Electric AC Motors Market Share, Size, Trends, Industry Analysis Report, By Type (Synchronous AC Motors, Asynchronous AC Motors); By Power Output; By End-Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 118
- Format: PDF
- Report ID: PM1605
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global electric AC motors market was valued at USD 101.92 billion in 2023 and is expected to grow at a CAGR of 8.50% during the forecast period.
A rotating current motor, mainly known as an alternating current (AC) motor, is an electrical device comprised of a fixed stator equipped with a coil. The coil receives alternating current, transforming electrical energy into mechanical power. AC motors are available in single-phase or three-phase setups, with three-phase motors especially utilized for expansive power conversion. Contrarily, single-phase AC motors are used in smaller-scale power conversion tasks.
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Electric AC motors are progressively used in industrial settings because of their durability, exceptional controllability, great torque, high efficiency, and reliability. Also, technological developments like the invention of brushless Direct Current (DC) motors and the incarnation of the Internet of Things (IoT) in electric motors are other factors driving the growth of the electric AC motors market.
- For instance, in June 2021, The Chairman of Tata Motors announced that the company would grow its presence in electric cars (EVs) and deliver ten new battery-electric vehicles across India by 2025.
Moreover, the surging use of electric automobiles in the globe is also anticipated to drive the growth of the market during the forecast period. Respectively, electric motors are currently in demand for automotive applications. The incorporation of IoT technology in electric motors is a trend that enhances efficiency and reduces maintenance expenses by facilitating remote monitoring and control of the motor.
COVID-19 has significantly impacted the electric AC motors market. The beginning phases of the pandemic have disrupted supply chains globally, which led to delays in manufacturing and shortages of critical components. This, in turn, affected the distribution of electric AC motors, which caused a slowdown in the market. However, as industries come back to the new normal, the demand for electric AC motors witnessed a comeback. The increased focus on automation, energy efficiency, and sustainability in numerous sectors, like manufacturing, healthcare, and transportation, has increased the adoption of electric AC motors. The trend of remote working and the need for smart solutions have also accelerated the integration of electric AC motors into diverse applications.
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They are utilized in HVAC (Heating, Ventilation, and Air Conditioning) systems that are installed in both commercial and residential buildings. Throughout the projection period, it is anticipated that the growing need for HVAC systems will raise the demand for AC motors. Moreover, AC motors have various applications in industrial and domestic appliances, conveyor belts, and stationary cranes.
Industry Dynamics
Growth Drivers
- Increasing demand for HVAC systems will drive the growth of the market
The rising demand for HVAC (heating, ventilation, and air conditioning) systems is a major driver of driving the market for electric AC motors. As industries and households prioritize energy efficiency, electric AC motors have emerged as a critical component in HVAC systems, delivering improved performance and sustainability. By optimizing the operation of air conditioning and ventilation units, these motors contribute to improved energy conservation and environmental responsibility. As public awareness of climate change and energy consumption grows, the market for HVAC systems equipped with electric AC motors is anticipated to grow further, with fueling innovation and technological advancements.
HVAC systems are widely used in an extensive range of settings, consisting of commercial buildings, workplaces, and shopping malls. Because of the improved rate of urbanization and increasing standard of living, HVAC systems are being installed on a huge scale. AC motors power air blowers, which regulate airflow in HVAC appliances. The ability of AC types to operate at multiple speeds, as well as increased dependability and operating efficiency, is expected to lead to an increase in their usage during the forecast period.
Report Segmentation
The market is primarily segmented based on type, power output, end-use and region.
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By Type |
By Power Output |
By End-Use |
By Region |
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By Type Analysis
- The asynchronous AC motors segment accounted for the largest revenue share in 2022
In 2022, the asynchronous AC motors segment accounted for the largest revenue share. The versatility and affordability of asynchronous motors, which are perfect for a variety of applications such as pumps, compressors, and conveyors, are driving the growth of the market. Synchronous motors are also more efficient and require less maintenance than standard motors, which lowers operating costs and increases output.
