Magnet Market- India
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Growth Rate: 5.5% (2025-2033)
Market Size in 2024: USD 1,365 Million
Market Size in 2033: USD 2,204 Million
The India magnet market is expanding as a result of increased demand in industries including renewable energy, electronics, and automobiles. According to the latest report by IMARC Group, the market size reached USD 1,365 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 2,204 Million by 2033, exhibiting a growth rate (CAGR) of 5.5% during 2025-2033.
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India Magnet Market Trends and Drivers:
- Sustainability and Energy Efficiency Push
- Industries are prioritizing reducing carbon footprints.
- High-performance magnets are in demand, especially for renewable energy applications.
- Indian government's promotion of electric vehicles (EVs) and renewable energy accelerates this shift.
- Innovations and Investments by 2024
- Increased investments expected to spur the development of advanced magnet technologies.
- Manufacturers are working on innovations to meet sector-specific needs.
- Consumer electronics sector drives demand for compact, efficient magnets in smartphones, wearables, and home appliances.
- Collaborations to Boost Magnet Quality and Performance
- Partnerships between technology providers and manufacturers will enhance the quality and performance of magnets.
- India is set to become a key player in the global magnet market.
- Growth in the Renewable Energy Sector
- India's renewable energy expansion driven by government commitment to sustainable energy.
- Rising demand for high-performance magnets for technologies like wind turbines and EVs.
- Government aims for 450 GW renewable energy capacity by 2030, reducing reliance on imports.
- Manufacturers invest in advanced magnet technologies, boosting market growth.
- Electric Vehicle (EV) Market Transformation
- EV market growth, driven by government incentives, increases demand for high-efficiency magnets.
- Magnets play a critical role in EV electric motors, particularly permanent magnet synchronous motors (PMSMs).
- Environmental awareness boosts interest in EVs and sustainable transportation.
- By 2024, a significant share of new vehicle sales in India is expected to be electric, further driving magnet demand.
- Consumer Electronics Sector Boost
- Consumer electronics sector drives magnet demand for smart devices, home appliances, and wearables.
- Efficient, compact magnets are essential for components like speakers, motors, and sensors.
- Rising adoption of smart homes and Internet of Things (IoT) devices creates new opportunities.
- By 2024, the consumer electronics sector is expected to significantly influence the magnet market.
India Magnet Market Industry Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest India magnet market growth. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments.
Breakup by Analysis by Magnet Type:
- Ferrite
- Neodymium Iron Boron (NdFeB)
- Aluminum Nickel Cobalt (A1NiCo)
- Samarium Cobalt (SmCo)
Breakup by Analysis by Application:
- Computer Hard Disk Drives (HDD), CD, DVD
- Hybrid Electric Vehicles
- Electric Bicycles
- Heating, Ventilating and Air Conditioners (HVAC)
- Wind Turbines
- Others
Breakup by Region:
- North India
- West and Central India
- South India
- East and Northeast India
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
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Key highlights of the Report:
- Market Performance (2019-2024)
- Market Outlook (2025-2033)
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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