AC Electric Motor Market to Grow at a CAGR of 4.7%, Projected to Reach $27.9 Billion by 2032

The Global AC Electric Motor Market Size was valued at $17.5 billion in 2022 and is projected to reach $27.9 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032.

Electric motors convert electrical energy into mechanical energy, making them essential for a wide range of applications, including industrial machinery, compressors, pumps, and blowers. AC motors, particularly synchronous and induction motors, have gained prominence due to their efficiency, reliability, high torque, and adaptability to diverse applications. The increasing demand for electric motors in electric vehicles, robotics, and HVAC applications is a significant driver of market growth.

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Market Dynamics

Electric motors are integral components of numerous applications, including compressors, pumps, automobiles, machine tools, power tools, and home appliances. These highly efficient motors offer several advantages over standard motors, including longer operational life, reduced energy consumption, lower maintenance, and greater resistance to voltage fluctuations. The rising demand for high-efficiency motors stems from the need for increased productivity and lower power consumption across industries. Major market players are continuously launching new products to strengthen their portfolios and drive innovation.

For instance, in June 2023, ABB introduced the AMI 5800 NEMA modular induction motor, designed to deliver exceptional energy efficiency and reliability for demanding applications such as compressors, fans, conveyors, and crushers. With a power output of up to 1750 HP, the AMI 5800 provides modularity and customization, making it suitable for both new construction projects and upgrades. This innovation highlights ABB's commitment to addressing industrial needs efficiently and sustainably.

Market Segmentation

By Output Power

The segment covering motors with output power ranging from 1000 HP up to 10000 HP held the largest market share in 2022. However, the 10000 HP up to 20000 HP segment is projected to grow at the highest CAGR through 2032. The rising demand for high-output and efficient AC motors in the industrial sector is a primary factor driving growth.

Despite the promising market potential, high initial capital expenditure remains a challenge for market expansion. The setup of AC electric motors requires additional equipment, including electronic switching controllers and speed controllers, increasing overall costs. These factors can act as a restraint on market growth.

By End-User Industry

The industrial machinery segment accounted for the largest share of the AC electric motor market in 2022. However, the transportation sector is expected to experience the highest CAGR during the forecast period. The rising need for efficient and specialized equipment in the industrial sector and the increasing adoption of AC electric motors in transportation for carbon emission reduction contribute to this trend.

By Sales Type

The new sales segment led the market in 2022 in terms of revenue. However, the aftermarket segment is projected to register the highest CAGR over the forecast period. The growing need for maintenance, repair, and replacement of electric motors is expected to drive the aftermarket segment.

By Region

Asia-Pacific was the highest contributor to the global AC electric motor market share in 2022. However, the LAMEA region is anticipated to secure a leading position during the forecast period. The growing industrialization, increasing adoption of electric vehicles, and government incentives for energy-efficient solutions are key factors supporting market expansion in these regions.

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Competitive Landscape

Major players in the AC electric motor market include ABB Ltd, Cantoni Group, General Electric, Hitachi, Nidec, SEC Electric Machinery Co., Ltd, Siemens, Teco, Toshiba, and WEG. These companies are employing strategies such as product launches, acquisitions, and partnerships to strengthen their market presence and enhance product offerings.

Recent Developments

March 2023: Innomotics, a subsidiary of Siemens AG, launched a comprehensive product range, including low- to high-voltage motors and medium-voltage converters. The company was officially separated as a distinct entity from Siemens in July 2023.

July 2023: Nidec Corporation completed the acquisition of Houma Armature Works, a U.S.-based company specializing in motor and generator remanufacturing and field services for the oil and gas industry. This strategic acquisition enhances Nidec's position in key industrial sectors.

June 2022: Nidec Corporation introduced SynRA, a synchronous reluctance motor with an aluminum cage rotor, combining the efficiency of an SR motor with the reliability of induction motors. This innovation aims to meet the increasing demand for energy-efficient motors in the U.S. market.

May 2023: ABB India expanded its Peenya factory in Bengaluru to establish a new production line for variable speed drive modules, enhancing energy efficiency and industrial performance.

September 2023: WEG S.A. acquired the industrial electric motors and generators business from Regal Rexnord Corporation for $400 million, strengthening its position in the global AC electric motor market.

Key Benefits for Stakeholders

Provides a quantitative analysis of market segments, trends, and forecasts from 2022 to 2032.

Highlights key market drivers, restraints, and opportunities.

Offers insights into Porter's five forces analysis to assist stakeholders in strategic decision-making.

Maps major countries in each region based on revenue contributions to the global market.

Facilitates competitive benchmarking and analysis of market positioning for key players.

Market Report Highlights

Market Size by 2032: $27.9 billion

Growth Rate: CAGR of 4.7%

Forecast Period: 2022 - 2032

Key Segments:

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: Transportation, HVAC, Industrial Machinery, Others

By Sales Type: New Sales, Aftermarket

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Regional Analysis:

North America: U.S., Canada, Mexico

Europe: Germany, UK, France, Italy, Rest of Europe

Asia-Pacific: China, Japan, South Korea, India, Rest of Asia-Pacific

LAMEA: Latin America, Middle East, Africa

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