Report Description Table of Contents The permanent magnet synchronous motor market was worth USD 20 billion in 2023 and will be worth USD 33 billion by 2030, growing at a CAGR of 7.5% during the forecast period. The market for Permanent Magnet Synchronous Motor (PMSM) has been mainly influenced by the growing need for efficient electric motors in EVs and industrial applications. Automotive electric vehicles sold globally have surpassed 10 million in the year 2023, and PMSM plays a vital role due to its high efficiency, low volume, and reliability in the automotive sector. Compared to traditional motors, PMSMs offer higher torque and better power density for modern EV powertrains. The new trend is progress in the development of rare earth-free magnets to replace expensive and scarce metals such as neodymium, thus preserving the efficiency of the motor. For instance, Tesla and BYD have gradually incorporated PMSMs into their electric vehicles, indicating that the motor is crucial in developing electric transport and environmentally friendly technologies. A major opportunity in the Permanent Magnet Synchronous Motor (PMSM) market lies in the growing demand for electric vehicles (EVs) and renewable energy applications. Since the demand for EVs is anticipated to rise at a rate of over 20% each year worldwide, PMSMs are critical for advancing energy efficiency and performance in electric drivetrain systems. Moreover, PMSMs are increasingly being applied in wind energy systems to enhance the turbines' performance. A recent development includes the shift towards rare-earth-free PMSMs, which reduce dependency on expensive materials while maintaining high performance. For instance, Siemens is still working on a rare-earth-free PMSM for industrial automation and energy segments to expand market opportunities for cheap and efficient motor technologies. Market Segmentation By Application: Electric Vehicles (EVs) Industrial Machinery Aerospace & Defense Robotics HVAC (Heating, Ventilation, and Air Conditioning) Energy (Wind Turbines, Solar Power Systems) Consumer Electronics Marine By Voltage Range: Low Voltage (Up to 1 kV) Medium Voltage (1 kV to 35 kV) High Voltage (Above 35 kV) By Control Type: Vector Control Direct Torque Control By Region North America US Mexico Canada Rest of North America Europe Switzerland Russia France Germany U.K Finland Turkey Netherlands Belgium Spain Italy Rest of Europe Asia Pacific India China South Korea Japan Singapore Thailand Indonesia Malaysia Philippines Australia Rest of Asia-Pacific LAMEA Brazil Argentina Uruguay Saudi Arabia Rest of LAMEA The Asia-Pacific region remains the most prominent in the Permanent Magnet Synchronous Motor (PMSM) market owing to the advancement of industrialization, the upsurge in the Electric Vehicle (EV) industry, and the overall leadership in manufacturing. For instance, sales of EVs in only China in 2023 exceeded 50 percent of global demand and increased the demand for PMSMs that are indispensable in the powertrain of EVs because of their efficiency and compactness. Moreover, the region's high market demand for electronics and industrial machinery also contributes to the application of PMSMs in automation and robotics. A recent trend relates to developing China’s PMSMs with less dependence on exotic materials such as neodymium to make costly rare earth essential for high efficiency. The emphasis on innovation and rising demand in target industries strengthen Asia-Pacific’s market for PMSMs. Key Players Siemens AG ABB Ltd. Mitsubishi Electric Corporation Toshiba Corporation General Electric Nidec Corporation Hitachi, Ltd. WEG Electric Corp. Danfoss Yaskawa Electric Corporation Permanent Magnet Synchronous Motor (PMSM) Market Report Coverage Report Attribute Details Forecast Period 2023 – 2030 Market Size Value in 2023 USD 20 billion Revenue Forecast in 2030 USD 33 billion Overall Growth Rate CAGR of 7.5% Base Year for Estimation 2022 Historical Data 2017 – 2021 Unit USD Billion, CAGR (2023 - 2030) Segmentation By Application, By Voltage Range, By Control Type, By Region By Application EVs, Industrial Machinery, Aerospace, HVAC By Voltage Range Low, Medium, High Voltage By Control Type Vector Control, Direct Torque Control By Region North America, Europe, Asia-Pacific, LAMEA Country Scope US, Canada, Mexico, UK, Germany, France, China, Japan, India, South Korea, Australia, etc. Pricing and Purchase Options Avail customized purchase options to meet your exact research needs. Frequently Asked Question About This Report How big is the Permanent Magnet Synchronous Motor Market? The permanent magnet synchronous motor market was valued at USD 20 billion in 2023 and is projected to reach USD 33 billion by 2030, growing at a CAGR of 7.5% during the forecast period. What are the key factors driving the growth of the Permanent Magnet Synchronous Motor Market? The market is influenced by the growing need for efficient electric motors in electric vehicles (EVs) and industrial applications, offering higher torque and better power density. Who are the major players in the Permanent Magnet Synchronous Motor Market? Key players include Siemens AG, Mitsubishi Electric