Global Electric AC Motors Market

Electric AC Motors Market Size, Share, Growth Analysis, By Type(Synchronous and asynchronous motors), By Application(Industrial machinery, automotive, HVAC systems, and more), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20I2140 | Region: Global | Published Date: March, 2024
Pages: 202 |Tables: 62 |Figures: 75

Electric AC Motors Market Insights

Global Electric AC Motors Market size was valued at USD 134.0 billion in 2022 and is poised to grow from USD 143.11 billion in 2023 to USD 242.24 billion by 2031, at a CAGR of 6.8% during the forecast period (2024-2031).

The global AC electric motors market is experiencing robust growth driven by the expanding industrial and automotive sectors.

Increasing emphasis on energy efficiency and environmental concerns is promoting the adoption of electric vehicles and appliances, propelling the demand for AC motors.

The integration of the Internet of Things (IoT) and Industry 4.0 concepts was transforming the electric AC motor market. Motor manufacturers were incorporating sensors and connectivity features into their products, enabling real-time monitoring, remote control, and predictive maintenance.

This shift towards "smart" motors allowed for better performance monitoring, reduced downtime, and overall improved operational efficiency.

Technological advancements, such as variable frequency drives and smart motor systems, are enhancing motor efficiency and control. Asia-Pacific holds a significant market share due to rapid industrialization and urbanization.

However, supply chain disruptions and raw material price fluctuations pose challenges.

Overall, the AC electric motors market is poised for sustained expansion, fueled by evolving industries and heightened sustainability awareness.

US Electric AC Motors Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 134.0 billion

Largest Segment

Industrial machinery

Fastest Growth

Industrial machinery

Growth Rate

6.8% CAGR

Global Electric AC Motors Market by region
Country Share for Asia Pacific(%)

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Electric AC Motors Market Segmental Analysis

The global electric AC motors market can be segmented based on type, application, and region. In terms of types, it includes synchronous and asynchronous motors. Applications encompass industrial machinery, automotive, HVAC systems, and more. Geographically, the market is divided into regions like North America, Europe, Asia Pacific, and the rest of the world.

Electric AC Motors Market Analysis By Type

Historically, induction motors have been the largest segment in the electric AC motors market due to their widespread use in various industries. They offer cost-effective solutions for a broad range of applications where precise speed control isn't a primary requirement.

As for the fastest-growing segment, the synchronous motors were experiencing increased demand, particularly in applications that require high precision and efficiency, such as robotics, precision manufacturing, and some renewable energy systems. These motors offer better control and efficiency compared to induction motors in situations where speed accuracy is crucial.

Electric AC Motors Market Analysis By Application

The largest segment in the global electric AC motors market can vary based on economic and technological trends. Historically, industrial machinery, automotive (especially electric vehicles), and HVAC systems have been among the largest segments due to their widespread use and high motor requirements.

As for the fastest growing segment, the electric vehicle market has shown substantial growth in recent years. With the increasing focus on sustainability, electric vehicles have gained traction, leading to a surge in demand for electric AC motors used in propulsion systems. Additionally, as industries continue to prioritize energy efficiency and automation, applications like robotics and industrial automation could experience rapid growth.

Global Electric AC Motors Market by application, 2022 (%)

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Electric AC Motors Market Regional Insights

Asia Pacific is one of the largest and fastest-growing regions for electric AC motors. Countries like China, Japan, South Korea, and India have experienced rapid industrialization and urbanization, leading to increased demand for electric motors across industries.

North America including the United States, Canada, and Mexico. North America has traditionally been a significant market for electric AC motors due to the presence of a well-established industrial sector, automotive industry, and various other applications.

Global Electric AC Motors Market by geography, 2024-2031
  • Largest
  • Fastest

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Electric AC Motors Market Dynamics

Electric AC Motors Market Drivers

Energy Efficiency and Environmental Concerns

  • Electric AC motors are known for their higher energy efficiency compared to traditional internal combustion engines. As concerns about environmental sustainability and energy conservation grew, industries and governments worldwide were increasingly incentivized to adopt electric AC motors to reduce carbon emissions and energy consumption.

