Why are permanent ferrite magnets widely used in small electric motors?

Permanent ferrite magnets are widely used in small electric motors, such as those found in cordless appliances and automobiles, primarily because they are cost-effective and efficient for these applications.12

These magnets are composed of magnetic ceramics known as ferrites, which exhibit a form of magnetism called ferrimagnetism. Unlike ferromagnetic metals, ferrites possess high electrical resistance, which helps minimize energy loss from eddy currents. In the context of motor design, "hard" magnetic ferrites—specifically hexagonal ferrites—are utilized because their crystalline structure makes them magnetically hard, meaning they maintain their magnetization effectively and are resistant to demagnetization.324

While stronger magnets like neodymium-iron-boron may be employed when higher torque is required, ferrite magnets remain the largest market for permanent magnets in small motor applications due to their balance of performance and material properties.12