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Permanent Magnet Synchronous Motor Market

ID: MRFR/PCM/26834-HCR
111 Pages
Snehal Singh
October 2025

Permanent Magnet Synchronous Motor Market Research Report By Motor Type (Surface-Mounted Permanent Magnet Synchronous Motor, Interior Permanent Magnet Synchronous Motor), By Power Rating (Below 10 kW, 10-50 kW, 50-100 kW, Above 100 kW), By Application (Industrial Machinery, Electric Vehicles, Wind Turbines, HVAC Systems), By Cooling Method (Air-Cooled, Water-Cooled, Oil-Cooled) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2035.

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Summary Table of Contents Segmentation Download PDF

Permanent Magnet Synchronous Motor Market Summary

As per MRFR analysis, the Permanent Magnet Synchronous Motor Market was estimated at 19.9 USD Billion in 2024. The Permanent Magnet Synchronous Motor industry is projected to grow from 22.23 USD Billion in 2025 to 67.34 USD Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 11.72 during the forecast period 2025 - 2035.

Key Market Trends & Highlights

The Permanent Magnet Synchronous Motor Market is poised for substantial growth driven by technological advancements and sustainability initiatives.

  • North America remains the largest market for Permanent Magnet Synchronous Motors, driven by increasing industrial automation.
  • The Asia-Pacific region is emerging as the fastest-growing market, fueled by rapid electrification of industries and urbanization.
  • Surface-Mounted Permanent Magnet Synchronous Motors dominate the market, while Interior Permanent Magnet Synchronous Motors are witnessing the fastest growth.
  • Rising demand for energy efficiency and growth in electric vehicle production are key drivers propelling market expansion.

Market Size & Forecast

2024 Market Size 19.9 (USD Billion)
2035 Market Size 67.34 (USD Billion)
CAGR (2025 - 2035) 11.72%

Major Players

Siemens (DE), General Electric (US), Mitsubishi Electric (JP), ABB (CH), Rockwell Automation (US), Nidec Corporation (JP), Schneider Electric (FR), Yaskawa Electric Corporation (JP), Emerson Electric Co. (US)

Permanent Magnet Synchronous Motor Market Trends

The Permanent Magnet Synchronous Motor Market is currently experiencing a notable transformation driven by advancements in technology and increasing demand for energy-efficient solutions. This market is characterized by a growing emphasis on sustainability, as industries seek to reduce their carbon footprints and enhance operational efficiency. The integration of smart technologies and automation in manufacturing processes is further propelling the adoption of permanent magnet synchronous motors, which are recognized for their superior performance and reliability. As organizations strive to optimize their energy consumption, the appeal of these motors continues to rise, suggesting a robust future for this sector. Moreover, the Permanent Magnet Synchronous Motor Market is witnessing a shift towards electrification across various sectors, including automotive and industrial applications. This trend is likely to be influenced by the global push for cleaner energy sources and the transition towards electric vehicles. The increasing focus on renewable energy integration also plays a crucial role in shaping market dynamics, as these motors are well-suited for applications in wind and solar energy systems. Overall, the market appears poised for growth, driven by technological innovations and a collective commitment to sustainability.

Technological Advancements

The Permanent Magnet Synchronous Motor Market is benefiting from rapid technological innovations that enhance motor efficiency and performance. Developments in materials and design methodologies are leading to more compact and powerful motors, which are increasingly favored in various applications.

Sustainability Initiatives

There is a growing trend towards sustainability within the Permanent Magnet Synchronous Motor Market, as industries prioritize eco-friendly solutions. This shift is prompting manufacturers to focus on energy-efficient motors that align with global environmental goals.

Electrification of Industries

The electrification trend across multiple sectors is significantly impacting the Permanent Magnet Synchronous Motor Market. As industries transition to electric systems, the demand for these motors is expected to rise, particularly in automotive and renewable energy applications.

Permanent Magnet Synchronous Motor Market Drivers

Rising Demand for Energy Efficiency

The Permanent Magnet Synchronous Motor Market is experiencing a notable surge in demand for energy-efficient solutions. As industries strive to reduce operational costs and minimize environmental impact, the adoption of permanent magnet synchronous motors is becoming increasingly prevalent. These motors are known for their high efficiency, often exceeding 90%, which translates to significant energy savings. According to recent data, the energy efficiency of these motors can lead to a reduction in energy consumption by up to 30% compared to traditional induction motors. This trend is likely to drive the market forward, as businesses seek to comply with stringent energy regulations and enhance their sustainability profiles.

