Innovations in the permanent magnet motor field have been intensively launched, becoming the core engine of the industry's development. BYD's variable flux permanent magnet motor has completed the full-process mass production verification and will be officially put into mass production in Q2 2026. Through the composite rotor structure and intelligent electronic control design, the motor realizes active stepless flux regulation, completely solving the industry problems of insufficient low-speed torque and high high-speed energy consumption. Its high-speed cruising energy consumption is 15%-20% lower than that of mainstream products, and the rare earth dosage is halved, balancing performance and supply chain security. In addition, Wolong Electric Drive has obtained the patent for "high-efficiency cooling high-speed permanent magnet motor", and Zhiqu Magnetic Power has released a series of innovative achievements of AI permanent magnet motors, further promoting the upgrading of motors towards high efficiency, light weight and intelligence.
As the core track of the next-generation storage, magnetoelectric storage is rising rapidly with the advantages of non-volatility, ultra-fast reading and writing, and ultra-low power consumption. Currently, MRAM, as the most mature branch of magnetoelectric storage, is accelerating its penetration into high-end scenarios such as AI servers and intelligent vehicles, attracting both overseas giants and domestic enterprises to deploy. Samsung, Intel and other companies occupy the main global market share, while domestic enterprises such as Tongyou Technology and Ningbo Yunsheng are accelerating technological breakthroughs to promote the localization substitution process. It is estimated that the global MRAM market scale will reach 1.18 billion US dollars by 2031, with a compound annual growth rate of 23.6%.
Continuous efforts in industrial layout and policy support have injected strong momentum into the industry's development. The 2026 Ningbo International Motor and Magnetic Materials Exhibition is about to open, gathering nearly 200 enterprises covering full-scenario magnetoelectric products and technologies. At the policy level, the "Action Plan for the High-Quality Development of the Magnetic Materials Industry (2024–2027)" clearly supports the industry's transformation towards "specialization, refinement, differentiation and innovation". Domestic enterprises lock in rare earth resources through long-term agreements and build green manufacturing bases to reduce supply chain risks. At the same time, the global magnetoelectric market scale is growing steadily. The global permanent magnet motor market scale is expected to reach 5.389 billion US dollars in 2026, with new energy vehicles and industrial energy-saving transformation becoming the core growth poles.
Currently, the magnetoelectric industry is showing three major trends: flux controllability, low rare earth content, and intelligent integration, with in-depth integration of technological breakthroughs and scenario expansion, coupled with the iteration of multi-dimensional market trends, making the industry's development direction increasingly clear. In terms of market scale, the global magnetoelectric component market continues to expand, with a scale of 6.3 billion US dollars in 2024, expected to increase to 9.3 billion US dollars by 2032, with a compound annual growth rate of 5.61% from 2026 to 2032. Among them, core components such as inductors and transformers have become the main growth drivers, widely supporting the stable operation of various electronic systems.
Trends in segmented fields are prominent, and the continuous expansion of application scenarios has become the core growth logic. The new energy field remains the primary driving force. The demand for magnetic components for photovoltaic and energy storage inverters has surged. It is estimated that the global market scale of magnetic components for photovoltaic and energy storage inverters will reach 11.34 billion yuan in 2025, with a 4-year compound annual growth rate of 20.8%; the demand in the new energy vehicle and charging pile fields has exploded. The market scale of related magnetic components is expected to reach 9.7 billion yuan in 2025, with a 4-year compound annual growth rate as high as 29%. The popularization of the 800V high-voltage architecture has further increased the demand for high-end magnetic components.
Technological iteration drives product upgrading, and high-end and refinement have become the focus of competition. With the development of silicon carbide and gallium nitride power electronic technologies, the market demand for high-frequency magnetoelectric components has increased. Enterprises are striving to reduce core losses and improve product efficiency to meet global energy-saving standards; at the same time, the industry is transforming towards miniaturization, and surface mount technology is widely used, helping magnetoelectric components integrate into compact terminals such as smartphones and wearable devices. In addition, the cross-border integration of magnetoelectric technology is accelerating, and its applications in medical (magnetocardiography), national defense (marine magnetic detection), agriculture (seed magnetic characteristic analysis) and other fields are constantly breaking through, opening up new market growth points.
The competitive pattern and industrial layout are continuously optimized, and the process of localization substitution is accelerating. The global magnetoelectric market presents a pattern of "overseas giants dominating the high-end market, and domestic enterprises seizing the mid-to-low-end market and breaking through to the high-end market". Domestic enterprises have bound leading downstream customers in the photovoltaic, energy storage and other fields, and gradually realized the import substitution of high-end fields such as on-board magnetic components. At the same time, the industrial cluster effect is prominent, and the Pearl River Delta region has become a gathering place for domestic magnetoelectric enterprises. Policies continue to increase support for the industry's "specialization, refinement, differentiation and innovation" transformation, promoting enterprises to increase R&D investment and enhance core competitiveness. Although it still faces challenges such as dependence on imports of high-end materials and insufficient production capacity of advanced processes, with the joint efforts of industry, university and research institutions and continuous breakthroughs in localized technologies, the magnetoelectric industry will continue to empower the upgrading of various fields and usher in a new round of innovative growth.
