Future of the Permanent Magnet Synchronous Motor (PMSM) Market: Trends, Innovations, and Key Forecasts Through 2034

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Permanent Magnet Synchronous Motor (PMSM) Market Size Growth Forecast: What to Expect by 2025?
In recent years, the market size of the permanent magnet synchronous motor (PMSM) has experienced significant growth. The market, valued at $27.01 billion in 2024, is projected to reach $28.83 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.7%. This growth observed in the historical period is a result of a surge in the adoption of electric vehicles (EVs) and hybrid vehicles, increased industrial automation and robotics, initiatives aimed at energy efficiency and green technology, enhanced use in HVAC systems, and progressive advancements in magnet materials.

How Will the Permanent Magnet Synchronous Motor (PMSM) Market Size Evolve and Grow by 2029?
In the upcoming years, a significant growth is expected in the permanent magnet synchronous motor (pmsm) market, anticipated to reach $39.05 billion in 2029 with a compound annual growth rate (CAGR) of 7.9%. Such growth over the forecast period is attributed to developments in renewable energy applications, the expansion of electric vehicle (ev) charging structures, smart grid and distributed energy systems, along with the incorporation of PMSMs into household appliances and electrification of the transport sector. During this forecast time-frame, key trends will include recycling of rare-earth elements for magnets, the integration of advanced sensor technology with pmsms, utilizing silicon carbide (sic) power electronics, the provision of customized pmsm solutions specific to various industries, and the rising use of smart motor diagnostics and predictive maintenance.

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What Drivers Are Propelling the Growth of Permanent Magnet Synchronous Motor (PMSM) Market Forward?
The booming rise in the usage of eco-friendly vehicles, also known as green or clean vehicles, has a significant impact on the expansion of the Permanent Magnet Synchronous Motor (PMSM) market. These vehicles are renewable road transport vehicles that emit less harmful environmental impacts compared to traditional vehicle counterparts that utilize diesel fuel or alternative fuels. The surge in demand for these eco-friendly vehicles is due to their zero-emission characteristics and fuel-efficient standards. The International Council for Clean Transport (ICCT), a research institute from the US, published a report in June 2023 highlighting that the worldwide EV sales registered a striking increase of 54% in 2022, reaching 10 million. China led these sales, accounting for 59% of global sales, with 6.2 million EVs sold, marking an 82% increase. Following China was the U.S. with 994,000 EV purchases, and Europe closed the top three with 2.7 million EVs sold, noting a 15% increase, accounting for 25% of the global sales. As a consequence, the upsurge of green vehicles could greatly boost the PMSM market's growth in the future years.

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What Are the Key Trends Driving Permanent Magnet Synchronous Motor (PMSM) Market Growth?
Technological progress is the major trend that companies in the permanent magnet synchronous motor (PMSM) market are embracing. The quick development of permanent magnet (PM) manufacturing techniques has contributed to a tremendous improvement in the efficiency and power output of PMSMs, leading to the preference for high-speed direct-drive PMSMs over traditional mechanical gear transmission systems in various industrial sectors. For example, in August 2024, Mahindra Last Mile Mobility Limited (MLMML), an Indian firm that manufactures electric last-mile mobility three and four wheelers, introduced the e-Alfa Plus electric rickshaw. It is equipped with a sophisticated Permanent Magnet Synchronous Motor (PMSM) which produces a peak power of 1.95 kW and maximum torque of 26.9 Nm, delivering over 100 kilometers of drive on a single charge. This rickshaw is built for longevity and the safety of the driver with features such as an 18-month warranty, a state-of-the-art braking system, and a three-year accidental insurance coverage for drivers, making it a trustworthy choice for transportation needs in both cities and rural areas.

What Are the Key Segments in 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

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Who Are the Key Players Shaping the Permanent Magnet Synchronous Motor (PMSM) Market's Competitive Landscape?
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

What Geographic Markets Are Powering Growth 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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