Industrial Automation and Robotics

  • The rise of industrial automation and robotics across various sectors, such as manufacturing, logistics, and automotive, drove the demand for electric AC motors. These motors are essential components in automated systems, as they provide precise control, reliability, and responsiveness required for automated processes.

Electric AC Motors Market Restraints

Initial Costs

  • While electric AC motors offer long-term cost savings through energy efficiency and reduced maintenance, their initial costs can be higher compared to traditional motors. This upfront investment can deter some industries or businesses from adopting electric AC motors, especially in price-sensitive markets.

Infrastructure and Charging

  • The growth of the electric AC motors market is closely tied to the availability of charging infrastructure. This is particularly relevant for electric vehicles and industrial equipment that rely on electric AC motors. In regions with limited charging infrastructure, adoption may be slower due to concerns about range limitations and downtime.

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Electric AC Motors Market Competitive Landscape

The global electric AC motors market features intense competition among key players striving for technological advancements, market expansion, and sustainability. Established companies such as Siemens, ABB, and Nidec offer a diverse range of efficient and high-performance electric AC motors, leveraging their extensive R&D capabilities. New entrants like Tesla and Schneider Electric are driving innovation with their electric vehicle propulsion systems and smart motor solutions. Additionally, regulatory shifts towards energy efficiency and environmental concerns further fuel the competition, prompting companies to focus on enhancing motor efficiency, reliability, and integration with IoT technologies to gain a competitive edge in this rapidly evolving market.

Electric AC Motors Market Top Player’s Company Profiles

  • ABB Ltd (Switzerland)
  • Schneider Electric SE (France)
  • WEG S.A. (Brazil)
  • Toshiba Corporation (Japan)
  • Danfoss Group (Denmark)
  • Rockwell Automation, Inc. (USA)
  • Mitsubishi Electric Corporation (Japan)
  • Emerson Electric Co. (USA)
  • Yaskawa Electric Corporation (Japan)
  • Hitachi, Ltd. (Japan)
  • Johnson Electric Holdings Limited (Hong Kong)
  • Fuji Electric Co., Ltd. (Japan)
  • Bonfiglioli Riduttori S.p.A. (Italy)
  • Parker Hannifin Corporation (USA)
  • NORD Drivesystems (Germany)
  • Leroy-Somer (France)
  • Brook Crompton UK Ltd (United Kingdom)

Electric AC Motors Market Recent Developments

  • In February 2024, Yamaha Motor Co., Ltd. revealed its recent investment in World of River Limited, Inc. (known as River), an Indian startup specializing in electric scooter manufacturing and sales. Yamaha's investment is part of River's Series B funding round conducted through third-party allotment.

     

  • In January 2024, Hyundai Motor Co. partnered with Beijing Motor Corp. (BAIC) to introduce a new electric vehicle brand designed specifically for the Chinese market. This collaboration aims to capitalize on the growing demand for electric vehicles in China, the world's largest auto market and leading EV market globally, amidst Hyundai's declining car sales in the region.

     

  • In December 2023, Nissan announced plans to send out electric vehicles manufactured in China to worldwide business sectors.

Electric AC Motors Key Market Trends

  • Rise in Electric Vehicle (EV) Adoption: The increasing popularity of electric vehicles was driving significant demand for electric AC motors. Electric vehicles rely heavily on electric AC motors for propulsion, including both the main drive motor and various auxiliary motors. This trend was fuelled by environmental concerns, government regulations promoting clean energy, and advancements in battery technology, making electric vehicles more viable for consumers.
  • Industrial Automation and Energy Efficiency: Across industries, there was a growing emphasis on energy efficiency and sustainability. Electric AC motors are widely used in industrial applications, and companies are increasingly adopting these motors to improve energy efficiency, reduce operational costs, and comply with stricter energy regulations. Smart and efficient motor control systems were being integrated to optimize motor performance and minimize energy wastage.

