The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Permanent Magnet Global Market Report 2024, the permanent magnet market is expected to show significant growth in the forecast period.

Current Market Dynamics and Growth Trajectory

• Rapid expansion observed: Market size to grow from $33.91 billion in 2023 to $38.31 billion in 2024.
• Compound annual growth rate (CAGR) of 13.0% attributed to:
  • Electronics and IT industry growth.
  • Increased demand from consumer electronics.
  • Government policies and regulations.
  • Industrial automation initiatives.
  • Focus on clean energy solutions.

Future Outlook and Projected Trends

• Continued rapid growth anticipated, with market size reaching $60.08 billion in 2028.
• CAGR of 11.9% in the forecast period.
• Growth drivers include:
  • Expansion of the electric vehicle market.
  • Increasing demand for smart devices.
  • Expansion of industrial robotics.
  • Growing demand for permanent magnet generators.
  • Focus on wind energy solutions.
• Major trends include:
  • Adoption of magnetic levitation technology.
  • Development of rare earth-free magnets.
  • Miniaturization of electronic devices.
  • Customization and design flexibility.
  • Implementation of magnetic refrigeration.

View More On The Permanent Magnet Market Report 2024 –
https://www.thebusinessresearchcompany.com/report/permanent-magnet-global-market-report

Rising Demand in the Automotive Industry Fuels Market Growth

• Increasing demand for automobile applications propelling market expansion.
• Permanent-magnet motors widely used in variable-speed drives.
• Surge in electric vehicle sales globally driving demand.
• Market leaders include Siemens AG, Mitsubishi Electric Corporation, and Toshiba Corp.

Revolutionizing Charging Solutions Through Technological Transitions

• Technological transition emerges as a key trend in the market.
• Example: Max Stand’s launch of third-party charger for Apple Airpods Max.
• Magnetic chargers provide efficient charging solutions.
• Bunting’s acquisition of MagDev Ltd expands magnetic solutions portfolio.

Market Segmentation and Regional Insights

• Segmentation by type, sales channel type, and end-use.
  • Types: Ferrite Magnets, Samarium Cobalt Magnets, Alnico Magnets, Neodymium Iron Boron Magnets.
  • Sales channels: Direct Sales, Distributors.
  • End-uses: General Industrial, Automotive, Medical Technology, Environment & Energy, Aerospace & Defense, Consumer Electronics.
• Asia-Pacific leads the market in 2023, with further growth expected in the forecast period.

Request A Sample Of The Global Permanent Magnet Market Report 2024:
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The Permanent Magnet Global Market Report 2024  provides an in-depth analysis on the permanent magnet market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the permanent magnet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

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