Permanent Magnet For EV Market Size, Share, Growth Analysis, By Product Type (Ferrite Magnet, Neodymium Magnet), By Application (Automative, Electronics), By Region - Industry Forecast 2025-2032

Global Permanent Magnet For EV Market size was valued at USD 41.44 billion in 2023 and is poised to grow from USD 44.96 billion in 2024 to USD 86.35 billion by 2032, growing at a CAGR of 8.5% during the forecast period (2025-2032).

Based on Skyquest’s in-depth analysis, the Permanent magnet for EV market is a highly consolidated market. The market is notably distributed among a few major players, each contributing to its unique share. Geographic expansion is one of the pivotal strategies frequently employed by key market players in the market to capitalize on emerging opportunities and meet growing demand in different regions. Mergers and acquisitions also serve as a strategic avenue used by the market players to strengthen their market presence, enhance capabilities, and achieve synergies. For Instance, In May 2022, WeylChem Group executed a significant acquisition by obtaining INEOS Sulphur Chemicals Spain S.L.U., a merchant manufacturer of sulfuric acid in Spain, from INEOS Enterprises. This strategic move aimed to complement WeylChem Group's existing sulfuric acid production facility in northern France. 'Proterial, Ltd. (Japan) ', 'Arnold Magnetic Technologies (United States) ', 'TDK Corporation (Japan) ', 'Yantai Dongxing Magnetic Materials Inc. (China) ', 'Shin-Etsu Chemical Co., Ltd. (Japan) ', 'Electron Energy Corporation (United States) ', 'Adams Magnetic Products, LLC (United States) ', 'Bunting Magnetics Co. (United States) ', 'Tengam Engineering, Inc. (United States) ', 'Ningbo Yunsheng Co., Ltd. (China) ', 'Chengdu Galaxy Magnets Co., Ltd. (China) ', 'MP Materials Corp. (United States) ', 'Lynas Rare Earths Ltd. (Australia) ', 'Neo Performance Materials Inc. (Canada) ', 'Vacuumschmelze GmbH & Co. KG (Germany) ', 'GKN Powder Metallurgy (United Kingdom) ', 'Solvay S.A. (Belgium) ', 'Hitachi Metals, Ltd. (Japan) ', 'Nidec Corporation (Japan) ', 'Siemens AG (Germany) '

Industry initiatives, increasing government support through subsidies, tax incentives, and regulations favoring electric vehicles are propelling market growth for permanent magnets. Various countries have implemented

Growing investments and Expansions Capacity of Businesses: Based on the comprehensive analysis conducted by SkyQuest, it is evident that growing investments and capacity expansions by companies are playing a pivotal role in meeting the rising demand for permanent magnets in the EV market. For instance, in October 2023 when Ara Partners, a private equity firm, acquired Vacuumschmelze (VAC), a German permanent magnet producer. This acquisition is expected to strengthen the rare earths value chain and enhance supply of permanent magnets to key industries such as electric vehicles. In addition to industry initiative, increasing government support through subsidies, tax incentive, and regulations favoring electric vehicles further propelling market growth for permanent magnets.

Based on region, the market is segmented into Germany, France, UK, Italy, Spain, Belgium, Denmark, Greece, Netherlands, Poland, and Rest of Europe.