인도의 영구자석 모터 시장은 2025-2032년도 예측 기간 동안 CAGR 12.45%를 기록할 것으로 예상되며, 2024년도의 29억 5,000만 달러에서 2032년에는 75억 5,000만 달러로 성장할 것으로 예측됩니다. 이 시장은 최근 상당한 성장을 이루고 있으며, 에너지 효율이 우수한 모터에 대한 수요 증가, 자동차를 포함한 산업에서 영구 자석 모터의 채용률 증가, 다양한 산업에서 로봇 기술의 급속한 발전으로 앞으로도 확대를 유지할 것으로 예상됩니다. 인도의 영구자석 모터 시장 수요는 전기차 수요 증가, 난방,환기 및 공조기기 수요 증가, 급속한 도시화로 증가할 것으로 예측됩니다. 영구 자석 모터는 사마륨 코발트와 네오디뮴 등 희토류 재료의 자석을 대폭 이용하여 기존의 유도 모터에 비해 에너지 소비 절감, 고효율, 컴팩트한 설계를 제공합니다. 이러한 이점은 전기자동차 및 산업기계에서 가정용 가전제품 및 재생 가능 에너지 시스템에 이르기까지 다양한 용도로 채택되고 있습니다. 전기자동차 생산량의 효과적인 증가는 인도 영구 자석 모터 시장을 견인하는 주요 요인 중 하나입니다. 기업과 정부가 보다 깨끗한 운송 솔루션을 효율적으로 추진하고 있기 때문에 고효율이고 에너지 손실이 적은 전기 모터가 크게 요구되고 있습니다. 게다가, 재생가능 에너지원으로의 전환은 태양광 발전 시스템과 풍력 터빈에서 영구 자석 모터 시장 수요를 촉진하고 있으며, 이러한 모터는 태양에너지와 풍력에너지를 효율적으로 전력으로 변환하는 데 중요합니다. 설비 엔지니어링 시장의 기업은 더 나은 경험을 제공하고 시장에서의 존재감을 확대하기 위해 영구 자석 모터가 장착된 기계를 효율적으로 도입하고 있습니다.
예를 들어, 2024년 7월 인도의 주요 기업인 Kongsberg Gruppen ASA는 영구 자석 모터, 3.7m 프로펠러 및 4.2메가와트 출력 모델을 탑재한 수중 탑재형 추진기를 발표했습니다.
위의 회사는 시장 점유율을 기반으로 주문을 보류하지 않았으며 조사 작업 중에 사용 가능한 정보를 기반으로 변경될 수 있습니다.
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.
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.
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.
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.