Global Permanent Magnet Synchronous Motor (PMSM) Market to Reach $40.4 Billion by 2029, Growing at 0.0835650251368312% CAGR

What combination of drivers is leading to accelerated growth in the permanent magnet synchronous motor (pmsm) market?
The rising popularity of environmentally-friendly vehicles is significantly driving the expansion of the permanent magnet synchronous motor (PMSM) market. These green or clean vehicles, renowned for their reduced detrimental environmental impact compared to conventional cars powered by diesel or alternative fuels, are becoming more desirable due to their zero-emissions and increased fuel efficiency. For instance, a report from the International Council for Clean Transport (ICCT), a US-based nonprofit research organization, disclosed that global EV sales surged to 10 million in 2022, marking a 54% climb from 2021. China led this growth with 6.2 million EVs sold, an increase of 82%, accounting for 59% of the global market. The U.S. came next with a total of 994,000 EVs bartered, followed by Europe reporting 2.7 million EVs sales, a 15% increase, thus making up 25% of global sales. Hence, the rising demand for green vehicles is anticipated to continue propelling the growth of the permanent magnet synchronous motors (PMSM) market in the future.

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What is the projected compound annual growth rate (CAGR) of the permanent magnet synchronous motor (pmsm) market from 2025 to 2034, and what factors influence it?
Over the recent years, the market size for the permanent magnet synchronous motor (PMSM) has seen significant expansion. Predicted to surge from $27.01 billion in 2024 to $29.3 billion in 2025, it boasts a compound annual growth rate (CAGR) of 8.5%. This growth during the earlier period is linked to the rising adoption of electric and hybrid vehicles, advancements in industrial automation and robotics, embracing of energy-efficient and eco-friendly technologies, increased use in HVAC systems and progressive improvements in magnet materials.

The market for permanent magnet synchronous motor (PMSM) is projected to experience robust growth in the upcoming years, surging to a value of $40.4 billion in 2029, with a compound annual growth rate (CAGR) of 8.4%. This expected growth during the forecast period is credited to the proliferation of renewable energy applications, expansion of the EV charging infrastructure, the rise of smart grid and distributed energy systems, the inclusion of PMSMs in domestic appliances, and the electrification of the transportation sector. Key trends predicted for the forecast period include recycling of rare-earth elements for magnets, the integration of advanced sensor technology in PMSMs, the use of silicon carbide (sic) power electronics, the development of tailored PMSM solutions to meet the needs of particular industries, and the implementation of smart motor diagnostics and predictive maintenance schemes.

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How are the latest trends influencing the growth of the permanent magnet synchronous motor (pmsm) market?
The primary trend observed among companies in the permanent magnet synchronous motor (PMSM) market is the advancement of technology. Significantly improved efficiency and output power have been achieved with the recent progress in permanent magnet (PM) manufacturing technologies, thus leading to more widespread use of direct-drive-based high speed PMSMs instead of conventional mechanical gear transmission systems in multiple industrial areas. For instance, in August 2024, the Indian electric last-mile mobility three- and four-wheeler manufacturer, Mahindra Last Mile Mobility Limited (MLMML), launched the e-Alfa Plus electric rickshaw powered by a cutting-edge Permanent Magnet Synchronous Motor (PMSM). This PMSM motor offers 1.95 kW of peak power and a maximum torque of 26.9 Nm, enabling a real-world range of above 100 kilometers on a solitary charge. With an 18-month warranty and a comprehensive accidental insurance policy for drivers for three years, in addition to an advanced breaking system, the e-Alfa Plus has been designed prioritising durability and driver safety, making it an ideal option for both urban and rural transportation demands.

What are the major segments of the permanent magnet synchronous motor (pmsm) market and their role in driving growth?
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

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Which regions are key players in the growth of 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.

Who are the key firms paving the way for growth in the 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 Is Covered In The Permanent Magnet Synchronous Motor (PMSM) Global Market Report?

•Market Size Forecast: Examine the permanent magnet synchronous motor (pmsm) market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the permanent magnet synchronous motor (pmsm) market for a structured understanding.
•Key Players Overview: Analyze major players in the permanent magnet synchronous motor (pmsm) market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the permanent magnet synchronous motor (pmsm) market.
•Segment Contributions: Evaluate how different segments drive overall growth in the permanent magnet synchronous motor (pmsm) market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the permanent magnet synchronous motor (pmsm) market.
•Industry Challenges: Identify potential risks and obstacles affecting the permanent magnet synchronous motor (pmsm) market.
•Competitive Landscape: Review strategic developments in the permanent magnet synchronous motor (pmsm) market, including expansions, agreements, and new product launches.

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