Today with the longing for smart and sustainable transportation, the elevator industry has under-gone major metamorphism in the field of control algorithm, electric drive and the motor. Amongst these, regenerative drive (RD) plays pivotal role in making the elevator technology more energy efficient. Rather than wasting the recovery energy from the machine as heat, regenerative drive recovers it as green energy. Conventional direct current (DC) motors ruled the elevator industry for many years and were adopted as standard type of elevator motors. But with the advancement in electric drive technology, alternating current (AC) motors especially induction motor flourished in the later part. Recently with the introduction of Permanent Magnet Synchronous Motors (PMSM) technology, the elevator revolution began in terms of power quality, ride quality and green energy. Likewise contrasted with different types of vertical transportation machines, PMSMs have better powerful execution, compact size and higher system level efficiency. Lately, with the fast improvement of intensity hardware, utilization of rare earth magnetic materials and the undeniably advanced research in PMSM has rapidly changed the systems globally. PMSM is a multivariable, nonlinear and high coupling framework.