Steady Expansion Forecast for Permanent Magnet Synchronous Motor (PMSM) Market, Projected to Reach $40.4 Billion by 2029

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Permanent Magnet Synchronous Motor (PMSM) Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market for permanent magnet synchronous motors (PMSM) has seen robust growth lately and it's projected to expand from $27.01 billion in 2024, climbing to $29.3 billion in 2025, reflecting at a compound annual growth rate (CAGR) of 8.5%. Factors such as the adoption of electric vehicles and hybrid vehicles, increased use in industrial automation and robotics, advancements in hvac systems, as well as initiatives focused on energy efficiency and green technology, and breakthroughs in magnet materials have been instrumental in driving growth during the historic period.

Permanent Magnet Synchronous Motor (PMSM) Market Size Forecast: What's the Projected Valuation by 2029?
In the upcoming years, the market size of the permanent magnet synchronous motor (PMSM) is anticipated to witness robust growth. It is projected to reach $40.4 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.4%. The expected growth in this duration is due to factors such as the increasing adoption of renewable energy applications, enhancements in electric vehicle charging infrastructure, the rise of smart grid and distributed energy systems and the inclusion of PMSMs in domestic appliances, alongside the electrification of the transport sector. Key trends for the forecast period feature recycling of rare-earth elements for magnets, PMSMs integrated with sophisticated sensor technology, the incorporation of silicon carbide (sic) power electronics, tailor-made PMSM solutions for specific sectors, and intelligent motor diagnostics coupled with preemptive maintenance.

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What Are the Drivers Transforming the Permanent Magnet Synchronous Motor (PMSM) Market?
The rise of eco-friendly vehicles is considerably advancing the expansion of the Permanent Magnet Synchronous Motor (PMSM) market. Green cars, also identified as clean or environmentally friendly vehicles, deliver less detrimental impact on the environment compared to traditional internal combustion engine cars running on diesel or alternative fuels. The increasing appeal of zero-emission vehicles and fuel economy standards are fueling the demand for green vehicles. Specifically, in June 2023, the International Council for Clean Transport (ICCT), a research institution based in the US, issued a report revealing that worldwide electric vehicle sales hit 10 million in 2022, displaying a 54% rise from 2021. In particular, China was the leader with 6.2 million electric vehicles sold (an increase of 82%), contributing to 59% of global sales. The U.S followed with 994,000 electric vehicles, and Europe trailed with 2.7 million vehicles (an increase of 15%), making up 25% of the worldwide total sales. As a result, the evolution of green vehicles is predicted to boost the growth of the PMSM market in the coming years.

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What Long-Term Trends Will Define the Future of the Permanent Magnet Synchronous Motor (PMSM) Market?
Companies involved in the Permanent Magnet Synchronous Motor (PMSM) market are vastly implementing technological advancements as a primary trend. Major strides in Permanent Magnet (PM) manufacturing technologies have significantly improved the efficiency and power output of PM Synchronous Machines (PMSMs), leading to the increased adoption of direct-drive type high-speed PMSMs over traditional mechanical gear transmission systems in various industrial sectors. In a notable instance, in August 2024, Mahindra Last Mile Mobility Limited (MLMML), a company based in India that manufactures three- and four-wheeler electric last-mile mobility solutions, unveiled the e-Alfa Plus electric rickshaw. The vehicle is powered by a cutting-edge Permanent Magnet Synchronous Motor (PMSM) that provides a peak power of 1.95 kW and a maximum torque of 26.9 Nm, thereby delivering a realistic range of more than 100 kilometers on a single charge. Manufactured with an emphasis on durability and driver safety, it comes with an 18-month warranty, a sophisticated braking system, and a three-year accidental insurance policy for drivers. This makes it a dependable selection for transportation needs in both urban and rural settings.

Which Segments in the Permanent Magnet Synchronous Motor (PMSM) Market Offer the Most Profit Potential?
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 Firms Dominate the Permanent Magnet Synchronous Motor (PMSM) Market by Market Share and Revenue in 2025?
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

Which Regions Offer the Highest Growth Potential 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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