Global Permanent Magnet Motor Market Share Set to Reach USD 120.5 Billion by 2030, Driven by Energy Efficiency and Electric Vehicle Adoption
The global permanent magnet motor market is projected to grow from USD 53.22 billion in 2023 to USD 120.5 billion by 2030, at a CAGR of 12.44%. Key drivers include the increasing demand for energy-efficient motors, advancements in electric vehicle technologies, and government policies promoting renewable energy. Leading companies like Siemens, ABB, and Nidec are driving innovation in the sector, with applications across automotive, industrial machinery, robotics, and renewable energy
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