Press release
Exploring the Thriving AC Electric Motor Market Growing at CAGR of 4.7% by 2031
AC Electric Motor Market
AC electric motor possesses high torque, requires less maintenance, has low noise level, and provides better torque to weight ratio. This motor is used in various applications such as automobiles, industrial machinery, and robotics. All these factors drive the AC electric motor market growth.
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The rise in popularity of ac electric motors, owing to electronic computation in automation and construction applications drives the demand for ac electric motors in luxury features in automobiles and electrical vehicles, which fuels the growth of the AC electric motor market.
Top Players:
ABB Ltd, Cantoni Group, General Electric, Hitachi Ltd., NIDEC CORPORATION, SEC Electric Machinery Co., Ltd, Siemens AG, Teco Electric & Machinery Ltd, Weg, Toshiba Corporation
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Key Segments:
The global AC electric motor market is segmented on the basis of output power, sales, application, and region. Based on output power, the market is divided into 1000 hp up to 10000 hp, 10000 hp up to 20000 hp, and 20000 hp up to 30000 hp. According to sales type, it is bifurcated into new and aftermarket. As per end-user, it is classified into the automobile, HVAC, industrial machinery, and others.
Regional Analysis:
Region-wise, the global AC electric motor market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global market share and is anticipated to secure a leading position during the forecast period.
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