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This study presents a two-dimensional analytical method for fast optimization, taking into consideration the influence of the eddy current in a magnet and iron loss within a coaxial magnetic gear. Subdomain modeling was utilized to obtain vector potentials in the air-gap, magnet, and modulation regions by solving Maxwell’s equations. After that, the magnet, rotor, and modulation losses were predicted and then compared using a finite element method simulation within three topologies with gear ratios ranging from five to six. The authors improved the machine performance, specifically the torque density, by employing a multi-objective function with particle swarm optimization. The flux density obtained using subdomain modeling in just 0.5 s benefits the optimization process, resulting in a torque-density optimal model after around 3 h. A 3/19/16 prototype targeting a low-speed, high-torque, permanent generator application was fabricated to verify the analytical and simulation results.