Latest Research Report :
Rare Earth Magnets for Electric
Vehicle Market Size,Demand & Supply, Regional and Competitive Analysis 2025-2032
Comprehensive insight into regional dynamics, growth drivers, and market segmentation.
MARKET OVERVIEW:
Rare earth magnets used in electric vehicles was valued at USD 3.11 billion in 2024 and is projected to reach USD 7.80 billion by 2032, growing at a CAGR of 12.10% during the forecast period.
Rare earth magnets are permanent magnets made from alloys of rare-earth elements, primarily neodymium, praseodymium, and dysprosium.
MARKET INSIGHT & GROWTH DRIVERS:
The market growth is driven by increasing gold mining activities, particularly in Asia-Pacific and Africa, where cyanide leaching remains the dominant extraction method. However, environmental concerns and stringent regulations pose challenges to market expansion.
MARKET SEGMENTATION:
BY TYPE
Neodymium-Iron-Boron (NdFeB)Magnets
Samarium-Cobalt(SmCo)
Magnets
BY APPLICATION
Systems Charging Systems
MARKET DYNAMICS
Exponential Growth in Electric Vehicle Production Fuels Demand for Rare Earth Magnets
The surge in global electric vehicle product driver for rare earth magnet demand, wi million units in 2023—a 35% increase Neodymium magnets have become indis powertrains due to their unmatched e motors to deliver 90% energy efficiency conventionalinductionmotors.
MARKET OPPORTUNITIES
Emerging recycling technologies now recover over 95% of rare earth content from end-of-life magnets, offering a potential solution to supply constraints. Advanced hydrometallurgical processes enable selective extraction of neodymium and dysprosium at purity levels exceeding 99.9%, making recycled materials suitable for automotive applications.
COMPANY MISSION
The electric vehicle industry is witnessing groundbreaking advancements in rare earth magnet formulations, particularly in Neodymium-Iron-Boron (NdFeB) magnets which dominate EV motor applications.
Recent breakthroughs focus on enhancing thermal stability while reducing reliance on heavy rare earth elements like dysprosium.
REGIONAL MARKET OUTLOOK
North America
The North American rare earth magnet market is experiencing rapid growth, driven by aggressive EV adoption targets and substantial government support. Under the Inflation Reduction Act, the U.S. has allocated over USD 7 billion to secure domestic critical mineral supply chains, including rare earth elements essential for EV magnets. Both the U.S.
Europe
Europe presents a robust market for rare earth magnets, fueled by the EU's ambitious Green Deal and strict CO2 emissions targets that mandate 100% electric passenger car sales by 2035.
COMPETITIVE LANDSCAPE
Hitachi Metals Ltd. (Japan)
JL MAG Rare-Earth Co. Ltd. (China)
Beijing Zhong Ke San Huan Hi-Tech Co. Ltd. (China)
VACUUMSCHMELZE GmbH & Co. KG (Germany)
Shin-Etsu Chemical Co. Ltd. (Japan)
TDK Corporation (Japan)
Advanced Technology & Materials Co. Ltd. (China)
These companies represent some of the major key players driving innovation and growth in the market, contributing significantly to global supply and competitive dynamics.
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