Dublin, April 02, 2026 (GLOBE NEWSWIRE) — The “EV Magnet Market by Magnet Type, Vehicle Type, Power Rating, Application, and Region – Forecast to 2030” has been added to ResearchAndMarkets.com’s offering.
The EV magnet market is estimated to grow from USD 5.3 billion in 2025 to USD 9.5 billion by 2030, with a CAGR of 12.4% during the forecast period. This growth is driven by the global shift towards electric vehicles, aided by government incentives and stricter emissions regulations, propelling the transition from combustion engines to electric drivetrains.
Increasing demand for high-performance permanent magnets, particularly neodymium-iron-boron (NdFeB), in traction motors is fueling market expansion. Advancements in motor efficiency, rising EV manufacturing investments, and charging infrastructure expansion in Asia Pacific, Europe, and North America support this growth. However, supply chain issues with rare-earth materials and price volatility may influence market dynamics.
Electric buses & trucks accounted for the largest EV magnet market share in 2024
In 2024, the electric buses & trucks segment led the EV magnet market by value, driven by strong production and adoption trends. Nearly 50,000 electric buses were sold in 2023, bringing the global fleet to about 635,000 units. By 2024, the fleet grew to 780,000 units, with China accounting for nearly 90%. Chinese manufacturers exported over 15,000 new energy buses in 2024, and Europe saw a 22% growth in electric city bus registrations. This production and adoption underscore the segment’s market dominance due to larger motor requirements.
Low-power motor segment ranked second in the EV magnet market in 2024
The low-power motors (<60 kW) segment held the second-largest market share in 2024, supported by high production volumes of compact passenger EVs and electric two-wheelers, typical in this power range. These motors, used in entry-level EVs, thrive in emerging economies where affordability and efficiency drive purchasing. This demand is elevated by urban mobility solutions, small city cars, and electrification of two- and three-wheelers, particularly in Asia Pacific.
Control & Sensing Systems segment expected to register the highest CAGR during the forecast period
The control & sensing systems application segment is expected to post the highest CAGR due to increased integration of advanced electronic architectures in EVs. As EV platforms become software-intensive, demand for magnetic components in position, speed, and current sensors grows. Adoption of ADAS, regenerative braking, and intelligent power units accelerates magnet-based sensing solutions, especially amid a shift to higher-voltage architectures.
North America accounted for a substantial EV magnet market share in 2024
North America held the second-largest global EV magnet market share in 2024 due to its burgeoning EV manufacturing base and robust electrification policies. The US dominated the regional market with federal and state incentives and increasing EV model availability. As EV production continues to scale, demand for magnets used in traction motors and powertrain components remains substantial.
Industry Validation & Key Players
This study was validated through primary interviews with a range of industry experts globally, encompassing company types like Tier 1 (40%), and geographies including North America (15%) and Europe (50%). Key players analyzed include Proterial Ltd., TDK Corporation, Shin-Etsu Chemical, Vacuumschmelze GmbH, JL Mag Rare-Earth, and others.
Research Coverage
The report categorizes the EV magnet market by magnet type, vehicle type, application, power rating, and region. It includes detailed factors affecting market growth and comprehensive analyses of leading industry players, recent developments, and competitive assessments.
Reasons to Buy this Report
- Provides revenue estimates for the global EV magnet market and subsegments.
- Enhances understanding of market dynamics including drivers, restraints, and opportunities.
- Offers insights into product innovations, market developments, and competitive assessments for well-positioned business strategies.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 252 |
| Forecast Period | 2025-2030 |
| Estimated Market Value (USD) in 2025 | $5.3 Billion |
| Forecasted Market Value (USD) by 2030 | $9.5 Billion |
| Compound Annual Growth Rate | 12.4% |
| Regions Covered | Global |
Companies Profiled
- Proterial, Ltd.
- Tdk Corporation
- Shin-Etsu Chemical Co. Ltd.
- Vacuumschmelze GmbH & Co. KG
- Jl Mag Rare-Earth Co. Ltd.
- Beijing Zhong Ke San Huan Hi-Tech Co. Ltd.
- Ningbo Yunsheng Co. Ltd.
- Arnold Magnetic Technologies
- Yantai Dongxing Magnetic Materials Inc.
- Baotou Tianhe Magnetics Technology Co. Ltd.
- Adams Magnetic Products, LLC
- Bunting Magnetics Co.
- Magnequench International, LLC.
- Daido Steel Co. Ltd.
- Goudsmit Magnetics
- Eclipse Magnetics
- Earth-Panda Advanced Magnetic Material Co. Ltd.
- Hangzhou Permanent Magnet Group, Ltd.
- Jpmf Guangdong Co. Ltd.
- Ningbo Ninggang Permanent Magnetic Materials Co. Ltd.
- Ningbo Zhaobao Magnet Co. Ltd.
- Yantai Zhenghai Magnetic Material Co. Ltd.
- Ningbo Co-Star Materials Hi-Tech Co. Ltd.
- Ningbo Risheng Magnets Co. Ltd.
- Zhejiang Sheensen Magnetics Technology Co. Ltd.
- Hangzhou Tengye Magnetic Materials Co. Ltd.
- Permanent Magnets Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/ovy6bz
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