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Written by imarc marketing » Updated on: January 22nd, 2025
India Magnet Market Overview
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 due to growing demand in industries like automotive, electronics, and renewable energy sectors. 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.
India Magnet Market Trends and Drivers:
The India Magnet Market is set for major growth. Several new trends are reshaping this landscape. A key trend is the push for sustainability and energy efficiency. Industries aim to reduce their carbon footprints, increasing the demand for high-performance magnets. This is especially true in renewable energy applications. The Indian government is promoting electric vehicles and renewable energy sources, which will drive this change.
By 2024, we can expect more investment and innovation. Manufacturers will develop advanced magnet technologies to meet sector-specific needs. Additionally, the growing consumer electronics market is boosting magnet demand. Manufacturers need efficient, compact magnets for various devices. As the industry evolves, we will see more collaborations.
Technology providers and manufacturers will work together to enhance magnet quality and performance. This will position India as a key player in the global magnet market. The renewable energy sector in India is growing rapidly. This growth is fueled by the government's commitment to sustainable energy.
As India aims to boost its use of solar and wind power, the demand for high-performance magnets is increasing. These magnets are crucial for technologies like wind turbines and electric vehicles (EVs). The government has set a target of 450 GW of renewable energy capacity by 2030. This shift to green energy supports global sustainability efforts and promotes local manufacturing of magnets, reducing reliance on imports. Manufacturers are now investing in advanced magnet technologies.
They aim to meet the rising demands of the renewable sector. This trend is expected to drive significant growth in the magnet market in the coming years. India's electric vehicle (EV) market is changing quickly. This shift is greatly affecting the magnet market. The government is promoting electric mobility and offering incentives to EV manufacturers. As a result, the demand for high-efficiency magnets is increasing.
Magnets play a crucial role in the performance of electric motors, which are integral to EVs. Automakers are using permanent magnet synchronous motors (PMSMs) more and more. These motors are efficient and perform well. As a result, the demand for high-quality magnets is set to rise. At the same time, people are becoming more aware of environmental issues. This awareness is driving interest in electric vehicles (EVs) and sustainable transportation.
By 2024, a large share of new vehicle sales in India is expected to be electric. This shift will further increase the demand for magnets. The consumer electronics sector in India is another critical driver of magnet demand. Smart devices, home appliances, and wearables drive the need for compact, efficient magnets.
These magnets are crucial in speakers, motors, and sensors found in modern electronics. Consumers want innovative, multifunctional gadgets. So, manufacturers must enhance magnet performance and reduce their size. Smart homes and IoT devices create new markets for magnets. By 2024, the consumer electronics sector will greatly influence India's magnet market. This trend shows how magnets are now part of everyday technology.
Request for a sample copy of this report: https://www.imarcgroup.com/india-magnet-market/requestsample
The report has segmented the market into the following categories:
Breakup by Analysis by Magnet Type:
Breakup by Analysis by Application:
Breakup by Region:
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.
Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=9873&flag=C
Key highlights of the Report:
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.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
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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