PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1901458
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1901458
Electric Vehicle Permanent Magnet Synchronous Motors market size was valued at US$ 8,678.98 Million in 2024, expanding at a CAGR of 14.5% from 2025 to 2032.
Permanent Magnet Synchronous Motors (PMSMs) used in Electric Vehicles are the most efficient among traction motors and their efficiency is one of the main reasons for their massive usage in the industry as they transform battery power into mechanical power for traction. The key components of a PMSM are the rotor with the permanent magnets (normally rare-earth magnets like neodymium-iron-boron) and the stator with three-phase windings that create the rotating magnetic field. The rotor turns in perfect synchronism with this magnetic field, which gives precise control of speed and torque. PMSM is the electric vehicle motor that is characterized by the very high power and torque density, great efficiency throughout the whole speed range, smooth acceleration due to strong low-speed torque and less power consumption than regular motors. The use of PMSMs with electronic motor driver (inverter and controller) and the application of advanced control strategies have not only improved but also made a significant shift in the vehicle range, performance, and energy efficiency. This combination enables techniques like regenerative braking and field-oriented control to be implemented more efficiently.
Electric Vehicle Permanent Magnet Synchronous Motors Market- Market Dynamics
Rising Power & Energy Sector Investments
The market for Electric Vehicle Permanent Magnet Synchronous Motors (PMSM) is majorly influenced by the adoption of electric vehicles (EVs) and more stringent emissions regulations. The leading automotive markets in different parts of the world are enforcing very strict regulations on the emission of greenhouse gases and exhaust gases in addition to encouraging or mandating electric vehicles using various incentives such as zero-emission vehicle targets, fuel economy standards, and gradually phasing out gasoline engines. These laws and regulations are accelerating the transition from conventional powertrains to electric drivetrains thus increasing the usage of PMSMs in this transition owing to their Advantages such as high efficiency, excellent torque density, and small size. The manufacturers are constrained by the need to reduce overall energy consumption, comply with regulations, and increase vehicle range, so the demand for PMSMs and motor drivers and inverters is constantly rising, which in turn is driving the market for electric vehicle PMSM globally.
By Motor Type
The Surface-mounted Permanent Magnet Synchronous Motor (SPMSM) segment is expected to growing substantially over the projected period. Rapid adoption of EVs globally, spurred by consumer demand, government incentives, and stricter emissions regulations, increases overall motor demand, including SPMSM types.
By Application
The electric passenger vehicles segment is expected to dominate the market over the forecast period. The segment growth is backed by the soaring worldwide demand for BEVs and PHEVs. The electrification of the automotive industry has prompted manufacturers to use high-performance PMSMs, particularly the surface and interior permanent magnet types, in electric passenger vehicles more than ever before as these motors outperform in terms of torque density, energy consumption, and size, which all lead to better driving range and performance for daily passenger use. The increasing number of electric cars in the market leads to a commensurate rise in the need for PMSMs and their sophisticated motor drivers, thus playing a major role in the expansion of the market revenue.
Electric Vehicle Permanent Magnet Synchronous Motors Market- Geographical Insights
The Asia Pacific is expected to dominate the market over the forecast period. The growth is driven primarily by the region's rapid electrification of transportation and strong electric vehicle (EV) adoption. Asia Pacific accounts for a large share of global EV production and sales-particularly led by China, which dominates both EV manufacturing and consumption-creating substantial demand for high-efficiency traction motors such as PMSMs used in battery electric and plug-in hybrid vehicles. This expansion is supported by government incentives, stricter emissions standards, and policies promoting EV deployment, which together accelerate EV market expansion and, consequently, the requirement for PMSMs. Additionally, growing investments in EV supply chains, improved charging infrastructure, and local manufacturing ecosystems in countries including China, Japan, South Korea, India and Southeast Asian markets further enhance motor adoption. Because PMSMs provide high torque density, energy efficiency, and compact packaging-key performance attributes for passenger and commercial EVs-the region's surging EV demand translates directly into increased PMSM revenues. As a result, the Asia Pacific PMSM market is projected to grow at a notable CAGR over the coming years, reflecting both the rise in EV production and supportive regulatory and industrial environments.
The EV PMSM market is a very competitive and fragmented scene consisting of various players like traditional global motor manufacturers and automotive suppliers, dedicated motor specialists, and semiconductor/power-electronics firms, along with a plethora of start-ups and OEM in-house teams. The Tier-1 automotive suppliers and the big motor manufacturers (like Nidec, Bosch, Denso, Hitachi, Toshiba, ZF, Schaeffler, ABB) are the ones providing the OEMs with the high-volume traction motors and systems, while specialist companies and recent strategic acquisitions, such as the Mercedes-backed YASA, are the ones responsible for pushing the top-notch designs like axial-flux and high-power-density motors. At the same time, the power-electronics suppliers and SiC semiconductor vendors (Infineon, Wolfspeed, etc.) are very much involved with motor performance and system efficiency, thus creating a situation where motor manufacturers are teaming up with inverter/semiconductor suppliers. Supply-chain limitations (the main issue being rare-earth magnet unavailability) along with the OEMs' vertical-integration strategies are compelling companies to stand out with their innovative technologies (axial-flux, interior vs surface PM designs), thermal and inverter integration (e-axles), cost optimization, and strategic collaborations or M&A.
In March 2023, Hyundai Mobis announced the development of an in-wheel system that lets the motor control each wheel directly. The company is currently verifying the system's reliability for mass production.
In February 2023, FLASH collaborated with GEM Motors for advanced modular multiphase hub motor technology. The partnership is intended to cater to the EV segments in the range of 1 kW to 15 kW for hub motors with integrated controllers using advanced modular multiphase motor technology.