The present invention relates generally to a flux focusing magnetic gear assembly using ferrite magnets or the like. The present invention also relates generally to a flux focusing magnetic gear assembly using ferrite magnets or the like that incorporates an outer stator assembly that converts a variable input to a constant output. The present invention further relates generally to an axially aligned flux focusing magnetic gear assembly using ferrite magnets or the like. The improved flux focusing magnetic gear assemblies of the present invention find applicability in traction, wind, and ocean power generation, among other applications.