Electric Vehicle Permanent Magnet Synchronous Motors Market Projected to Exhibit Growth at 14.3% CAGR by 2031- TMR Study

The global Electric Vehicle Permanent Magnet Synchronous Motors (PMSMs) market, valued at US$ 6.4 billion in 2022, is set to experience remarkable growth at a CAGR of 14.3%, reaching an estimated US$ 21.5 billion by the end of 2031. This surge is primarily fueled by the increasing adoption of electric vehicles (EVs) and a rising demand for noiseless, efficient vehicles.

Market Overview: Electric motors play a crucial role in transforming electrical energy into mechanical energy, with Permanent Magnet Synchronous Motors (PMSMs) gaining prominence. These motors, known for their small size, efficiency, and high power factor, find applications in high-speed trains, electric ship propulsion, electric vehicles, and numeric control machining systems.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 (𝐔𝐬𝐞 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐌𝐚𝐢𝐥 𝐈𝐝 𝐟𝐨𝐫 𝐐𝐮𝐢𝐜𝐤 𝐑𝐞𝐬𝐩𝐨𝐧𝐬𝐞) - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=85631&utm_source=OpenPR_Ganesh&utm_medium=OpenPR

Control Techniques Driving Performance: In ensuring optimal functionality, industry players are employing Model Predictive Control (MPC), recognized as a leading approach. MPC involves creating a mathematical model of the dynamic process, allowing for precise control signals based on predictions. This technique is paramount in maximizing the benefits of PMSMs in various applications.

Types of PMSMs and Market Dynamics: Interior Permanent Magnet Synchronous Motors (IPMSMs), especially those utilizing the soft magnetic alloy Hiperco 50A, are gaining traction in the EV sector due to their fast speed, high power density, and fault tolerance capabilities. The rise in urbanization, investments in smart cities, and government initiatives worldwide are contributing to the increased adoption of electric vehicles.

Segmentation and Regional Outlook: The Battery Electric Vehicles (BEVs) propulsion segment is expected to dominate the market, with Asia Pacific leading in market share. China, Japan, and South Korea are driving growth, supported by government incentives and the surge in EV adoption.

Europe and North America, with major Original Equipment Manufacturers (OEMs), are experiencing steady growth, while the Middle East & Africa and South America are expected to witness stagnant growth in the near future.

Key Players and Market Strategies: Key players in the industry, including ABB Ltd., Siemens AG, Hyundai Mobis, and ZF Friedrichshafen AG, are focusing on developing energy-efficient products with high magnetic flux density. Mergers, acquisitions, partnerships, and collaborations are prevalent strategies to increase market share.

Recent Developments:

Hyundai Mobis is currently verifying an in-wheel system for mass production, enhancing motor control for each wheel directly.
Schaeffler's in-wheel electric drives for municipal utility vehicles showcase integrated propulsion and braking components, optimizing space and maneuverability.
FLASH and GEM Motors collaborate for advanced modular multiphase hub motor technology, catering to the EV segment.
ZF celebrates a milestone of producing two million electric motors, contributing significantly to reducing CO2 emissions.
Hitachi and Hitachi Astemo jointly announce the development of an in-wheel motor using a 'direct-drive system' for EVs.

Recommendations for Stakeholders:

Stakeholders should capitalize on the growing trend of EV adoption and invest in energy-efficient, high-performance PMSMs.
Emphasis should be placed on innovation and collaborations to stay competitive in the rapidly evolving market.
Continuous monitoring of regulatory environments and policy changes is essential for strategic decision-making.

𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 | 𝐈𝐦𝐦𝐞𝐝𝐢𝐚𝐭𝐞 𝐃𝐞𝐥𝐢𝐯𝐞𝐫𝐲 𝐀𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞 𝐚𝐭 - https://www.transparencymarketresearch.com/checkout.php?rep_id=85631<ype=S&utm_source=OpenPR_Ganesh&utm_medium=OpenPR

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