Abstract: In this study, we have studied Spoke type Ferrite Magnet Synchronous Motor (SFMSM) differentiated from conventional Surface Permanent Magnet Synchronous Motor (SPMSM) in order to effectively cope with cost reduction which is continuously occurring in the motor industry including home appliance. First, the cost competitiveness of SFMSM is analyzed through a magnetic circuit of c - type core. For this purpose, the ratio between the surface area of the Permanent Magnet (PM) and the area of the air gap is defined as the concentration factor k. Using this k, we have clarified why SFMSM is superior in terms of efficiency and cost compared to the non-concentrating SPMSM. In addition to this, two problems of SFMSM, that is the deterioration of magnetization performance and the analysis error of two - dimensional analysis due to axial leakage magnetic flux were also identified. The results of this study can be used as a guideline for the design and development of SFMSM which have been widely applied in various industrial fields.