Press release
Electric AC Motors Market Projected to Hit $29.92 Billion by 2034, Expanding at 4.6% CAGR
The global electric AC motors market is anticipated to grow significantly, according to the newly published research report by Polaris Market Research. The market was valued at USD 19.10 billion in 2024 and is projected to grow to USD 29.92 billion by 2034. This growth signifies a robust compound annual growth rate (CAGR) of 4.6% over the forecast period 2025 to 2034.
Market Preface
An electric AC motor or alternating current motor comprises a stator with a coil that is provided with alternating current to transform electric current into mechanical power. The stator is an immobilized component of the motor, while the rotor is the revolving part. AC motors can be solitary or three-phase, predominantly utilized for massive power transformation. Single-phase motors are utilized for compact power conversions.
AC motors possess elevated momentum and torque attributes, which provide outstanding performance without scorching, braking, or deterioration. Thus, they are utilized in high-demand applications. Also, AC motors have a long life in demanding conditions. The only constituent that needs to be usually changed are bearings, which are effortless and cost-effective to repair.
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Key Growth Drivers
Rise in Industry 4.0: Due to the surge in Industry 4.0. industries globally are adopting advanced automation technologies to improve productivity, decrease human errors, and enhance functional efficiency. Electric AC motors are extensively utilized in several industrial applications such as pumps, conveyors, manufacturing instruments, and robotics, propelling the electric AC motors market forward.
Rise in Renewable Transportation: The rising trend towards renewable transportation is driving the surging demand for electric vehicles. As per the International Energy Agency, in 2023, the automotive sector witnessed over 250,000 new vehicle registrations weekly, surpassing the aggregate for 2013. Electric vehicles accounted for roughly 18% of sales, up from 14% in 2022 and just 2% in 2018, underscoring the swift growth of electric movability.
Electric AC motors Market Report Highlights
• In terms of motor type, in 2024, the induction motor segment held the dominant share of the electric AC motors market revenue due to its cost-effectiveness, durability, and widespread use across industrial and commercial applications.
• Based on application, the electric vehicles (EVs) segment held the largest market share in 2023 due to the growing demand for energy-efficient, high-performance motors to meet the increasing adoption of EVs globally.
• In 2024, Asia Pacific accounted for the largest share of the electric AC motors market due to rapid industrialization, the expansion of manufacturing hubs, and significant investments in renewable energy and EV production.
• The North America market is expected to register the highest CAGR during the forecast period due to the increasing adoption of advanced industrial automation, rising demand for electric vehicles, and strong government incentives promoting energy-efficient technologies.
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Prominent Market Players
Prominent firms in the market have acquired product innovation, expansions, and partnerships as their key strategies to provide superior products and services to consumers. Some of the current players in the market are:
• ABB Ltd.
• Siemens AG
• WEG S.A.
• Nidec Corporation
• General Electric Company
• Regal Rexnord Corporation
• Schneider Electric SE
• Toshiba Corporation
• Hitachi, Ltd.
• Mitsubishi Electric Corporation
• Rockwell Automation, Inc.
• Johnson Electric Holdings Limited
• Teco Electric & Machinery Co., Ltd.
• Allied Motion Technologies Inc.
• Kirloskar Electric Company
Segmentation Analysis
The electric AC motors market is analyzed on the basis of motor type, power output, application, and region.
Based on type, the induction motors segment occupied the major share of the market in 2024 due to extensive acquisition in industrial and commercial applications.
Based on application, the electric vehicles (EVs) segment held the largest market share in 2024 owing to surging global demand for EVs and related requirements for productive motor systems.
Electric AC Motors Market, Motor Type Outlook (Revenue - USD Billion, 2020-2034)
• Induction Motors
• Synchronous Motors
• Others
Electric AC Motors Market, Applications Outlook (Revenue - USD Billion, 2020-2034)
• Industrial Machinery
• HVAC Equipment
• Electric Vehicles (EVs)
• Home Appliances
• Others
Electric AC Motors Market, Power Output Outlook (Revenue - USD Billion, 2020-2034)
• Less than 1 HP
• 1 HP to 10 HP
• More than 10 HP
Regional Analysis
• North America
o US
o Canada
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Russia
o Netherlands
o Rest of Europe
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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