2025 and FY2032F
Revenue Forecast in FY2032	USD 7.55 billion
Segments Covered	Type, Material Composition, Power Rating, End-user
Regions Covered	North, South, East, West and Central
Key Companies Profile	ABB Ltd, Siemens AG, Rockwell Automation Inc., Nidec Corporation., Johnson Electric Group, ALLIED AUTOMATION ENGINEERING SOLUTIONS PVT LTD., Toshiba Corporation, YASKAWA Electric Corporation, Mark Elektriks
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In the report, India permanent magnet motor market has been segmented into the following categories: 

• By Type
  • Surface Permanent Magnet Synchronous Motor
  • Interior Permanent Magnet Synchronous Motor
• By Material Composition
  • Aluminum
  • Iron
  • Nickel
  • Copper
  • Cobalt
  • Others
• By Power Rating
  • Up to 25 kW
  • 25 to 100 kW
  • 100 to 300 kW
  • 300 kW and above
• By End-user
• Industrial
• Commercial
• Residential
• By Region
  • North
  • South
  • East
  • West and Central

Key Players Landscape and Outlook

Companies operating in the India permanent magnet motor market are implementing various strategies to expand their market presence and drive growth. Companies are focusing on diversifying their product portfolios to cater to different industry needs. This includes developing motors for specific applications such as electric vehicles, industrial automation, renewable energy, and consumer electronics. By offering a wide range of products, companies can attract a broader customer base. In addition, companies are expanding their distribution networks domestically and internationally to tap into new markets and increase their customer base. By establishing manufacturing units and sales offices in strategic locations, they can reduce logistical costs and improve product availability. Forming strategic partnerships with other companies, research institutions, and technology providers helps in the development of innovative solutions and expands market reach. Collaborations can lead to joint ventures and co-development of new technologies, benefiting all parties involved.

Key Players Operating in India Permanent Magnet Motor Market are:

• ABB Ltd
• Siemens AG
• Rockwell Automation Inc.
• Nidec Corporation
• Johnson Electric Group
• ALLIED AUTOMATION ENGINEERING SOLUTIONS PVT LTD.
• Toshiba Corporation
• YASKAWA Electric Corporation
• Mark Elektriks 

Markets and Data’s reports answer the following questions:

• What is the current and future market size of the product/service in question globally or specific to different countries?
• How are the markets divided into different product/service segments and the market size and growth of each segment?
• What is the market potential of different product segments and their investment case?
• How are the markets predicted to develop in the future and what factors will drive or inhibit growth?
• What is the business environment and regulatory landscape specific to the product/service?

If you can't find what you're searching for or have any custom requirements for India permanent magnet motor market, you may approach our team at info@marketsandata.com