Global Electric AC Motors Market

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

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

Global 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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FAQs

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 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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