Permanent Magnet Synchronous Motor (PMSM) Market to Reach $39.05 Billion by 2029, Expanding at 7.9% CAGR
Drawing from trusted sources and expert analysis, this report helps businesses navigate the complex landscape of the permanent magnet synchronous motor (pmsm) industry.
What Is The Expected CAGR For The Permanent Magnet Synchronous Motor (PMSM) Market Through 2025?
The permanent magnet synchronous motor (pmsm) market size has grown strongly in recent years. It will grow from $27.01 billion in 2024 to $28.83 billion in 2025 at a compound annual growth rate (CAGR) of 6.7%. 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 $39.05 billion in 2029 at a compound annual growth rate (CAGR) of 7.9%. 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.
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Which Key Factors Will Influence Permanent Magnet Synchronous Motor (PMSM) Market Growth Over 2025-2034?
The emergence of green vehicles is significantly contributing to the growth of the permanent magnet synchronous motor (PMSM) market. A green vehicle, also known as a clean vehicle or an eco-friendly vehicle, is a road motor vehicle that has fewer negative environmental effects than comparable conventional internal combustion engine vehicles that are powered by diesel, or alternative fuel vehicles. Due to its zero-emission and fuel economy standards, the demand for green vehicles is increasing. For instance, June 2023, according to a report published by the International Council for Clean Transport (ICCT) a US-based nonprofit research institute, the global EV sales in 2022 reached 10 million, a 54% increase from 2021, with China leading at 6.2 million EVs sold (82% increase), accounting for 59% of global sales, followed by the U.S. with 994,000 EVs, and Europe with 2.7 million EVs (15% increase), representing 25% of the global total. Therefore, the emergence of green vehicles is expected to propel the growth of permanent magnet synchronous motors (PMSM) market over the years.
Comprehensive Segment-Wise Insights Into The 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
What Are The Prominent Trends In The Permanent Magnet Synchronous Motor (PMSM) Market?
Technological advancements are the key trend being followed by the companies operating in the permanent magnet synchronous motor (PMSM) market. The rapid advancement of permanent magnet (PM) manufacturing technologies has significantly enhanced the efficiency and output power of PM synchronous machines (PMSMs), prompting the use of direct-drive-type high-speed PMSMs rather than traditional mechanical gear transmission systems in a number of industrial fields. For instance, in August 2024, Mahindra Last Mile Mobility Limited (MLMML), an India-based electric last-mile mobility three- and four-wheeler manufacturer, launched the e-Alfa Plus electric rickshaw. This is powered by an advanced Permanent Magnet Synchronous Motor (PMSM) that delivers 1.95 kW of peak power and a maximum torque of 26.9 Nm, providing a real-world range of over 100 kilometers on a single charge. It is designed for durability and driver safety, featuring an 18-month warranty, an advanced braking system, and a three-year accidental insurance policy for drivers, making it a reliable choice for both urban and rural transportation needs.
Analysis Of Key Players In 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
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What Are The Key Regional Trends 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.
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