PUBLISHER: The Business Research Company | PRODUCT CODE: 1653211
PUBLISHER: The Business Research Company | PRODUCT CODE: 1653211
The Permanent Magnet Synchronous Motor (PMSM) is utilized for high-efficiency and high-performance motor drives. This type of motor is an AC synchronous motor in which the field excitation is provided by permanent magnets, resulting in a sinusoidal back EMF (electromotive force) waveform. PMSM can generate torque even at zero speed, but its operation with permanent magnets requires a digitally controlled inverter.
The main types of Permanent Magnet Synchronous Motors available in the market are surface and interior types. The surface PMSM consists of a brushless DC motor with a surface permanent magnet. Permanent Magnet Synchronous Motors come in various capacities, including 375-450 kW, 450-600 kW, and above 600 kW. They are available in different voltage types, such as above 60V, 41V-60V, 31V-40V, 21V-30V, 10V-20V, and 9V and below. These motors find applications in various industries, including automation, consumer electronics, residential and commercial sectors, automotive and transportation, lab equipment, medical, and military and aerospace.
The permanent magnet synchronous motor (PMSM)s research report is one of a series of new reports from The Business Research Company that provides permanent magnet synchronous motor (PMSM)s statistics, including global market size, regional shares, competitors with permanent magnet synchronous motor (PMSM)s share, detailed permanent magnet synchronous motor (PMSM)s segments, market trends and opportunities, and any further data you may need to thrive in the permanent magnet synchronous motor (PMSM)s industry. This permanent magnet synchronous motor (PMSM) research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The permanent magnet synchronous motor (PMSM) market size has grown strongly in recent years. It will grow from $27.01 billion in 2024 to $29.3 billion in 2025 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to electric vehicle (ev) and hybrid vehicle adoption, industrial automation and robotics, energy efficiency and green technology initiatives, increased use in hvac systems, advancements in magnet materials.
The permanent magnet synchronous motor (PMSM) market size is expected to see strong growth in the next few years. It will grow to $40.4 billion in 2029 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to expansion of renewable energy applications, growth in ev charging infrastructure, smart grid and distributed energy systems, integration of PMSMs in household appliances, electrification of transportation. Major trends in the forecast period include rare-earth element recycling for magnets, pmsms with advanced sensor technology, adoption of silicon carbide (sic) power electronics, customized pmsm solutions for specific industries, smart motor diagnostics and predictive maintenance.
The rise of green vehicles is significantly driving the growth of the permanent magnet synchronous motor (PMSM) market. A green vehicle, often referred to as a clean vehicle or eco-friendly vehicle, is a road motor vehicle that has a reduced negative environmental impact compared to conventional internal combustion engine vehicles powered by diesel or alternative fuels. The demand for green vehicles is increasing due to their zero-emission capabilities and fuel economy standards. For example, in June 2023, a report published by the International Council for Clean Transport (ICCT), a U.S.-based nonprofit research institute, noted that global electric vehicle (EV) sales reached 10 million in 2022, marking a 54% increase from 2021. China led the market with 6.2 million EVs sold (an 82% increase), accounting for 59% of global sales, followed by the U.S. with 994,000 EVs and Europe with 2.7 million EVs (a 15% increase), representing 25% of the global total. Therefore, the emergence of green vehicles is expected to drive the growth of the permanent magnet synchronous motors (PMSM) market in the coming years.
The permanent magnet synchronous motor (PMSM) market is poised for expansion due to the escalating construction spending. Construction projects, involving infrastructure and facility development, utilize PMSMs in construction equipment for precise speed and torque control. In August 2023, the U.S. Census Bureau reported an estimated seasonally adjusted annual rate for construction expenditure in the U.S. at $1,983.5 billion, reflecting a 0.5% increase from the previous month. This growing investment in construction is a key driver for the permanent magnet synchronous motor market.
Technological advancements are a key trend among companies operating in the permanent magnet synchronous motor (PMSM) market. The rapid development of permanent magnet (PM) manufacturing technologies has significantly improved the efficiency and output power of PM synchronous machines (PMSMs), leading to the adoption of direct-drive high-speed PMSMs instead of traditional mechanical gear transmission systems in various industrial sectors. For example, in August 2024, Mahindra Last Mile Mobility Limited (MLMML), an India-based manufacturer of electric three- and four-wheelers for last-mile mobility, launched the e-Alfa Plus electric rickshaw. This vehicle is powered by an advanced Permanent Magnet Synchronous Motor (PMSM) that provides 1.95 kW of peak power and a maximum torque of 26.9 Nm, allowing for a real-world range of over 100 kilometers on a single charge. It is designed with durability and driver safety in mind, featuring an 18-month warranty, an advanced braking system, and a three-year accidental insurance policy for drivers, making it a reliable option for both urban and rural transportation needs.
Major companies in the permanent magnet synchronous motor (PMSM) market are introducing innovative solutions, such as automotive motor control technologies, to enhance efficiency and enable software-defined electric vehicles by optimizing motor control across various automotive applications, including pumps, fans, and comfort systems. Automotive Motor Control Solutions refer to advanced technologies designed to optimize the control and efficiency of electric motors in vehicles, improving performance, reducing energy consumption, and supporting diverse applications. For example, in November 2023, NXP Semiconductors, a Netherlands-based provider of semiconductor products, launched the S32M2 motor control solution. This solution integrates power, analog functions, and comprehensive software libraries to optimize the control of vehicle applications such as pumps, fans, and seat positioning systems, resulting in improved efficiency, reduced noise, and enhanced occupant comfort. It allows automakers to accelerate their time-to-market, lower costs, and maximize software reuse across the S32 vehicle compute platform, aiding the transition to software-defined vehicles.
In December 2022, Cummins, a U.S.-based company specializing in diesel and alternative fuel engines, acquired Siemens e-Drives Business. This strategic move encompassed expertise in electric motors, including direct drive and transmission-based remote mount electric motors, inverters, software, and related services for electric powertrains. Among the acquired products is the single-winding permanent synchronous magnet direct drive motor, tailored for 9-to-12-meter buses. This acquisition positions Cummins to leverage advanced electric propulsion technologies for sustainable transportation solutions.
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., Buhler 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
Asia-Pacific was the largest region in the permanent magnet synchronous 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 share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the Permanent Magnet Synchronous Motor (PMSM) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The permanent magnet synchronous motor market consists of sales of rotor, stator, induction motor. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Permanent Magnet Synchronous Motor (PMSM) Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on permanent magnet synchronous motor (pmsm) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for permanent magnet synchronous motor (pmsm) ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The permanent magnet synchronous motor (pmsm) market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.