Electric AC Motors Market Size Worth $210.98 Billion By 2032 | CAGR: 8.50%

The global electric AC motors market size is expected to reach USD 210.98 billion by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Rising demand from emerging economies, combined with technological advancements, is anticipated for numerous growth opportunities in the electric AC motors market. Electric AC motors are the most commonly used in electric vehicles because they are more efficient and easier to control.

Across industries, various developments and initiatives are being implemented to increase market demand for AC motors. For instance, JSW Group, announced a new green initiative for its employees in December 2021, offering incentives for the purchase of free charging stations, separate parking facilities, and electric vehicles at offices. Such developments will increase global demand for AC motors.

The electric AC motors market is expanding globally, with consumers and governments investing heavily in the adoption of electric vehicles. As per the International Energy Agency (IEA), consumer spending on electric vehicles will reach USD 249 billion in 2021, while government spending will reach USD 28 billion. Furthermore, consumer spending is anticipated to grow significantly in 2021, rising from USD 125 billion in 2020. Furthermore, governments in various countries are providing subsidies and incentives to encourage the sale of electric vehicles. For instance, the US government provides a federal tax credit of up to USD 7,500 when purchasing an electric vehicle.

Electric motors account for approximately half of global electricity consumption, according to the International Energy Agency (IEA). AC motors are an essential component of the industrial sector. Conveyors, mixers, pumps, and fans are all powered by AC motors.

Do you have any questions? Would you like to request a sample or make an inquiry before purchasing this report? Simply click the link below: https://www.polarismarketresearch.com/industry-analysis/electric-ac-motors-market/request-for-sample

The growing emphasis on energy efficiency and environmental concerns has fueled demand for electric alternating current motors in a variety of industries. Electric AC motors were being used in industries such as automotive, industrial automation, and HVAC systems to meet stringent efficiency standards and reduce carbon footprints. Furthermore, advancements in motor control technologies, smart feature integration, and the rise of the Industrial Internet of Things (IIoT) were all contributing to the market's expansion. The push for electric vehicles and the shift to renewable energy sources were also significant factors influencing the electric AC motor market.

Electric AC Motors Market Report Highlights

• In 2022, asynchronous AC motors segment accounted for the largest revenue share in the electric AC motors market. They are widely used in a variety of industrial and residential applications. They are easy to construct, dependable, and inexpensive when compared to other types of electric motors. They have a high starting torque and can run at various speeds. They can also withstand harsh operating conditions and are suitable for high-power applications.
• The industrial segment accounted for the highest market share during the forecast period. Industrial production, technological advancements, energy efficiency requirements, and regulatory standards all influence demand for electric AC motors. As industries evolve, the electric AC motor market in the industrial segment is likely to see innovations and developments in motor technology to meet the specific needs of diverse industrial applications.
• In 2022, Asia Pacific accounted for the largest market share in the electric AC motors market. The Asia Pacific region has dominated the electric vehicle industry as a result of increased EV sales, particularly in China. China is the world's largest consumer and producer of electric vehicles. The regional market includes developing economies such as China, India, and Japan, which are industrializing and commercializing at a faster rate than other developing nations around the world.
• North America region accounted for the fastest growth in the electric AC motor market. Due to factors such as industrial automation, a greater emphasis on energy efficiency, and the increasing adoption of electric vehicles. Electric AC motors are widely used in industries such as manufacturing, automotive, and HVAC (heating, ventilation, and air conditioning). The rise of electric vehicles (EVs) has boosted demand for electric motors in the automotive industry.
• The global key market players 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.

Polaris Market Research has segmented the coronary stent market report based on type, power output, end-use, and region:

Electric AC Motors, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Synchronous AC Motors
• Asynchronous AC Motors

Electric AC Motors, Power Output Outlook (Revenue - USD Billion, 2019 - 2032)

• Up to 1HP
• Up to 1HP
• Up to 1HP
• Up to 1HP

Electric AC Motors, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

• Industrial
• Commercial
• Residential
• Automotive
• Agriculture
• Others

Electric AC Motors, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Electric AC Motors Market Report Scope