Traditional friction brakes can generate problems such as high braking temperature and pressure, cracking, and wear, leading to braking failure and user damage. Eddy current brake systems (contactless magnetic brakes) are one method used in motion applications. They are wear-free, less temperature-sensitive, quick, easy, and less susceptible to wheel lock, resulting in less brake failure due to the absence of physical contact between the magnet and disc. Important factors that can affect the performance of the braking system are the type of materials manufactured for the permanent magnets. This paper examines the performance of the permanent magnetic eddy current braking (PMECB) system. Different kinds of permanent magnets are proposed in this system to create eddy currents, which provide braking for the braking system is simulated using FEA software to demonstrate the efficiency of braking in terms of force production, energy dissipation, and overall performance findings demonstrated that permanent magnets consisting of neodymium, iron, and boron consistently provided the maximum braking effectiveness. The lowest efficiency is found in ferrite, which has the second-lowest efficiency behind samarium cobalt. This is because ferrite has a weaker magnetic field. Because of this, the PMECBS based on NdFeB magnets has higher power dissipation values, particularly at higher speeds.