Electric AC Motors Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, the global electric AC motors market holds promising future prospects driven by escalating demand for energy-efficient and environmentally friendly solutions. As industries prioritize sustainability, electric AC motors offer reduced emissions and operational costs. With advancements in motor efficiency, control systems, and integration of IoT technologies, these motors are expected to witness increased adoption across various sectors such as manufacturing, automotive, and HVAC. Additionally, government initiatives supporting clean energy and stringent regulations on emissions will further bolster the market's growth. However, challenges related to high initial costs and technological complexities need to be addressed to unlock the full potential of this burgeoning market.

Report Metric Details
Market size value in 2022 USD 134.0 billion
Market size value in 2031 USD 242.24 billion
Growth Rate 6.8%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Synchronous and asynchronous motors
  • Application
    • Industrial machinery, automotive, HVAC systems, and more
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ABB Ltd (Switzerland)
  • Schneider Electric SE (France)
  • WEG S.A. (Brazil)
  • Toshiba Corporation (Japan)
  • Danfoss Group (Denmark)
  • Rockwell Automation, Inc. (USA)
  • Mitsubishi Electric Corporation (Japan)
  • Emerson Electric Co. (USA)
  • Yaskawa Electric Corporation (Japan)
  • Hitachi, Ltd. (Japan)
  • Johnson Electric Holdings Limited (Hong Kong)
  • Fuji Electric Co., Ltd. (Japan)
  • Bonfiglioli Riduttori S.p.A. (Italy)
  • Parker Hannifin Corporation (USA)
  • NORD Drivesystems (Germany)
  • Leroy-Somer (France)
  • Brook Crompton UK Ltd (United Kingdom)
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Electric AC Motors Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Electric AC Motors Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Electric AC Motors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric AC Motors Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric AC Motors Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Electric AC Motors Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Electric AC Motors Market size was valued at USD 134.0 billion in 2022 and is poised to grow from USD 143.11 billion in 2023 to USD 242.24 billion by 2031, at a CAGR of 6.8% during the forecast period (2024-2031).

The electric AC motors market features intense competition among key players striving for technological advancements, market expansion, and sustainability. Established companies such as Siemens, ABB, and Nidec offer a diverse range of efficient and high-performance electric AC motors, leveraging their extensive R&D capabilities. New entrants like Tesla and Schneider Electric are driving innovation with their electric vehicle propulsion systems and smart motor solutions. Additionally, regulatory shifts towards energy efficiency and environmental concerns further fuel the competition, prompting companies to focus on enhancing motor efficiency, reliability, and integration with IoT technologies to gain a competitive edge in this rapidly evolving market. 'ABB Ltd (Switzerland)', 'Siemens AG (Germany)', 'Schneider Electric SE (France)', 'Nidec Corporation (Japan)', 'WEG S.A. (Brazil)', 'Regal Beloit Corporation (USA)', 'Toshiba Corporation (Japan)', 'Danfoss Group (Denmark)', 'Rockwell Automation, Inc. (USA)', 'Mitsubishi Electric Corporation (Japan)', 'Emerson Electric Co. (USA)', 'Yaskawa Electric Corporation (Japan)', 'Hitachi, Ltd. (Japan)', 'Johnson Electric Holdings Limited (Hong Kong)', 'Fuji Electric Co., Ltd. (Japan)', 'Bonfiglioli Riduttori S.p.A. (Italy)', 'Parker Hannifin Corporation (USA)', 'NORD Drivesystems (Germany)', 'Leroy-Somer (France)', 'Brook Crompton UK Ltd (United Kingdom)'

Electric AC motors are known for their higher energy efficiency compared to traditional internal combustion engines. As concerns about environmental sustainability and energy conservation grew, industries and governments worldwide were increasingly incentivized to adopt electric AC motors to reduce carbon emissions and energy consumption.

Rise in Electric Vehicle (EV) Adoption: The increasing popularity of electric vehicles was driving significant demand for electric AC motors. Electric vehicles rely heavily on electric AC motors for propulsion, including both the main drive motor and various auxiliary motors. This trend was fuelled by environmental concerns, government regulations promoting clean energy, and advancements in battery technology, making electric vehicles more viable for consumers.

Asia Pacific is one of the largest and fastest-growing regions for electric AC motors. Countries like China, Japan, South Korea, and India have experienced rapid industrialization and urbanization, leading to increased demand for electric motors across industries.

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