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This paper presents performance comparison between concentrated winding and distributed winding of IPMSM (Interior Permanent Magnet Synchronous Motors) which are recently used for light-weight railway applications. Motors are designed on various schemes and analyzed by using FEM (Finite Element Method) instead of EMCNM (Equivalent Magnetic Circuit Network Method) in order to consider saturation and non-linear magnetic property. The overall performance such as torque, torque ripple, losses, demagnetization, efficiency, power density and so on are investigated in detail at the rated and maximum operating speed. From the analysis results, the concentrated winding IPMSM as well as the distributed winding IPMSM can be a good candidate for a high power railway traction motor.