Electrical Vehicles (EVs) are regarded as an effective solution in a world where environmental protection along with energy crises is gaining higher attention. Permanent Magnet Synchronous Machines (PMSMs) are considered significant competitors for EVs amongst the other varied motor drives. Owing to their higher efficiency, higher output power to volume ratio, and higher torque to current ratio, they are regarded as a feasible option in several sorts of applications like wind turbines, along with EVs. For higher-performance applications, Permanent Magnet (PM) motors with Rare-Earth (RE) magnets are pondered as one of the best candidates. Conversely, replacing the Rare-Earth (Neodymium-iron-boron) in EVs with lesser or even no RE alternatives is the most critical concern in PM owing to their limited along with the unstable supply of RE elements. Therefore, to eliminate the usage of RE magnets as well as to identify the finest alternative materials, which assure lower cost along with mass production in manufacturing industries, various permanent magnetic materials are examined here with different PMSM designs for EVs applications. Manganese Aluminide (MnAl), Ferrite, Tetrataenite (L10FeNi), Iron Nitride (Fe16N2) and Nanocomposite magnetic materials are the varied magnetic materials utilized for evaluation. For varied magnetic materials, the simulation outcomes are obtained regarding the variations in cogging torque, average torque, efficiency, along with magnet mass. On analogizing RE with various magnetic materials, it was established that a higher performance was attained by replacing RE magnets with substitute magnetic material; in addition, it also proves to be highly effective. It is observed that although their electromagnetic performance of the various materials is similar, iron nitrade has an excellent demagnetization withstand capability. Finally, in contrast to the interior V type with rare earth magnets, iron nitrade and MnAl magnet machine can attain better torque development with high efficiency.