This paper proposes an axial-flux permanent magnet machine (AFPM) that uses a neodymium-bonded permanent magnet (Nd-bonded PM) and a coreless rotor structure and assesses how it performs in industrial applications requiring high efficiency and low cost. The AFPM is able to achieve high efficiency in high-speed regions because its Nd-bonded PM can restrain eddy current loss. Additionally, the AFPM can continuously function at the rated operating point without a cooling system, so the expenses for one can be eliminated. Hence, the AFPM can simultaneously achieve high efficiency and low-cost mass production. In this paper, a comprehensive comparison including the thermal characteristics of the proposed AFPM and a conventional radial-flux permanent magnet machine (RFPM) is shown. Furthermore, this paper also focuses on how the aspect ratio influences the thermal characteristics of both machines. Finally, the effectiveness of the proposed AFPM in industrial applications is assessed using 3D-FEA and experimental results.