Story perspectives

PMSM Market to Soar to $26 Billion by 2031

4/30/2025

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Summary

Story summary

The Permanent Magnet Synchronous Motors (PMSMs) market is valued at $15.58 billion in 2024, expected to reach $26.01 billion by 2031, growing at a 7.7% CAGR.
Automotive applications lead demand, driven by electric mobility and energy efficiency initiatives.
Major players include Mitsubishi Electric, Hitachi, and ABB, with Asia-Pacific and Europe representing 70% of the market.
China's strong magnet production enhances its competitive advantage in the PMSM industry.

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Story summary

The Permanent Magnet Synchronous Motors (PMSMs) market is valued at $15.58 billion in 2024, expected to reach $26.01 billion by 2031, growing at a 7.7% CAGR.
Automotive applications lead demand, driven by electric mobility and energy efficiency initiatives.
Major players include Mitsubishi Electric, Hitachi, and ABB, with Asia-Pacific and Europe representing 70% of the market.
China's strong magnet production enhances its competitive advantage in the PMSM industry.