Top 25 Companies in Global Electric Vehicle Permanent Magnet Synchronous Motors Market (2025–2035): Statistics Report Till 2035 Forecast

Description

According to a research report published by Spherical Insights & Consulting, The Global Electric Vehicle Permanent Magnet Synchronous Motors Market Size Is Projected To Grow From USD 15.19 Billion In 2024 To USD 44.11 Billion By 2035, At A CAGR Of 10.18% During The Forecast Period 2025–2035. The global electric vehicle permanent magnet synchronous motors market is driven by rising EV adoption, supportive government policies, technological advancements, environmental awareness, expanding charging infrastructure, and decreasing costs of motors and batteries globally.

 

Introduction

The global electric vehicle permanent magnet synchronous motors market refers to the global industry for designing, manufacturing, and supplying PMSMs, essential for EVs’ propulsion, efficiency, and performance in sustainable transportation. The Electric Vehicle Permanent Magnet Synchronous Motor (PMSM) is a type of electric motor widely used in electric vehicles (EVs) that uses permanent magnets in its rotor to generate a rotating magnetic field. The market is growing due to rising electric vehicle adoption, supportive government policies, technological advancements in motor efficiency, environmental sustainability awareness, expanding EV infrastructure, and decreasing costs of batteries and motor components globally. The Electric Vehicle Permanent Magnet Synchronous Motor market is experiencing strong technological innovation, focusing on higher efficiency, lighter components, and better performance. Advanced materials, improved cooling systems, and modern motor designs are enabling manufacturers to develop more compact, durable, and powerful motors for electric vehicles. The Government of India launched the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme with an outlay of ₹10,900 crore from 2024 to 2028. The initiative offers upfront incentives for buyers of e-2Ws, e-3Ws, e-trucks, and e-ambulances, while also supporting EV charging infrastructure and upgrading testing agencies to accelerate electric mobility adoption.

 

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Electric Vehicle Permanent Magnet Synchronous Motors Market Size & Statistics

• The Market Size for Electric Vehicle Permanent Magnet Synchronous Motors Was Estimated to be worth USD 15.19 Billion in 2024.
• The Market is Going to Expand at a CAGR of 10.18% between 2025 and 2035.
• The Global Electric Vehicle Permanent Magnet Synchronous Motors Market Size is anticipated to reach USD 44.11 Billion by 2035.
• North America is expected to generate the highest revenue during the forecast period in the Electric Vehicle Permanent Magnet Synchronous Motors Market
• Asia Pacific is expected to grow at the fastest rate during the forecast period in the Electric Vehicle Permanent Magnet Synchronous Motors Market.

 

Market Segmentation

Global Electric Vehicle Permanent Magnet Synchronous Motor Market Size, Share, and Analysis, By Motor Type (Interior Permanent Magnet Synchronous Motor (IPMSM), Surface Permanent Magnet Synchronous Motor (SPMSM), Salient Pole Permanent Magnet Synchronous Motor), By Power Output (Below 50 kW, 50–150 kW, 150–300 kW, Above 300 kW), By Vehicle Type (Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV), Commercial Electric Vehicles), By Application (Traction Motors, Electric Power Steering, Regenerative Braking Systems, Thermal & Battery Management Systems, Charging Systems, and Others), By End User (Automotive OEMs, EV Component Manufacturers, Fleet Operators, and Aftermarket), and Regional Analysis (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa), Industry Trends, Forecasts 2024–2035.

 

Regional growth and demand

Asia Pacific is expected to grow the fastest during the forecast period in the electric vehicle permanent magnet synchronous motors market. The fastest growth for the Electric Vehicle Permanent Magnet Synchronous Motors market is projected for Asia Pacific as each of the from the fast-tracked acceleration of Electric Vehicle usage in this region continuous to be driven by a combination of rapid adoption of Electric Vehicles, aggressive government incentives and large-scale Electric Vehicle manufacturing in countries such as China, Japan, South Korea and India. Continued expansion of electric vehicle charging infrastructures, increasing demand for highly energy-efficient electric vehicle motors and substantial automotive manufacturers investment in this region further contribute to the overall growth of the market during the period of the forecast.

 

North America is expected to generate the highest revenue during the forecast period in the electric vehicle permanent magnet synchronous motors market. North will be the largest contributor to revenue generation from the Electric Vehicle Permanent Magnet Synchronous Motors Market because of the increasing numbers of electric vehicles, the strict regulations on emissions, and the support from government incentives in relation to electric vehicle production. Countries like Germany, France and the United Kingdom are heavily investing in high-performance axial flux motors, improved thermal management, and reduced rare earth metal reliance. An increased dependency on developing, manufacturing, and adopting permanent magnet synchronous motors for electric vehicles by large automotive companies and Tier-1 suppliers in the region is propelling the market.

