EV Magnet Market Forecasts Growth From $5.3B (2025) To $9.5B By 2030, Profiling TDK, Shin-Etsu Chemical, Proterial, Vacuumschmelze, Daido Steel & 22 Other Key Players
Dublin, Oct. 07, 2026 (GLOBE NEWSWIRE) -- "EV Magnet Market by Magnet Type, Vehicle Type, Power Rating, Application, and Region - Forecast to 2030" has been added to ResearchAndMarkets.com's offering.
Key Facts
- Market value (2025): $5.3 billion Market forecast (2030): $9.5 billion Largest vehicle segment (2024): electric buses & trucks Fastest-growing application: control & sensing systems Second-largest region (2024): North America, with the US accounting for around 84% of the region's EV market Global electric bus fleet (2024): approximately 780,000 units, with China accounting for almost 90% Companies profiled: 27
Market Drivers
Rising EV production and higher magnet content in permanent magnet synchronous motor (PMSM) traction motors are the report's main growth drivers. Government electrification incentives and stricter emissions regulations are accelerating the shift away from internal combustion engines. Demand is strongest for rare-earth magnets, particularly neodymium-iron-boron (NdFeB).
Challenges and Opportunities
The report identifies rare-earth price volatility and supply concentration as the key restraints, and supply chain localization outside China as a central challenge. Against this, magnet recycling and rare-earth-light technologies represent the main opportunities. The report also examines the impact of 2025 US tariffs and China's dominance in rare-earth processing and permanent magnet manufacturing.
Segment Analysis
Electric buses & trucks held the largest share by value in 2024. Their size and torque requirements mean more magnet content per vehicle. Low-power motors (under 60 kW) ranked second by value, supported by high volumes of compact passenger EVs, two-wheelers, and hybrids.
Control & sensing systems are expected to post the fastest growth of any application. This reflects wider use of software-defined vehicle platforms, ADAS, and 400V and 800V architectures that rely on magnet-based position, speed, and current sensors.
Regional Analysis
North America held the second-largest share of the global market in 2024, driven by federal incentives, state-level policy, and expanding EV model availability. Outside Asia, Europe recorded 22% growth in electric city bus registrations in 2024, reaching about 7,779 units.
Report Scope
The report segments the market as follows:
- Magnet type: NdFeB, SmCo, AlNiCo, ferrite Vehicle type: passenger EVs, electric buses & trucks Application: electric motor cores & drive motors, powertrain components, battery & charging systems, control & sensing systems Power rating: low, medium, high Region: North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Competitive Landscape
- 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.
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