AC electric motor Market Key Manufacturer, Analysis and 2031 Forecasts for United States, Europe, Japan and China Markets

Global AC Electric Motor Market Overview

The global AC electric motor market was valued at $17.5 billion in 2022 and is projected to reach $27.9 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.7% from 2023 to 2032. AC electric motors convert electrical energy into mechanical energy and are extensively used in a variety of applications, including blowers, pumps, compressors, industrial machinery, and electric vehicles. Their adaptability, efficiency, and reliability make them an essential component in both industrial and commercial sectors.

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The growth of the AC electric motor market is driven by increased demand in electric vehicle (EV) applications, robotics, and HVAC systems. High torque, excellent efficiency, and durability make these motors indispensable for modern technology.

Market Dynamics

AC electric motors are critical components in compressors, pumps, lathes, home appliances, and automobiles. These motors offer several advantages over traditional motors, including reduced energy consumption, longer operational lifespans, minimal maintenance, and higher tolerance to voltage fluctuations. The demand for high-efficiency motors is on the rise due to their ability to enhance productivity and reduce power usage.

Key Developments in the Industry

ABB's AMI 5800 NEMA Modular Induction Motor: In June 2023, ABB launched the AMI 5800, a modular induction motor designed for demanding applications like pumps, fans, and crushers. With a power output of up to 1,750 HP, it offers high modularity and customization for new and upgraded projects, particularly in industries such as chemicals, oil, and gas.

Nidec's SynRA Motor: In June 2022, Nidec Corporation introduced the SynRA motor, a synchronous reluctance motor with an aluminum cage rotor. This innovative design combines the advantages of cage-type induction motors and high efficiency, meeting the evolving demands of the U.S. market.

Expansion of ABB India's Peenya Facility: In May 2023, ABB India announced the addition of a production line for variable speed drive modules at its Bengaluru plant. These modules enhance energy efficiency and performance in various industrial applications.

Such advancements highlight the growing focus on energy-efficient and high-performance motors, driving the market forward.

Segmentation and Market Insights

By Output Power

The segment of motors with output power ranging from 1,000 HP to 10,000 HP held the largest market share in 2022. Motors in the 10,000 HP to 20,000 HP range are expected to exhibit the highest CAGR during the forecast period due to increased demand for high-efficiency motors in industrial applications.
By End-User Industry

The industrial machinery segment dominated the market in 2022, driven by rising demand for specialized and efficient equipment. Meanwhile, the transportation sector is projected to witness the highest growth rate, fueled by efforts to reduce carbon emissions and the adoption of electric motors in vehicles.
By Sales Type

New sales led the market in 2022, but the aftermarket segment is expected to grow at the fastest pace during the forecast period.
Regional Analysis

In 2022, Asia-Pacific contributed the highest revenue share to the global AC electric motor market. Factors such as rapid industrialization, growing adoption of electric vehicles, and expansion in the construction sector drive this growth. The LAMEA region is anticipated to achieve significant growth during the forecast period, supported by increasing investments in oil and gas and industrial infrastructure.

Challenges and Opportunities

High initial costs and the need for additional equipment, such as electronic controllers, pose challenges to market expansion. However, the growing demand for robotics and automated technologies presents significant opportunities. For instance, government incentives for electric vehicles, such as France's subsidy of up to $6,300 for low-emission cars, are expected to bolster the market.

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Competitive Landscape

Key players in the AC electric motor market include ABB Ltd, Siemens, Nidec Corporation, General Electric, WEG, Toshiba, and Hitachi. These companies focus on product innovation, acquisitions, and strategic partnerships to expand their market presence.

For example, in September 2023, WEG acquired the industrial electric motors and generators business of Regal Rexnord Corporation for $400 million, strengthening its position in the global market.

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