In medium voltage and high-power drive applications, pulse width modulation (PWM) techniques are widely used to achieve effective speed control of AC motors. In real-time, an industrial drive system requires reduced hardware complexity and low computation time. The reliability of the AC drive can be improved with the FPGA (field programmable gate array) hardware equipped with digital controllers. To improve the performance of AC drives, a new FPGA-based Wavect real-time prototype controller (Xilinx ZYNQ-7000 SoC) is used to verify the effectiveness of the controller. These advanced controllers are capable of reducing computation time and enhancing the drive performance in real- time applications. The comparative performance analysis is carried out for the most commonly used voltage source inverter (VSI)-based PWM techniques such as sinusoidal pulse width modulation (SPWM) and space vector pulse width modulation (SVPWM) for three-phase, two-level inverters. The comparative study shows the SVPWM technique utilizes DC bus voltage more effectively and produces less harmonic distortion in terms of higher output voltage, flexible control of output frequency, and reduced harmonic distortion at output voltage for motor control applications. The simulation and hardware results are verified and validated by using MATLAB/Simulink software and FPGA-based Wavect real-time controller respectively.