What Factors Propelled The Growth Of The Permanent Magnet Synchronous Motor (PMSM) Market In The Past?
The permanent magnet synchronous motor (pmsm) market has seen considerable growth due to a variety of factors.
• The market size of the permanent magnet synchronous motor (PMSM) has seen substantial growth in the recent past. The market, valued at $27.01 billion in 2024, is expected to rise to $29.3 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.5%.
The substantial expansion in the historic timeline was due to factors such as the acceptance of electric and hybrid vehicles, progression in industrial automation and robotics, focus on energy efficiency and green technology, extended use in HVAC systems, and development in magnet materials.
What Is The Projected Growth And Market Size For The Permanent Magnet Synchronous Motor (PMSM) Sector?
The permanent magnet synchronous motor (pmsm) market is expected to maintain its strong growth trajectory in upcoming years.
• The market for permanent magnet synchronous motors (PMSM) is projected to experience significant growth in the coming years, poised to reach $40.4 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 8.4%.
This forecasted growth is credited to factors like the increasing use of renewable energy applications, the development of electric vehicle charging infrastructures, the proliferation of smart grid and distributed energy systems, and the integration of PMSMs into consumer appliances and transportation electrification. Noteworthy market trends expected to drive expansion during this period include the recycling of rare-earth elements for magnets, the adoption of PMSMs with sophisticated sensor systems, the implementation of silicon carbide (SiC) power electronics, the customization of PMSMs for niche industries, as well as smart motor diagnostics and proactive maintenance.
What Are The Core Factors Supporting Growth In The Permanent Magnet Synchronous Motor (PMSM) Market?
The rise of eco-friendly vehicles is playing a significant role in the expansion of the permanent magnet synchronous motor (PMSM) market. Green vehicles, often referred to as clean or environmentally-friendly vehicles, are road-going automobiles that lead to fewer adverse environmental impacts compared to traditional internal combustion engine vehicles powered by diesel, or vehicles running on alternate fuels. The growing demand for green vehicles is attributed to their zero-emission characteristics and fuel efficiency. For example, a study released by the International Council for Clean Transport (ICCT), a non-profit research institution based in the U.S, in June 2023, stated that worldwide sales of EVs in 2022 hit 10 million, a jump of 54% from the previous year. China topped the list with 6.2 million EVs sold, marking an 82% increase and comprising 59% of international sales. It was followed by the U.S., with 994,000 EV sales, and Europe with EV sales of 2.7 million, which was a 15% rise and made up 25% of global sales. Hence, the rise of green vehicles is projected to spur the expansion of the permanent magnet synchronous motors (PMSM) market in the subsequent years.
What Are The Major Segments Within The Global Permanent Magnet Synchronous Motor (PMSM) Market?
The permanent magnet synchronous motor (PMSM) market covered in this report is segmented –
1) By Type: Surface, Interior
2) By Capacity: 375-450 kW, 450-600 kW, Above 600 kW
3) By Voltage Range: Above 60V, 41V60V, 31V40V, 21V30V, 10V20V, 9V and below
4) By Application: Automation, Consumer Electronics, Residential and Commercial, Automotive and Transportation, Lab Equipment, Medical, Military and Aerospace
Subsegments:
1) By Surface PMSM: Radial Flux Surface PMSM, Axial Flux Surface PMSM
2) By Interior PMSM: Radial Flux Interior PMSM, Axial Flux Interior PMSM, Synchronous Reluctance PMSM
Pre-Book The Permanent Magnet Synchronous Motor (PMSM) Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Trends Are Expected To Transform The Permanent Magnet Synchronous Motor (PMSM) Market?
The primary trend observed among companies in the permanent magnet synchronous motor (PMSM) market is the adoption of technological innovations. The swift progression in permanent magnet (PM) production processes has drastically improved the efficiency and power generation in PM synchronous devices. This has encouraged the transition from traditional mechanical gear transmission systems to direct-drive-type high-speed PMSMs in various industrial sectors. To detail, Mahindra Last Mile Mobility Limited (MLMML), an Indian manufacturer of electric three- and four-wheelers for last-mile mobility, introduced the e-Alfa Plus electric rickshaw in August 2024. Powered by a state-of-the-art Permanent Magnet Synchronous Motor (PMSM), it produces a peak power of 1.95 kW and a maximum torque of 26.9 Nm, achieving more than 100 kilometers on a single charge. The vehicle boasts a robust build, driver safety features, an 18-month guarantee, an advanced braking mechanism, and a three-year accident insurance for drivers, making it a trustworthy option for transportation in both rural and urban settings.
Who Are the Key Players in the Permanent Magnet Synchronous Motor (PMSM) Market?
Major companies operating in the permanent magnet synchronous motor (PMSM) market include:
• Siemens AG
• Mitsubishi Electric Corporation
• Toshiba Corp.
• Hitachi Ltd.
• Asea Brown Boveri Ltd.
• Robert Bosch GmbH
• Meidensha Corporation
• Continental AG
• Alstom SA
• Zhongshan Broad-Ocean Motor Co Ltd
• Xizi Forvorda
• DRS Technologies Inc.
• Emerson Electric Co
• Johnson Electric Holdings Limited
• Nidec Motor Corporation
• AMETEK Inc.
• ARC Systems Inc.
• Bühler Motor GmbH
• Danaher Corporation
• Dunkermotoren GmbH
• Dr. Fritz Faulhaber GmbH & Co. KG
• Fuji Electric Co. Ltd.
• General Electric Company
• Maxon Motor AG
• Moog Inc.
• Oriental Motor Co. Ltd.
• Parker Hannifin Corporation
• Regal Beloit Corporation
• Rockwell Automation Inc.
• Schneider Electric SE
• Sumitomo Heavy Industries Ltd.
• WEG S.A.
• Yaskawa Electric Corporation
What Is The Most Dominant Region In The Permanent Magnet Synchronous Motor (PMSM) Market?
Asia-Pacific was the largest region in the permanent magnet synchronous (PMSM) market in 2024 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the permanent magnet synchronous motor (PMSM) market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
