The global market for rare earth magnets used in electric vehicles was valued at USD 2.77 billion in 2023 and is projected to reach USD 6.17 billion by 2032. This represents a compound annual growth rate (CAGR) of 12.10% from 2025 to 2032. The market’s growth is driven by the surge in electric vehicle adoption and the increasing demand for high-efficiency, compact motor systems.
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