Expansion of Automation in Industries

The Permanent Magnet Synchronous Motor Market is experiencing growth due to the increasing automation across various sectors. Industries such as manufacturing, logistics, and agriculture are increasingly adopting automated systems to enhance productivity and efficiency. Permanent magnet synchronous motors are integral to these systems, providing precise control and high performance. The automation market is projected to grow significantly, with estimates suggesting a compound annual growth rate of over 10% in the next few years. This expansion is expected to create a substantial demand for permanent magnet synchronous motors, as companies seek to implement advanced technologies that improve operational efficiency and reduce labor costs.

Growth in Electric Vehicle Production

The Permanent Magnet Synchronous Motor Market is poised for growth, largely driven by the escalating production of electric vehicles (EVs). As the automotive sector transitions towards electrification, the demand for efficient and compact motors is intensifying. Permanent magnet synchronous motors are favored in EV applications due to their high torque density and performance characteristics. Recent statistics indicate that the electric vehicle market is projected to grow at a compound annual growth rate of over 20% in the coming years. This growth is expected to significantly bolster the demand for permanent magnet synchronous motors, as manufacturers seek to enhance vehicle performance and efficiency.

Increased Investment in Renewable Energy

The Permanent Magnet Synchronous Motor Market is significantly influenced by the rising investment in renewable energy sources. As countries and corporations prioritize sustainable energy solutions, the demand for efficient motors in wind turbines and solar energy systems is on the rise. Permanent magnet synchronous motors are particularly well-suited for these applications due to their high efficiency and reliability. Recent reports suggest that investments in renewable energy are expected to reach trillions of dollars over the next decade, creating a robust market for motors that can operate effectively in these environments. This trend is likely to drive innovation and expansion within the permanent magnet synchronous motor sector.

Advancements in Manufacturing Technologies

The Permanent Magnet Synchronous Motor Market is benefiting from advancements in manufacturing technologies, which are enhancing the production capabilities and reducing costs. Innovations such as additive manufacturing and improved magnet production techniques are enabling manufacturers to create more efficient and reliable motors. These advancements not only streamline the production process but also contribute to the overall performance of the motors. As a result, the market is likely to witness an influx of new products that meet the evolving needs of various industries. The ability to produce high-quality motors at lower costs may further stimulate market growth, attracting new players and expanding applications.

Market Segment Insights

By Type: Surface-Mounted Permanent Magnet Synchronous Motor Market (Largest) vs. Interior Permanent Magnet Synchronous Motor Market (Fastest-Growing)

The Permanent Magnet Synchronous Motor Market is primarily divided into two types: Surface-Mounted Permanent Magnet Synchronous Motors (SPMSMs) and Interior Permanent Magnet Synchronous Motors (IPMSMs). SPMSMs currently hold the largest market share due to their widespread application in industries such as automotive and robotics, owing to their robust performance and efficiency. Conversely, IPMSMs, while representing a smaller share of the market, are gaining traction due to their superior torque characteristics and effectiveness in variable speed applications. Growth trends within the segment indicate a significant shift towards IPMSMs, which are becoming increasingly popular in advanced electric vehicles and renewable energy systems. The push for higher efficiency and performance in motor applications is driving the demand for IPMSMs, positioning them as a competitive force against the well-established SPMSMs. As technology advancements continue to emerge, the market dynamics may further favor the versatility and efficiency of IPMSMs, enhancing their growth potential in the coming years.

Motor Types: SPMSM (Dominant) vs. IPMSM (Emerging)

Surface-Mounted Permanent Magnet Synchronous Motors (SPMSMs) are known for their higher power density and simpler construction, making them a preferred choice for applications where space and efficiency are critical. They excel in providing high torque at low speeds, which is essential in sectors such as automotive and manufacturing. Their dominance in the market is attributed to established manufacturing processes and widespread adoption in various industries. On the other hand, Interior Permanent Magnet Synchronous Motors (IPMSMs) offer enhanced performance characteristics, such as increased torque production and better efficiency at higher speeds. They are gaining popularity due to their adaptability in hybrid and electric vehicles, where performance and efficiency are paramount. With ongoing innovations and growing environmental concerns, IPMSMs are emerging as a viable alternative, promising to capture a more substantial market share as technology progresses.

By Power Rating: 10-50 kW (Largest) vs. Above 100 kW (Fastest-Growing)

The Permanent Magnet Synchronous Motor Market (PMSM) market is segmented by power ratings, with the 10-50 kW segment commanding the largest market share. This range is widely preferred in various applications, owing to its optimal balance between power output and energy efficiency. The segments Below 10 kW and 50-100 kW also hold significant market values but are not as dominant as the 10-50 kW range. Additionally, Above 100 kW is recognized as the fastest-growing segment, driven by increasing industrial automation and demand for high-performance motors.