 

 

Top 10 Trends in the Electric Vehicle Permanent Magnet Synchronous Motors Market

• Rising EV Adoption
• High-Efficiency Motor Demand
• Advanced PMSM Technology
• EV Manufacturing Expansion
• Compact Motor Designs
• Charging Infrastructure Growth
• Smart Motor Control Systems
• Rare-Earth Magnet Optimization
• OEM–Supplier Partnerships
• Government EV Incentives  

 

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1.Rising EV Adoption

Increased adoption of electric vehicles in many regions of the world has created significant demand for permanent magnet synchronous motors (PMSMs). Governments are helping to drive EV usage through incentives, new emission regulations, and sustainability goals around the globe. The automotive industry continues to respond by expanding production of electric vehicles as more consumers are choosing to switch to eco-friendly transportation. PMSMs are used extensively in electric vehicles. This is because PMSMs have the advantages of producing high efficiency, producing high torque for their weight, and having a long life. Therefore, PMSMs are ideal for use in the development of modern EV powertrains and mobility solutions.

 

2.High-Efficiency Motor Demand

As an electric vehicle technology requirement, efficiency has grown significantly over the last several years, which is leading to a greater demand for permanent magnet synchronous motors (PMSMs). Compared with conventional electric motors, PMSMs are substantially more efficient; therefore, they reduce total energy usage and increase the range of electric vehicles. The fact that PMSMs provide consistent performance while having less energy loss makes them a naturally suitable motor type for EV applications. Consequently, many automakers are presently developing motors that will increase both the performance of their lithium-ion batteries and the overall efficiency of their vehicles. This is resulting in a rapid increase in PMSM adoption by the automotive industry.

 

3.Advanced PMSM Technology

New technology has led to continuous improvements in how well permanent magnet synchronous motors perform. Manufacturers are continuing to innovate with better designs, better ways to manage heat, and better ways to control the motor operation. As a result, these motors now have greater reliability and efficiency than ever before. In addition, manufacturers are working hard to reduce their dependence on rare-earth materials and to optimize the structure of these motors. These advancements will help improve the durability of PMSMs, decrease the operational costs, and meet the demands of the growing electric vehicle market, thus driving rapid growth in the global PMSM market.

 

4.EV Manufacturing Expansion

To satisfy increasing global demand for electric vehicles (EVs), automotive manufacturers internationally are building EV facilities. With substantial dollars being spent on EV manufacturing plants and corresponding supply chains, the development of High-Tech Electric Motors specifically Permanent Magnet Synchronous Motors (PMSMs) is critical in supplying sufficient traction motors for automakers launching new EVs and ramping-up manufacturing volume. As this EV expansion continues on its path over the forecasting period, it plays a major part in supporting PMSM market development.

 

5.Compact Motor Designs

Electric vehicles (EVs) today need lightweight, compact and very efficient motors. The design of Permanent Magnet Synchronous Motors (PMSMs) is being improved by advances in materials and engineering to reduce the physical dimensions of PMSM engines while achieving high output power. Manufacturers are designing PMSM engines in a more compact way, which enables them to optimize the vehicle's overall weight and increase the driving range of the vehicle. Manufacturers are using these motors as they provide the vehicle with performance improvements and improved energy efficiency, and it is one of the major trends that will shape the future of the EV motor market.

 

Empower your strategic planning:

Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the electric vehicle permanent magnet synchronous motor market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.

 

Top 25 Companies Leading the Electric Vehicle Permanent Magnet Synchronous Motors Market

1. Nidec Corporation
2. Bosch
3. Siemens AG
4. ABB Ltd.
5. Parker Hannifin Corporation
6. Schneider Electric
7. ZF Friedrichshafen AG
8. Denso Corporation
9. Mitsubishi Electric Corporation
10. Hitachi Ltd.
11. Toshiba Corporation
12. Nissan Motor Co., Ltd.
13. Toyota Motor Corporation
14. Tesla, Inc.
15. BYD Company Ltd.
16. Hyundai Motor Company
17. Continental AG
18. Valeo
19. Magna International Inc.
20. Aisin Corporation
21. Johnson Electric Holdings Limited
22. BorgWarner Inc.
23. WEG S.A.
24. Yaskawa Electric Corporation
25. Delta Electronics, Inc.

