The electric vehicle (EV) magnet market is projected to surge from USD 5.3 billion in 2025 to USD 9.5 billion by 2030, driven by the global shift to electric vehicles, government incentives, and stringent emissions regulations. As demand for high-performance permanent magnets, particularly neodymium-iron-boron in traction motors, increases, advancements in motor efficiency and investments in EV manufacturing and infrastructure in Asia Pacific, Europe, and North America fuel this growth. The electric buses and trucks segment holds the largest market share, propelled by strong production and adoption, while the low-power motor segment is second, driven by the demand for compact, efficient EVs in emerging markets. However, supply chain challenges and price fluctuations of rare-earth materials could impact market dynamics.

Elsewhere in the market, Chery Automobile (SEHK:9973) was a notable mover up 15.3% and closing at HK$32.02.
Three days ago, the company announced a strategic alliance to develop the premium EV brand FREELANDER, leveraging partnerships with firms like Huawei and Qualcomm. In the meantime, FIT Hon Teng (SEHK:6088) softened, down 9.5% to close at HK$6.75.

Tesla’s strategic shift to high-margin autonomous services offers unique growth opportunities. Click to explore Tesla’s evolving potential in the autonomous market.

Don’t miss our Market Insights article on EVs and renewables, which explores the evolving market dynamics and investment strategies in the sector—catch it before the market shifts further!

Best EV Stocks

• Tesla (NasdaqGS:TSLA) ended the day at $360.59 down 5.4%.
  On Thursday, Tesla reported delivering 358,023 vehicles and deploying 8.8 GWh of energy storage products for the first quarter of 2026.

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Sources:Simply Wall St“EV Magnet Market Insights and Growth Forecast to 2030: Electric Buses & Trucks Dominate Market Share” from Research and Markets on GlobeNewswire (published 02 April 2026)

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