Permanent Magnet Motor Market Permanent magnet motor market forecast, 2016-2024 | Page 6

Asia-Pacific leads the world PM motor market, accounting for
more than 50% of the overall market revenue in 2016
The Asia Pacific PM motor market is expected to maintain its dominance
throughout the forecast period. This is because of the presence of the
fastest growing economies in the region such as China, India, Japan and
Singapore. As per OICA records, China and Japan are the top two leaders
in terms of automobile production, which majorly requires the usage of
PM motors. Further, PM motors are significantly required for heavy duty
pumps which are used in large scale industries. Rapidly growing oil & gas
industries as a result of increased power requirements will surge the
demand for high-pressure pumps, hence driving the PM motor market in
the region. According to the statistics revealed by U.S. Department of
commerce, the global market for oil and gas industry is projected to
increase to $205 billion in 2020 from $166 billion in 2016
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