[Latest] Global AC Electric Motor Market Size/Share Worth

March 04, 2024 02:30 ET | Source: Custom Market Insights Custom Market Insights

Austin, TX, USA, March 04, 2024 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “AC Electric Motor Market Size, Trends and Insights By Motor Type (Induction Motor, Synchronous Motor), By Power Output (Fractional Horsepower, Integral Horsepower), By End-Use Industry (Industrial, Commercial, Residential), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database. IE2 Motor

“According to the latest research study, the demand of global AC Electric Motor Market size & share was valued at approximately USD 15.1 Billion in 2022 and is expected to reach USD 15.9 Billion in 2023 and is expected to reach a value of around USD 26 Billion by 2032, at a compound annual growth rate (CAGR) of about 5.8% during the forecast period 2023 to 2032.”

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AC Electric Motor Market: Growth Factors and Dynamics:

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AC Electric Motor Market: COVID-19 Analysis:

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Key questions answered in this report:

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AC Electric Motor Market – Regional Analysis

The global demand for electric motors is widespread, with North America leading the market, followed by Asia-Pacific and Europe. The significant share of the North American market can be attributed to the growing demand for AC motors in the automotive sector.

Emerging markets like India and China are also experiencing substantial growth in the global electric motor market, driven by advancements in the automotive, machinery, and fan & ventilation industries, along with a heightened need for energy-efficient electric pumps.

The market is witnessing an increased demand for medium to large voltage motors, especially in emerging wind power markets, contributing to overall market expansion. However, the adoption of other energy-efficient motors as alternatives to conventional ones poses a challenge to market growth.

AC synchronous motors are in highest demand in North America, followed by Asia-Pacific, Europe, and LAMEA (Latin America, Middle East, and Africa). The dominant share in the North American market is primarily due to the increased demand for conveyors in the industrial machinery segment.

As of 2022, Asia-Pacific has emerged as the leading regional market within the global AC Electric Motor Market, boasting a substantial value of USD 30.12 billion. The primary contributors to this robust market performance are China, Japan, and India, witnessing high rates of industrialization, infrastructure development, and increasing demand for energy-efficient technologies.

The Asia-Pacific AC electric motor market experienced remarkable growth, marking a 9.2% increase over the forecast period.

Securing the second-largest regional share, North America recorded a market value of USD 14.87 billion in 2022. The North American AC electric motor market is significantly influenced by the adoption of advanced technologies in industries, government initiatives promoting energy efficiency, and a focus on sustainability.

The region demonstrated substantial growth of 7.5% over the forecast period, driven by ongoing efforts to upgrade and modernize industrial systems.

Europe, with a market value of USD 10.45 billion in 2022, holds the third-largest regional share in the global AC Electric Motor Market. The European market is characterized by stringent regulations promoting energy-efficient solutions, growing investments in renewable energy, and a push towards smart manufacturing.

The region experienced growth of 6.9% over the forecast period, reflecting the increasing emphasis on reducing carbon emissions and enhancing industrial efficiency.

In summary, the AC Electric Motor Market is poised for significant growth driven by factors such as energy efficiency awareness, technological advancements, Industry 4.0 adoption, and the rise of electric mobility.

Despite challenges related to initial costs and technical complexities, the market is expected to thrive, with Asia-Pacific leading the way in regional market share.

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List of the prominent players in the AC Electric Motor Market:

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The AC Electric Motor Market is segmented as follows:

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The Middle East & Africa

This AC Electric Motor Market Research/Analysis Report Contains Answers to the following Questions.

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