On the other hand, the synchronous motors segment is anticipated to witness fastest growth during the forecast period due to the rising demand for synchronous motors in a variety of industries, including robotics, electric vehicles, and renewable energy systems. Synchronous motors have gained popularity in the industrial and automotive industries because of their improved efficiency and control. Also, due to the growing trend toward electric vehicles, the demand for synchronous motors, which are commonly used in electric automobiles due to their high torque and efficiency, is anticipated to rise.
By End-Use Analysis
- The industrial segment accounted for the highest market share during the forecast period
The industrial segment accounted for the highest market share during the forecast period, Due to the widespread use of electric alternating current motors in a variety of industrial applications such as pumps, fans, compressors, conveyors, and others. These motors are a popular choice for industrial applications owing to their numerous advantages, including high efficiency, low maintenance requirements, and long lifespans.
On the other hand, commercial segment is anticipated to experience fastest growth during the forecast period. The demand for electric AC motors in the commercial sector is anticipated to rise as green buildings and sustainable construction techniques become more popular. The incorporation of smart controls and building automation systems into commercial structures is also expected to increase demand for electric AC motors. These motors are a popular choice for commercial applications due to their numerous advantages, which include precise control, lower energy consumption, and increased comfort.
Regional Insights
- Asia Pacific accounted for the largest market share in 2022
Asia Pacific is accounted for the largest revenue share in the electric AC motor market. Electric AC motor demand is anticipated to increase in developing countries such as China and India because of the expansion of the automotive and industrial sectors. The region's growing middle-class population and rising disposable incomes are also fueling demand for electric AC motors in the residential and commercial sectors. Further, the availability of low-cost electric AC motors in this region is anticipated to drive growth of the market. Electric AC motor production is primarily focused on the Chinese market, which provides low-cost goods to global consumers.
North America is accounted for the fastest growth in the electric AC motor market. The growing trend of smart homes and buildings, which require efficient and intelligent electric AC motors, is also driving demand for such motors in the region. The rising use of electric AC motors in industrial applications such as pumps, compressors, and conveyors are also anticipated to drive the growth of the market in the region.
Key Market Players & Competitive Insights
The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.
Some of the major players operating in the global market include:
- ABB Limited
- Allied Motion Technologies Inc.
- Ametek Inc.
- Asmo Co. Ltd.
- Baldor Electric Company
- Franklin Electric Co. Inc.
- Johnson Electric
- Kirloskar Electric Company
- Rockwell Automation, Inc.
- Siemens AG
Recent Developments
- In 2021, Siemens AG acquired C&S Electric for approximately $287 million to strengthen Siemens electric AC motor portfolio and its presence in India.
- In 2021, General Electric Company has launched the new MV7-5L electric AC motor, which features high efficiency, reliability, and durability. The motor is intended for use in a wide range of industrial applications, including oil and gas, mining, and marine.
- In 2020, ABB Group has launched a new high-efficiency motor, which is designed to reduce energy consumption and operating costs. The motor is intended for use in a wide range of applications, such as pumps, fans, and compressors.
Electric AC Motors Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 110.22 billion |
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Revenue forecast in 2032 |
USD 210.98 billion |
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CAGR |
8.50% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Type, By Power Output, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation |
The research report offers a quantitative and qualitative analysis of the Electric Ac Motors Market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.
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FAQ's
The global electric AC motors market size is expected to reach USD 210.98 billion by 2032
Key players in the market are BB Limited, Allied Motion Technologies Inc., Ametek Inc., Asmo Co. Ltd., Baldor Electric Company
Asia Pacific contribute notably towards the global electric AC motors market
The global electric AC motors market is expected to grow at a CAGR of 8.4% during the forecast period.
The electric AC motors market report covering key segments are type, power output, end-use and region.