10-50 kW (Dominant) vs. Above 100 kW (Emerging)

The 10-50 kW power rating segment in the PMSM market stands out as the most dominant due to its versatility and adaptability across numerous industrial applications. This range caters to a variety of machinery and systems requiring reliable and efficient power solutions. In contrast, the Above 100 kW segment, while currently smaller in share, is identified as rapidly emerging, with growth driven by technological advancements and a rising trend towards automation in heavy industries. This segment is gaining momentum due to its capability to handle substantial loads and meet the rigorous demands of large-scale operations.

By Application: Electric Vehicles (Largest) vs. Industrial Machinery (Fastest-Growing)

In the Permanent Magnet Synchronous Motor Market (PMSM) market, the application landscape is diverse, with notable contributions from Electric Vehicles (EVs), Industrial Machinery, Wind Turbines, and HVAC Systems. Among these, the Electric Vehicles segment stands out as the largest, driven by increasing adoption of electric mobility solutions. Meanwhile, Industrial Machinery is gaining momentum, emerging as the fastest-growing application, reflecting the ongoing automation and robotics trends in various industries. The growth trajectory of the PMSM market is positively influenced by the rising demand for energy-efficient solutions across multiple applications. The Electric Vehicles sector is propelled by the shift towards sustainable transport, supported by governmental incentives and consumer trends favoring electric options. Conversely, the Industrial Machinery segment is thriving, fueled by technological advancements and the need for enhanced performance and reliability in manufacturing processes.

Electric Vehicles (Dominant) vs. Industrial Machinery (Emerging)

The Electric Vehicles application of Permanent Magnet Synchronous Motors is currently the dominant force within the market, underpinned by the global shift towards electrification in transportation. These motors are favored for their efficiency, compact size, and superior torque characteristics, essential for achieving optimal vehicle performance. As automakers invest significantly in electrification, PMSMs are increasingly integrated into various electric vehicle models, enhancing propulsion technologies. On the other hand, the Industrial Machinery segment is emerging rapidly due to its remarkable versatility and adaptation in factory automation. This segment is characterized by high demand for precision-driven applications and reliability, enabling businesses to optimize their operational efficiency. With innovations in automation technologies, the adoption of PMSMs in industrial machines is on the rise, making it a critical area for future growth.

By Cooling Method: Air-Cooled (Largest) vs. Water-Cooled (Fastest-Growing)

In the Permanent Magnet Synchronous Motor Market, the cooling method segment showcases diverse options, with air-cooled systems holding the largest market share. This method is preferred in applications requiring lower maintenance, as it eliminates the necessity for additional cooling fluids. Water-cooled systems, while currently trailing, have been rising rapidly due to their superior cooling efficiency, which is vital for high-performance applications and increasing power density requirements. Oil-cooled motors also have a presence in niche markets but do not compare with the scale of air or water-cooled systems. The growth trends of the cooling method segment are being molded by advancements in technology and shifting end-user preferences. Water-cooled systems are recognized as the fastest-growing segment owing to their efficiency and effectiveness in thermal management. Moreover, the demand for high-performance motors in industries such as automotive and renewable energy is propelling their adoption. Additionally, the trend toward miniaturization is enhancing the appeal of compact water-cooled solutions, positioning them as a preferred choice in competitive markets.

Cooling Method: Air-Cooled (Dominant) vs. Water-Cooled (Emerging)

Air-cooled motors are characterized by their simplicity and low operational costs, making them a stable choice for many commercial applications. These systems excel in environments with moderate temperature variations, thereby reducing the need for complex maintenance. Conversely, water-cooled motors are quickly emerging in the market, particularly in sectors demanding high performance and efficiency. They offer superior heat dissipation abilities, which is critical in applications where overheating can lead to performance issues or failures. The evolution of water-cooled technology, including compact designs suitable for limited space scenarios, further boosts their appeal, while environmental concerns drive innovations towards more sustainable cooling techniques.

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Regional Insights

North America : Innovation and Demand Surge

North America is the largest market for Permanent Magnet Synchronous Motors (PMSMs), holding approximately 40% of the global market share. The region's growth is driven by increasing demand for energy-efficient solutions, stringent regulations on emissions, and advancements in automation technologies. The U.S. and Canada are the primary contributors, with a focus on renewable energy and electric vehicles acting as significant catalysts for market expansion. The competitive landscape in North America is robust, featuring key players such as General Electric, Siemens, and Rockwell Automation. These companies are investing heavily in R&D to enhance motor efficiency and performance. The presence of advanced manufacturing facilities and a strong supply chain further bolster the market. Additionally, government initiatives promoting clean energy technologies are expected to sustain growth in the PMSM sector.

