Permanent Magnet Market Set to Reach USD 51.01 Billion by 2032 | Increasing Demand for Electric Vehicles Drive Market Growth [Yahoo! Finance]
TDK CORP S/ADR (TTDKY)
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Source: Yahoo! Finance
Austin, Dec. 12, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “ The permanent magnet market is projected to reach USD 51.01 billion by 2032, reflecting a compound annual growth rate (CAGR) of 8.41% from 2024 to 2032. ” Increasing adoption of electric vehicles is one of the crucial factors driving the growth of the permanent magnet market. Permanent magnets are vital to the workings of electric motors, which are responsible for converting electrical energy to mechanical motion. With governments worldwide advocating for greener technologies and the automotive industry shifting towards electrification, the need for high-performance permanent magnets will increase significantly in the coming years. Additionally, EVs and renewable energy aside, there are numerous applications of permanent magnets across a broad range of sectors such as electronics, telecommunications, robotics, and healthcare. Permanent magnets improve the working of electronic devices like electr
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