AC Electric Motor Market Is Estimated To Surge Ahead At A Cagr Of 5.8% From 2024 To 2033

The Global AC Electric Motor Market is poised for significant growth from 2023 to 2032, driven by the increasing demand for energy-efficient and technologically advanced electric motors across various industries.

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The market is projected to achieve a Compound Annual Growth Rate (CAGR) of approximately 5.8% during this period. In 2023, the market is estimated to be valued at USD 15.9 Billion and is expected to reach USD 26 Billion by 2032.

➤ Market Size & Key Highlights:

Market Size (2022): USD 15.1 Billion
Market Size (2023): USD 15.9 Billion
Projected Market Size (2032): USD 26 Billion
CAGR Growth Rate: 5.8%
Base Year: 2023
Forecast Period: 2024-2033

➤ An Overview of the AC Electric Motor Market

The AC Electric Motor Market is the business of making and selling electric motors that run on alternating current (AC). These motors are very important for many different uses in many different fields, such as HVAC systems, industrial machinery, and home appliances.

The market is growing because people are more concerned about energy efficiency, motor technology is getting better, and people want long-lasting solutions to environmental problems. AC electric motors are key parts of moving toward electrical systems that are more environmentally friendly and work better.

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➤ Trends in the AC Electric Motor Market

There are a number of trends that are affecting the AC Electric Motor Market. The use of Internet of Things (IoT) technology for remote monitoring and predictive maintenance of AC motors is becoming more popular. This makes the whole system more reliable.

Another big trend in motor construction is using lightweight materials and compact designs. This helps make solutions that use less energy and take up less space. There is also a growing focus on circular economy principles in the market. This means that electric motors should be recycled and disposed of in a way that is good for the environment at the end of their life.

➤ Key Players

ABB Ltd.
Siemens AG
WEG S.A.
Regal Beloit Corporation
Nidec Corporation
Toshiba Corporation

➤ Key Market Segmentation

The AC Electric Motor Market can be segmented across multiple dimensions as per the CMI report:

• By Motor Type: induction motors and synchronous motors. Induction motors often dominate due to their reliability, simplicity, and cost-effectiveness for a variety of applications.

• By Power Output / Horsepower (HP) / Voltage classification: e.g. fractional-horsepower to high-horsepower motors; low/medium/high voltage motors depending on application requirements.

• By End-Use Industry: industrial machinery, HVAC systems, household appliances, motor vehicles (including EVs), commercial systems, and other sectors.

• By Geography / Region: global coverage including North America, Europe, Asia-Pacific, Middle East & Africa, Latin America, etc. In CMI's analysis, Europe is cited as the largest market region, while Asia-Pacific is highlighted as the fastest-growing region.

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➤ FAQ for AC Electric Motor Market

Q1. What is the AC Electric Motor Market?

The AC Electric Motor Market refers to the global market for alternating-current (AC) electric motors - devices that convert AC electrical energy into mechanical energy and power a broad range of applications such as industrial machinery, HVAC systems, household appliances, automotive systems (including electric vehicles), and other commercial/residential equipment.

Q2. What are the main factors driving the growth of the AC electric motor market?

The market is growing due to rising demand for energy-efficient motors, rapid industrial automation, expansion of HVAC systems, and increasing deployment of electric vehicles and smart manufacturing equipment.

Q3. Which industries use AC electric motors the most?

Major end-use sectors include automotive, industrial machinery, household appliances, HVAC, oil & gas, power generation, and commercial infrastructure.

Q4. What are the benefits of using AC electric motors?

AC motors offer high efficiency, lower maintenance costs, reliable speed control, long operational life, reduced noise, and strong compatibility with renewable-energy-based power systems.

Q5. What challenges are impacting the AC electric motor market?

Key challenges include high initial investment, technical complexities in advanced motor designs, fluctuating raw material prices, and the need for skilled labor for integration and maintenance.

Q6. How are technological advancements influencing the AC motor market?

Innovation in motor controls, smart sensors, IoT-enabled monitoring, variable frequency drives (VFDs), and high-efficiency materials is enabling better performance, reduced energy usage, and higher productivity across industries.

Q7. What types of AC electric motors are most commonly used?

Common types include induction motors, synchronous motors, and servo motors. Induction motors dominate due to reliability and cost-effectiveness, while synchronous and servo motors are widely used for precision applications.

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This release was published on openPR.