Europe : Sustainability and Innovation Focus

Europe is witnessing significant growth in the Permanent Magnet Synchronous Motor Market, accounting for approximately 30% of the global share. The region's commitment to sustainability and energy efficiency drives demand, supported by stringent EU regulations aimed at reducing carbon emissions. Countries like Germany and France are at the forefront, with policies encouraging the adoption of electric and hybrid vehicles, which in turn boosts PMSM usage. Leading countries in Europe include Germany, France, and the UK, where major players like Siemens and ABB are actively innovating. The competitive landscape is characterized by a strong emphasis on research and development, with companies focusing on enhancing motor efficiency and integrating smart technologies. The European market is also supported by various government initiatives aimed at promoting green technologies and sustainable practices.

Asia-Pacific : Rapid Growth and Adoption

Asia-Pacific is rapidly emerging as a significant market for Permanent Magnet Synchronous Motors, holding around 25% of the global market share. The region's growth is fueled by industrialization, urbanization, and increasing investments in renewable energy. Countries like China and Japan are leading the charge, with government policies supporting the transition to electric vehicles and energy-efficient technologies, driving demand for PMSMs. China stands out as the largest market in the region, with major manufacturers like Mitsubishi Electric and Nidec Corporation leading the competitive landscape. The presence of a robust manufacturing base and a growing focus on automation in industries such as automotive and consumer electronics further enhance market prospects. Additionally, the region's commitment to reducing carbon emissions aligns with the increasing adoption of PMSMs in various applications.

Middle East and Africa : Emerging Market Potential

The Middle East and Africa region is gradually emerging in the Permanent Magnet Synchronous Motor Market, currently holding about 5% of the global share. The growth is primarily driven by increasing investments in infrastructure and energy projects, particularly in countries like the UAE and South Africa. Government initiatives aimed at diversifying energy sources and enhancing industrial capabilities are also contributing to market expansion. In this region, the competitive landscape is still developing, with local and international players vying for market share. Key players are beginning to establish a presence, focusing on sectors such as oil and gas, mining, and renewable energy. The potential for growth is significant, as governments prioritize modernization and sustainability in their economic strategies, paving the way for increased adoption of PMSMs.

Permanent Magnet Synchronous Motor Market Regional Image

Key Players and Competitive Insights

Major players in the Permanent Magnet Synchronous Motor Market industry are constantly developing new technologies and products to meet the evolving needs of customers. Leading Permanent Magnet Synchronous Motor Market players are investing heavily in research and development to gain a competitive edge in the market. The Permanent Magnet Synchronous Motor Market is expected to witness significant growth in the coming years, driven by increasing demand from various end-use industries such as automotive, industrial, and consumer electronics.

The competitive landscape of the Permanent Magnet Synchronous Motor Market is characterized by the presence of both  and regional players.A leading company in the Permanent Magnet Synchronous Motor Market is Nidec Corporation. The company is a  leader in the design, manufacture, and sale of electric motors, generators, and power electronics. Nidec's Permanent Magnet Synchronous Motors are known for their high efficiency, reliability, and durability. The company has a strong presence in the automotive, industrial, and consumer electronics markets.

Nidec is committed to innovation and continues to invest in research and development to develop new and improved products.A competitor company in the Permanent Magnet Synchronous Motor Market is Johnson Electric. The company is a  provider of electric motors, actuators, and motion control solutions. Johnson Electric's Permanent Magnet Synchronous Motors are used in a wide range of applications, including automotive, industrial, and consumer electronics. The company has a strong focus on quality and innovation and is committed to providing its customers with high-performance products.

Johnson Electric is a key player in the Permanent Magnet Synchronous Motor Market and is expected to continue to grow in the coming years.

Key Companies in the Permanent Magnet Synchronous Motor Market market include

Industry Developments

The growth of the PMSM market is attributed to the increasing demand for energy-efficient motors in various industries, such as automotive, industrial, and consumer electronics. PMSMs offer several advantages over conventional motors, including higher efficiency, lower noise, and reduced maintenance costs.Recent developments in the PMSM market include the introduction of new materials and technologies that are improving the performance and efficiency of these motors. For instance, the use of rare-earth magnets in PMSMs has led to significant improvements in torque and power density.

