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

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 market for AC electric motors is witnessing strong growth, driven by the expansion of industrial and automotive sectors. There is a growing focus on energy efficiency and environmental considerations, leading to increased adoption of electric vehicles and appliances, consequently boosting the demand for AC motors. The integration of the Internet of Things (IoT) and concepts from Industry 4.0 is reshaping the electric AC motor market. Motor manufacturers are incorporating sensors and connectivity features into their products, enabling real-time monitoring, remote control, and predictive maintenance. This transition to "smart" motors enables better performance monitoring, reduced downtime, and overall enhanced operational efficiency. Technological advancements such as variable frequency drives and smart motor systems are further improving motor efficiency and control. The Asia-Pacific region holds a significant market share due to rapid industrialization and urbanization. However, challenges like supply chain disruptions and fluctuations in raw material prices are being faced. Overall, the AC electric motors market is poised for sustained expansion, driven by evolving industries and increased awareness of sustainability.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Electric AC Motors Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Electric AC Motors Market Segmental Analysis

The global electric AC motors market is segmented on the basis of type, application, and region. By types, the market is segmented into synchronous and asynchronous motors. By Application, the market is segmented into industrial machinery, automotive, HVAC systems, and more. By Region, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world.

Drivers of the Global Electric AC Motors Market

Electric AC motors are renowned for their superior energy efficiency when compared to traditional internal combustion engines. With increasing concerns regarding environmental sustainability and energy conservation, industries and governments worldwide are increasingly incentivized to adopt electric AC motors. This move aims to mitigate carbon emissions and reduce energy consumption, aligning with global efforts towards a more sustainable future.

Restraints in the Global Electric AC Motors Market

Although electric AC motors promise long-term cost savings due to their energy efficiency and reduced maintenance requirements, their initial costs may pose a barrier to adoption for some industries or businesses. Compared to traditional motors, the upfront investment in electric AC motors can be higher, particularly in price-sensitive markets. As a result, some businesses may hesitate to transition to electric AC motors despite their long-term benefits.

Market Trends of the Global Electric AC Motors Market

The rising demand for electric vehicles is fueling significant growth in the electric AC motors market. Electric vehicles heavily depend on electric AC motors for propulsion, including both the main drive motor and various auxiliary motors. This surge in demand is driven by growing environmental concerns, government regulations advocating for clean energy, and advancements in battery technology, which are making electric vehicles more practical and appealing for consumers.