AC electric motor Market Revenue, Insights, Overview, Outlook, Analysis | Valuates Reports

According to a new report published by , titled, "AC electric motor Market," The AC electric motor market size was valued at $15.7 billion in 2021, and is estimated to reach $25 billion by 2031, growing at CAGR of 4.7% from 2022 to 2031.

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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. Major players such as Mitsuba Corporation, Portescap, and Siemens AG launched new electric motors in the market. For instance, in September 2021, ERGO Hestia provides an Industry 4.0 solution to decrease motor failures. To reduce the danger of breakdowns, it gives its clients the use of remote monitoring of ac electric motors. A conventional motor is transformed into a smart, wirelessly linked device via Smart Sensor.

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. Various manufacturers in the market had to shut down their business activities, due to COVID-19 pandemic which led to the lockdown initiated in countries such as UAE, India, and Brazil. This break has directly impacted the sales of ac electric motor manufacturing companies globally. For instance, the net sales of Siemens AG dropped by 0.4% from September 2019 to September 2020.

In addition, lack of raw materials, disruption in supply chain, and lack of man power halted the supply chain of ac electric motors products. However, the re-initiation of the ac electric motor industry and availability of vaccines for coronavirus disease are projected to lead the opening of the global AC electric motor market at their full-scale capacities.

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.

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.

Key findings of the study

The report provides an extensive analysis of the current and emerging global AC electric motor market trends and dynamics.

Depending on output power, the 10000 HP up to 20000 HP segment was the largest revenue generator in 2021.

By end-user, the industrial machinery segment generated the highest revenue in 2021.

On the basis of sales type, the new sales segment dominated the market in 2021.

Region-wise, Asia-Pacific is anticipated to dominate the global AC electric motor market share throughout the study period.

The report provides an extensive analysis of the global AC electric motor market opportunities.

The global AC electric motor market forecast analysis from 2021 to 2031 is included in the report.

AC electric motor Market By Output Power (1000 HP up to 10000 HP, 10000 HP up to 20000 HP, 20000 HP up to 30000 HP), By End User Industry (Automobile, HVAC, Industrial machinery, Others), By Sales Type (New Sales, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2031

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This release was published on openPR.