 

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1.Nidec  

Headquarters: Kyoto, Japan

Nidec provides high-efficiency Electric Motors and Electric Vehicle Traction Systems like E-Axles and Integrated Drive Units. Nidec is a major supplier to Automotive OEMs for PMSM Traction Motors and Plays a key Role in the Global Electrification of Vehicles on a Large Scale. Nidec is Expanding its EV Motor Manufacturing capability Globally and has Partnered with Ashok Leyland to Manufacture Innovative E-Drive Systems for Commercial Electric Vehicles.

 

2.Bosch

Headquarters: Stuttgart, Germany

Electric drive systems, power tools, and integrated electric axles for electric vehicles are among Bosch's specialization in electric vehicle drive systems. Bosch is one of the leading suppliers of electric drive systems to OEMs worldwide; its products are being used by dozens of makers of worldwide electric powered vehicles (EVs). Bosch is investing heavily in electrification technology and expanding its research and development in electric mass transit, supporting the transition to cleaner and lower-emitting forms of transportation worldwide.

 

3.Denso Corporation

Headquarters: Kariya, Aichi, Japan

Automotive manufacturers are developing expert solutions for electric propulsion systems; Denso is the one of the largest contributors. There are also several distributors such as Denso and Toyota. Denso has become one of the premier players in the electric traction motor manufacturing process and provides critical components to many electric traction motor developers and suppliers to both passenger vehicles and commercial truck manufacturers. Denso is actively pursuing new, improved designs for high density electric traction motors for the next generation of vehicles (and aggressively developing new electric vehicles) and has expanded their portfolio for various types of electric vehicle platforms and drive electric systems.

 

4.BorgWarner

Headquarters: Auburn Hills, Michigan, United States

BorgWarner is a leader in developing electric propulsion systems, and provides drivetrain technology and EV Traction Motors for the Electric Vehicle (EV) Permanent Magnet Synchronous Motor (PMSM) market. The company has established itself as an important player within the EV PMSM marketplace by supplying electric motors and powertrains to major automotive OEMs (Original Equipment Manufacturers). Through several initiatives, including expanding its e-mobility portfolio, and investing in advanced electric propulsion technologies, BorgWarner is committed to advancing the worldwide transition to electric vehicles.

 

5.Magna International

Headquarters: Aurora, Ontario, Canada

Magna International builds complete electric powertrain systems made up of e-motors, e-axles, and integrated drive modules. They are a major supplier in the global hybrid EV PMSM electric propulsion marketplace, supplying automotive OEMs with innovative electric propulsion technology. In addition to investing in EV platform electrification, Magna has established partnerships with automotive manufacturers to support the advancement of electric vehicles and increase the production of sustainable mobility solutions around the world.

 

Are you ready to discover more about the Electric Vehicle Permanent Magnet Synchronous Motors Market?

The report provides an in-depth analysis of the leading companies operating in the global electric vehicle permanent magnet synchronous motor market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:

 

Company Profiles

1. Nidec

• Business Overview
• Company Snapshot
• Products Overview
• Company Market Share Analysis
• Company Coverage Portfolio
• Financial Analysis
• Recent Developments
• Merger and Acquisitions
• SWOT Analysis

1. Bosch
2. Siemens AG
3. ABB Ltd.
4. Parker Hannifin Corporation
5. Schneider Electric
6. ZF Friedrichshafen AG
7. Denso Corporation
8. Mitsubishi Electric Corporation
9. Others.

 

Unlock exclusive market insights—Download the Brochure now and dive deeper into the future of the Electric Vehicle Permanent Magnet Synchronous Motors Market.

 

Conclusion

The Global Market for Permanent Magnet Synchronous Motors (PMSM) in Electric Vehicles is projected to experience tremendous growth between now and 2035. The continued rise in electric vehicle (EV) adoption, government policy support, and technological advancements is contributing to this growth. As a result, the growing number of investments to support the production of EVs and their charging infrastructure is creating a need for efficient traction motors. The Asia-Pacific region is seeing rapid growth; while the European and North American markets are still generating significant revenues from advanced automotive industries with robust emission regulations. Some of the main players in the PMSM market include Nidec Corporation, Bosch, Denso Corporation, etc. All of these companies have invested in developing new innovative motor designs, including integrated electric axle systems, and reducing their reliance on rare earth materials. As a result of these advances, both the efficiency and cost of manufacturing electric motors/Electric Vehicles (EVs) will continue to improve, as will the performance of EVs overall. The PMSM market will remain a key player in supporting the growth of global sustainable transportation in the coming years.

 

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