Permanent Magnets in Automotive Market 2025–2031: EV and Hybrid Vehicle Demand
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The Permanent Magnet Market size is expected to reach US$ 47,309.65 million by 2031 from US$ 25,035.19 million in 2024. The market is estimated to record a CAGR of 10.0 % from 2025 to 2031.
Executive Summary and Global Market Analysis:
The global permanent magnet market is undergoing robust growth, fueled by technological advancements, a rising emphasis on energy efficiency, and the rapid expansion of the electric vehicle (EV) sector. Permanent magnets play a vital role across a range of industries—including automotive, electronics, renewable energy, and industrial manufacturing—thanks to their ability to enhance performance and reduce energy consumption. These magnets are primarily composed of materials such as neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite, each offering distinct advantages depending on the application.
Get Full Report: https://www.businessmarket...
Get a sample PDF of the report – https://www.businessmarket...
The Permanent Magnet Market size is expected to reach US$ 47,309.65 million by 2031 from US$ 25,035.19 million in 2024. The market is estimated to record a CAGR of 10.0 % from 2025 to 2031.
Executive Summary and Global Market Analysis:
The global permanent magnet market is undergoing robust growth, fueled by technological advancements, a rising emphasis on energy efficiency, and the rapid expansion of the electric vehicle (EV) sector. Permanent magnets play a vital role across a range of industries—including automotive, electronics, renewable energy, and industrial manufacturing—thanks to their ability to enhance performance and reduce energy consumption. These magnets are primarily composed of materials such as neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite, each offering distinct advantages depending on the application.
Get Full Report: https://www.businessmarket...
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