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Global Permanent Magnet Synchronous Motor Market Report 2023

Jul 25, 2023

DUBLIN, Aug. 24, 2023 /PRNewswire/ -- The "Permanent Magnet Synchronous Motor (PMSM) Global Market Report 2023" has been added to's offering.

The global PMSM market demonstrated strong growth, expanding from $23.77 billion in 2022 to $27.44 billion in 2023, boasting a robust Compound Annual Growth Rate (CAGR) of 15.5%. The market is expected to further flourish, reaching $48.6 billion by 2027, exhibiting a CAGR of 15.4%.

Navigating the Permanent Magnet Synchronous Motor Landscape

The PMSM market encompasses sales of rotor, stator, and induction motor components. The market values provided reflect "factory gate" values, encompassing goods sold by manufacturers or creators to downstream entities, retailers, distributors, and end customers. The market valuation also includes related services offered by goods creators.

The Power of Permanent Magnet Synchronous Motors

PMSMs serve as high-efficiency and high-performance motor drives, utilizing field excitation from permanent magnets and featuring sinusoidal back Electromotive Force (EMF) waveforms. These motors can generate torque even at zero speed, requiring digitally controlled inverters for operations involving permanent magnets.

Regional Dominance and Growth Prospects

Asia-Pacific emerged as the largest PMSM market region in 2022, expected to maintain its momentum as the fastest-growing region throughout the forecast period. Other regions covered include Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Segmentation and Applications

The PMSM market offers a diverse range of product types and applications, including:

Product Types: Surface and Interior

Capacities: 375-450 kW, 450-600 kW, Above 600 kW

Voltage Ranges: Above 60V, 41V60V, 31V40V, 21V30V, 10V20V, 9V and below

Applications: Automation, Consumer Electronics, Residential and Commercial, Automotive and Transportation, Lab Equipment, Medical, Military and Aerospace

Driving Forces: Green Vehicles and Technological Advancements

The emergence of green vehicles is a significant driver fueling the PMSM market's growth. The rising demand for eco-friendly and fuel-efficient vehicles is propelling the demand for PMSMs, contributing to the industry's expansion. Additionally, technological advancements play a pivotal role, with companies focusing on enhancing PM manufacturing technologies to boost efficiency and output power.

Leading Industry Players

The major players in the PMSM market include

Siemens AG

Mitsubishi Electric Corporation

Toshiba Corp.

Hitachi, Ltd.




Continental AG



Xizi Forvorda

DRS Technologies


Johnson Electric Holdings Limited

Leonardo DRS

Nidec Motor Corporation

The Permanent Magnet Synchronous Motor (PMSM) Global Market Report 2023 dives deep into various facets of the market, including:

Market characteristics, size, and growth trajectory

Detailed segmentation and regional breakdowns

Competitive landscape and market shares

Trends, strategies, and forces shaping the market's future

Key Attributes:

Report Attribute


No. of Pages


Forecast Period

2023 - 2027

Estimated Market Value (USD) in 2023

$27.44 billion

Forecasted Market Value (USD) by 2027

$48.6 billion

Compound Annual Growth Rate

15.4 %

Regions Covered


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SOURCE Research and Markets