We studied about the rotor design change using a Ferrite ring magnet to reduce material cost in the condition of the same stator core design. However, this design direction has many weak points such as the decrease of BEMF, the low maximum output, the irreversible demagnetization characteristics of a permanent magnet and so on. In order to mitigate such disadvantages, an optimization design of the BLDC motor has been developed by changing each design parameter and by improving the electromagnetic structure. In the proposed water pump SPM BLDC motor using Ferrite magnet, the outer and inner diameter of stator is fixed to the value of the conventional IPM BLDC motor using Nd-Fe-B magnet. The design specification requirements should be satisfied with the same output power and efficiency characteristics in the same dimension. As a result of this study, the design comparison results considering driving performances and material cost are represented. Through the actual experiment with the prototype of the designed motor, the simulations results are verified.