Global Electric AC Motors Market 2024–2033

Reports Description

According to Custom Market Insights (CMI), The Global Electric AC Motors Market size was estimated at USD 110 billion in 2021 and is expected to reach USD 121 billion in 2022 and is anticipated to reach around USD 208 billion by 2030, growing at a CAGR of roughly 8% between 2022 and 2030.

Our research report offers a 360-degree view of the Electric AC Motors market’s drivers and restraints, coupled with their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Electric AC Motors market.

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Electric AC Motors Market Overview

An electric motor known as an alternating current motor (AC motor) converts alternating electricity into a mechanical revolution. From converting massive industrial power to converting subtle energy for home usage, AC motors are used in various applications. The two main categories of electric ac motors are synchronous and induction. The end-use categories for electric ac motors include industrial machinery, motor vehicles, aerospace & transportation, HVAC equipment, and household appliances.

Electric AC Motors Market: COVID–19 Impact Analysis

Governments have relaxed containment standards and let industrial facilities function in 2021 due to the decline in COVID-19 patients in APAC. Due to the restriction of a small staff, the rules put in place by governments to contain the COVID-19 outbreak impacted the production process. Among the essential industries that support the expansion of the electric AC motors market in the region are consumer electronics and the automotive industry. The customer's purchasing power has significantly dropped due to job loss or wage reductions. The decreased purchasing power affected the sales of numerous electrical appliances, including television sets, washing machines, and air conditioners. According to Automobile Industry Associations, the Indian car industry lost millions of dollars every day in 2020. Nevertheless, the demand for electric AC motors from diverse end-users has increased as the economies recover and enterprises resume their activities. Additionally, businesses may work more efficiently with a prominent worker capacity than past limits.

Electric AC Motors Market: Growth Drivers

Rising demand for electric vehicles

The sale of electric vehicles is projected to increase in the future due to a significant number of government programs, including tax rebates, grants, and other non-financial perks like access to carpool lanes and subsidies. For instance, German automakers increased their cash incentives for electric cars in November 2019 to delay the switch from internal combustion to battery-powered engines to prevent hazardous emissions. The sale of electric vehicles has increased significantly in recent decades in nations including the United States, China, and several European countries; this, in turn, will help the industry expand. Some primary drivers propelling the market's expansion are rising consumer awareness of the benefits of energy-efficient motors, electric vehicle adoption, and electric vehicles.

Increased demand for HVAC systems

HVAC (heating, ventilation, and air conditioning) systems guarantee interior air quality and thermal comfort. They are one of the fundamental components of modern infrastructures, particularly for colossal offices or shopping complexes. To maximize their life and power and achieve high airflow system efficiency, electric AC motors are frequently employed in HVAC systems. Due to the ongoing expansion of its industrial and commercial sectors, APAC, particularly in China and India, is experiencing an increased demand for HVAC systems.

Electric AC Motors Market Segmentation Analysis

The Electric AC Motors market is segmented into type, voltage, and end-user industries in our research scope. By type, the induction segment is estimated to hold the largest market share in 2021. These are affordable, have a straightforward design, and work well in challenging conditions. However, the synchronous market is anticipated to grow at a faster CAGR across several industries, owing to advantages such as accurate speed and position control, robust construction, and powerful torque. These products' power factor may be set to 1.0, making them ideal for low-speed drives (less than 300 rpm). Using high-power electrical converters that generate incredibly low frequencies can run at extremely low speeds.

Synchronous motors are widely utilized for many applications because they can reach various speeds thanks to a variable frequency driving system. They also power continuously functioning machineries such as fans, centrifugal pumps, blowers, and air and ammonia compressors.

Report Scope

Feature of the Report	Details
Market Size in 2021	USD 110 Billion
Projected Market Size in 2030	USD 208 Billion
Market Size in 2022	USD 121 Billion
CAGR Growth Rate	8% CAGR
Base Year	2023
Forecast Period	2024-2033
Prominent Players	ABB, Denso Corporation, ARC Systems Inc., Emerson Electric Co., Maxon, Johnson Electric Holdings Limited, Nidec Corporation, Regal Rexnord Corporation, Siemens, Rockwell Automation Inc., and Others
Key Segment	By Type (Induction, Synchronous), By Voltage (Integral, Fractional), By End-use Industries (Industrial Machinery, Household Appliances, HVAC Equipment, Motor Vehicles, Aerospace & Transportation, Others), and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

Key Insights:

• As per the analysis shared by our research analyst, the Electric AC Motors market is estimated to grow annually at a CAGR of around 8% over the forecast period (2022-2030).
• In terms of revenue, the Electric AC Motors market size was valued at around USD 110 billion in 2021 and is projected to reach USD 208 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on type segmentation, the induction segment was predicted to show maximum market share in 2021.
• Based on the voltage segmentation, the HP output segment was the top revenue-generating category in 2021.
• Based on end-use industries segmentation, the motor vehicle segment was the top revenue-generating category in 2021.
• Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.

Recent Development

• September 2022: Sime Darby Motors signed a distribution agreement to sell BYD electric vehicles in Malaysia, including the Atto 3 and e6. The EV crossover offers both AC charging (Type 2 connection) up to 7 kW and DC fast charging (CCS2 connection), the latter at a maximum of either 70 kW or 80 kW corresponding to battery capacity - the more significant input enables for an 0-80% level of charge to be reached in 45 minutes.
• August 2022: ABB declared that it had inked an agreement to buy Siemens' low-voltage NEMA motor division.

Regional Landscape

Asia-Pacific is anticipated to be the most lucrative region. This results from increasing demand from sectors like manufacturing, the auto industry, and the power generation industry. Additionally, the area is a hub for automation, and there is a huge need for electric cars. The region is also experiencing a marked rise in electricity demand due to China's and India's growing urbanization.

Competitive Landscape

Companies are getting more active in energy management programs run by the government. By participating in such programs, businesses not only boost their competitiveness but also directly benefit from lower expenses, less exposure to energy market volatility, and increased cost savings. As a result, this will present a sizable window of opportunity for the electric motor market to expand over the forecast period.

Our report offers quantitative and qualitative insights into the Electric AC Motors market and significant development initiatives adopted by the key players. Further, it provides competitive details and market share analysis. The report further includes relevant financial information, products and services offered, SWOT analysis, and the players' recent developments.

Prominent Players:

• ABB
• Denso Corporation
• ARC Systems Inc.
• Emerson Electric Co.
• Maxon
• Johnson Electric Holdings Limited
• Nidec Corporation
• Regal Rexnord Corporation
• Siemens
• Rockwell Automation Inc.

The global Electric AC Motors market is segmented as follows:

By Type

• Induction
• Synchronous

By Voltage

• Integral
• Fractional

By End-use Industries

• Industrial Machinery
• Household Appliances
• HVAC Equipment
• Motor Vehicles
• Aerospace & Transportation
• Others

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America