In 2012, the increasing demand of permanent magnet motors across diverse sectors, led to disruption in its supply chain, further resulting in the scarcity of RE permanent magnets. This scarcity of RE permanent magnets adversely affected the permanent magnet motors market. Presently, stability in the supply of RE permanent magnets has led the market to recover its losses and regain its stability. China being the leading manufacturer of Permanent Magnet (PM) motors, owing to the country's natural abundance in rare earth materials, generates significant revenue from the exports of permanent magnets.