Global NdFeB Magnets Market 2018-2022| Increasing Demand for NdFeB Magnets in the EV Market to Drive Growth| Technavio
Aug. 24, 2018
LONDON--(BUSINESS WIRE)--Aug 24, 2018--The global NdFeB magnets market is expected to post a CAGR of 9% during the period 2018-2022, according to the latest market research report by .
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Technavio has published a new market research report on the global NdFeB magnets market from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the rise in demand for NdFeB magnets from the automotive industry. NdFeB magnets are extensively used in the automotive sector, including brushless DC motors, high-performance engines, electrical power steering motors, and others. NdFeB magnets can be molded into complex shapes and possess high-temperature resistance. They are preferred in the automotive sector owing to their low cost as compared to samarium-based and AINiCo magnets, easy production process, and formation of compact electric motors with NdFeB magnets, resulting in reduced size and weight compared to ferrite.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the increasing demand for NdFeB magnets in the EV market as one of the key emerging trends in the global NdFeB magnets market:
Global NdFeB magnets market: Increasing demand for NdFeB magnets in the EV market
Permanent magnets, including NdFeB magnets, are preferred for use in electric motors of electric vehicles. NdFeB magnets are used in electric vehicles owing to performance benefits offered by these magnets, including long durability without getting demagnetized and stable at harsh temperature conditions of electric motors in electric vehicles.
“Factors such as increasing consumer interest towards EVs, environment-friendly nature of EVs, increasing air pollution due to gasoline-based vehicles prompting for strict environmental regulations adherence, and government support and funding for commercialization of EVs across the globe are driving the global demand for NdFeB magnets in the EV market,” says a senior analyst at Technavio for research on metals and minerals.
Global NdFeB magnets market: Segmentation analysis
This market research report segments the global NdFeB magnets market by end-user (consumer electronics, automotive, oil and gas, and aerospace and defense) and geographical regions (APAC, North America, Europe, and ROW).
The consumer electronics segment held the largest market share in 2017, accounting for nearly 28% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 77%. The region is expected to dominate the market through 2022, with an increase in its market share.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 08/24/2018 02:49 PM/DISC: 08/24/2018 02:49 PM