This paper focuses on the comparative analysis of modular spoke-type permanent magnet machines with two magnetization modes, which are referred to as M-I and M-II types. The analytical models of the proposed machines are built based on the simple magneto-motive-force-permeance method. With the help of finite element analysis and the analytical models, magnetic fields in machines with different magnetization modes are compared. Then, taking as a base an existing commercial in-wheel machine used in an electric motorcycle, two proposed machines with different magnetization modes are designed as in-wheel traction machines and compared with respect to electromagnetic torque, flux-weakening performance, over-load capability, etc. The machines are prototyped and experimentally tested to verify the prediction that the M-II machines exhibit a higher torque output whereas the M-I machines have a wider speed range.