Shaftless propulsion technology delivers high efficiency and low noise for subsea installations and marine vessels. To enhance thrust performance, the streamlined aft-body contour imposes stringent demands on geometric compatibility between the rim-driven thruster (RDT) motor and hull. This necessitates advanced electromagnetic characterization of conical motors. This paper proposes an equivalent magnetic circuit model (EMCM) that accounts for end effects and magnetic saturation in both the stator and rotor cores for the magnetic field analysis of conical permanent magnet synchronous motor (CPMSM). A 3D EMCM is developed by decomposing the air-gap flux into radial/axial/tangential components. End-field nonlinearities are addressed via lumped-parameter network modeling. Innovatively, a trapezoidal expanded magnet layout and magnet-pole-trimming technology are adopted to ensure sinusoidal flux distribution. Finally, a 10.5 kW prototype with a conical angle of 6.7 degrees is designed using the EMCM and verified through a finite-element analysis (FEA) and experiments. This research provides a theoretical framework for the rapid electromagnetic analysis of the CPMSM.