In this paper, the cost-effective design of a Dual Airgap Permanent Magnet Vernier Motor (DAPMVM) with a Yokeless Consequent Pole Rotor (YCPR) is presented. The novelty of this research lies in its consequent pole structure of yokeless rotor which is used to maximize the performance attributes while reducing the PM utilization in the dual air-gap PMVM. PMVMs can achieve a high torque density; however, the higher number of poles in the rotor means a higher amount of permanent magnets and hence, a higher cost for the motor. Effective flux modulation and a reduction in eddy current losses are made possible by the YCPR design, which does away with the rotor's yoke. 2D-FEM is used to analyze the performance of the presented model. The simulation results illustrate the potential of the suggested DAPMVM with a YCPR with high torque per magnet volume and reduced losses at rated as well as at higher speeds.