Additionally, the development of new control techniques is helping to optimize the performance of PMSMs, making them more suitable for use in a wider range of applications. Overall, the outlook for the  PMSM market is positive, driven by the increasing demand for energy-efficient motors and the ongoing development of new technologies.

Future Outlook

Permanent Magnet Synchronous Motor Market Future Outlook

The Permanent Magnet Synchronous Motor Market is projected to grow at 11.72% CAGR from 2024 to 2035, driven by advancements in electric vehicles, renewable energy integration, and automation technologies.

New opportunities lie in:

  • Development of high-efficiency motors for electric vehicle applications.
  • Expansion into renewable energy sectors with tailored motor solutions.
  • Integration of IoT for predictive maintenance in industrial applications.

By 2035, the market is expected to achieve substantial growth, solidifying its role in various industries.

Market Segmentation

Permanent Magnet Synchronous Motor Market Type Outlook

  • Surface-Mounted Permanent Magnet Synchronous Motor
  • Interior Permanent Magnet Synchronous Motor

Permanent Magnet Synchronous Motor Market Application Outlook

  • Industrial Machinery
  • Electric Vehicles
  • Wind Turbines
  • HVAC Systems

Permanent Magnet Synchronous Motor Market Power Rating Outlook

  • Below 10 kW
  • 10-50 kW
  • 50-100 kW
  • Above 100 kW

Permanent Magnet Synchronous Motor Market Cooling Method Outlook

  • Air-Cooled
  • Water-Cooled
  • Oil-Cooled

Report Scope

MARKET SIZE 202419.9(USD Billion)
MARKET SIZE 202522.23(USD Billion)
MARKET SIZE 203567.34(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR)11.72% (2024 - 2035)
REPORT COVERAGERevenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR2024
Market Forecast Period2025 - 2035
Historical Data2019 - 2024
Market Forecast UnitsUSD Billion
Key Companies ProfiledMarket analysis in progress
Segments CoveredMarket segmentation analysis in progress
Key Market OpportunitiesGrowing demand for energy-efficient solutions drives innovation in the Permanent Magnet Synchronous Motor Market.
Key Market DynamicsRising demand for energy-efficient solutions drives innovation and competition in the Permanent Magnet Synchronous Motor market.
Countries CoveredNorth America, Europe, APAC, South America, MEA

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FAQs

What is the projected market valuation of the Permanent Magnet Synchronous Motor Market by 2035?

The market is projected to reach a valuation of 67.34 USD Billion by 2035.

What was the market valuation of the Permanent Magnet Synchronous Motor Market in 2024?

The market valuation was 19.9 USD Billion in 2024.

What is the expected CAGR for the Permanent Magnet Synchronous Motor Market during the forecast period 2025 - 2035?

The expected CAGR for the market during this period is 11.72%.

Which companies are considered key players in the Permanent Magnet Synchronous Motor Market?

Key players include Siemens, General Electric, Mitsubishi Electric, ABB, Rockwell Automation, Nidec Corporation, Schneider Electric, Yaskawa Electric Corporation, and Emerson Electric Co.

What are the two main types of Permanent Magnet Synchronous Motors and their market values?

The two main types are Surface-Mounted Permanent Magnet Synchronous Motors valued at 30.0 USD Billion and Interior Permanent Magnet Synchronous Motors valued at 37.34 USD Billion.

How does the power rating segment break down in terms of market valuation?

The power rating segment includes Below 10 kW at 10.12 USD Billion, 10-50 kW at 22.12 USD Billion, 50-100 kW at 19.12 USD Billion, and Above 100 kW at 16.98 USD Billion.

What applications are driving the growth of the Permanent Magnet Synchronous Motor Market?

Key applications include Industrial Machinery at 17.0 USD Billion, Electric Vehicles at 22.0 USD Billion, Wind Turbines at 14.0 USD Billion, and HVAC Systems at 14.34 USD Billion.

What cooling methods are utilized in Permanent Magnet Synchronous Motors and their respective market values?

The cooling methods include Air-Cooled at 25.5 USD Billion, Water-Cooled at 20.5 USD Billion, and Oil-Cooled at 21.3 USD Billion.

What trends are influencing the demand for Permanent Magnet Synchronous Motors in the market?

Trends include increasing demand for energy-efficient solutions and the growing adoption of electric vehicles.

How does the market for Permanent Magnet Synchronous Motors compare across different power ratings?

The market shows a notable preference for the 10-50 kW segment, which holds the highest valuation at 22.12 USD Billion.

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