Corporation, ABB Ltd., and General Electric. Which region held the largest Permanent Magnet Synchronous Motor Market share? The Asia-Pacific region remains prominent due to advancements in industrialization and the growth of the electric vehicle industry. Which application had the largest Permanent Magnet Synchronous Motor Market share? The electric vehicles (EVs) segment holds a significant share, reflecting the critical role of PMSMs in enhancing energy efficiency and performance in electric drivetrains. . Table of Contents 1. PERMANENT MAGNET SYNCHRONOUS MOTOR MARKET – PRODUCTION VOLUME BY REGION, (2024 – 2030) 1.1. North America 1.2. Europe 1.3. Asia Pacific 1.4. Latin America 1.5. Middle East & Africa 2. PERMANENT MAGNET SYNCHRONOUS MOTOR SYNCHRONOUS MOTOR MARKET – REVENUE ($MILLION), BY REGION, (2024 – 2030) 2.1. North America 2.2. Europe 2.3. Asia Pacific 2.4. Latin America 2.5. Middle East & Africa 3. MARKET SHARE ANALYSIS – PERMANENT MAGNET SYNCHRONOUS MOTOR SYNCHRONOUS MOTOR MARKET 3.1. Top 20 Players with Product Mix, Revenue, and Sales Volume 3.2. Market Share, 2023 3.3. Market By Voltage Range of PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor and End Use Outlook Analysis 4. HISTORIC TRENDS IN PERMANENT MAGNET SYNCHRONOUS MOTOR SYNCHRONOUS MOTOR MARKET 5. EMERGING MARKET TRENDS 6. NORTH AMERICA PERMANENT MAGNET SYNCHRONOUS MOTOR SYNCHRONOUS MOTOR MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 6.1. North America PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Historical Market ($MILLION), (2017 – 2023) 6.2. North America PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market ($MILLION) and Forecasts (2024 – 2030) 6.3. North America PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Voltage Range 6.3.1. Low Voltage (Up to 1 kV) 6.3.2. Medium Voltage (1 kV to 35 kV) 6.3.3. High Voltage (Above 35 kV) 6.4. North America PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Control Type 6.4.1. Vector Control 6.4.2. Direct Torque Control 6.5. North America PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 6.5.1. Electric Vehicles (EVs) 6.5.2. Industrial Machinery 6.5.3. Aerospace & Defense 6.5.4. Robotics 6.5.5. HVAC (Heating, Ventilation, and Air Conditioning) 6.5.6. Energy (Wind Turbines, Solar Power Systems) 6.5.7. Consumer Electronics 6.5.8. Marine 6.6. North America PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 6.6.1. USA 6.6.2. Canada 6.6.3. Rest of North America 7. USA PERMANENT MAGNET SYNCHRONOUS MOTOR SYNCHRONOUS MOTOR MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8. EUROPE PERMANENT MAGNET SYNCHRONOUS MOTOR SYNCHRONOUS MOTOR MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8.1. Europe PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Historical Market ($MILLION), (2017 – 2023) 8.2. Europe PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market ($MILLION) and Forecasts (2024 – 2030) 8.3. Europe PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Voltage Range 8.4. Europe PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Control Type 8.5. Europe PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 8.6. Europe PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 8.6.1. Germany 8.6.2. France 8.6.3. UK 8.6.4. Italy 8.6.5. Spain 8.6.6. Rest of Europe 9. APAC PERMANENT MAGNET SYNCHRONOUS MOTOR SYNCHRONOUS MOTOR MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 9.1. APAC PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Historical Market ($MILLION), (2017 – 2023) 9.2. APAC PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market ($MILLION) and Forecasts (2024 – 2030) 9.3. APAC PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Voltage Range 9.4. APAC PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Control Type 9.5. APAC PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 9.6. APAC PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 9.6.1. China 9.6.2. Japan 9.6.3. South Korea 9.6.4. India 9.6.5. Australia 9.6.6. Rest of APAC 10. LATIN AMERICA PERMANENT MAGNET SYNCHRONOUS MOTOR SYNCHRONOUS MOTOR MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 10.1. Latin America PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Historical Market ($MILLION), (2017 – 2023) 10.2. Latin America PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market ($MILLION) and Forecasts (2024 – 2030) 10.3. Latin America PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Voltage Range 10.4. Latin America PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Control Type 10.5. Latin America PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 10.6. Latin America PERMANENT MAGNET SYNCHRONOUS MOTOR Synchronous Motor Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 10.6.1. Brazil 10.6.2. Argentina 10.6.3. Rest of Latin America 11. COMPANY PROFILES: 11.1. Siemens AG 11.1.1. Company Overview 11.1.2. Company Snapshot 11.1.3. Operating business segments 11.1.4. Product offered and Revenue 11.1.5. Production & Sales 11.2. ABB Ltd. 11.3. Mitsubishi Electric Corporation 11.4. Toshiba Corporation 11.5. General Electric 11.6. Nidec Corporation 11.7. Hitachi, Ltd. 11.8. WEG Electric Corp. 11.9. Danfoss 11.10. OTHER MARKET PLAYERS