Global Induction AC Electric Motor Market to Grow at a CAGR of 13.7% During 2024-2032, Aided by the Thriving HVAC Industry

The rising application of induction AC electric motors in the HVAC industry is estimated to drive the market growth in the forecast period. The rising demand for HVAC systems and equipment from the residential and commercial sectors is supporting this growth. Moreover, the rapid industrialisation in the emerging economies across the world is likely to augment the market growth. Furthermore, the growing demand for advanced motor solutions in electric vehicles, coupled with the rapid investments towards upgrading the technology, is projected to support the market growth. For instance, in September 2021, General Motors Company (NYSE: GM) revealed its three new motors developed to be used in Ultium-based EVs. The company has introduced 180-kilowatt front-drive motor, 255-kW rear and front-drive motor, and 62-kW all-wheel drive assist motor as a part of the Ultium Drive. Such developments are estimated to support the market growth in the forecast period.

In terms of region, North America is anticipated to attain a significant growth in the forecast period. The market in the region is likely to be driven by the growing demand for efficient motors for industrial applications. Also, the rising investments in research and development activities are anticipated to provide impetus to the market growth in the forecast period.

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Market Breakup by Type, Efficiency Rating, Speed, End Use, and Region:

• The market is segmented, based on type, into < 1 kV, 1 kV – 6.6 kV, and > 6.6 kV.

• On the basis of efficiency rating, the market is segmented into IE1, IE2, IE3, and IE4.

• Based on speed, the market is divided into ultra-high-speed motors, high-speed motors, medium speed motors, and low speed motors.

• The significant end uses of the product include industrial, motor vehicle, HVAC, and household, among others.

• Region-wise, the global market for induction AC electric motor can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for induction AC electric motor is being driven by the rapid expansion of the major end use industries of the product.

• The rising demand for motor vehicles is anticipated to augment the market in the forecast period.

• The growing demand for HVAC systems from the residential and commercial sectors is likely to bolster the market growth.

• The market is estimated to be further aided by the rising investments in the research and development activities by the market players to develop improved electric motors.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for induction AC electric motor for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, efficiency ratings, speeds, end uses, and regions of induction AC electric motor.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global induction AC electric motor market are ABB Ltd., Rockwell Automation, Inc., Siemens AG, ARC Systems, Inc., and Sinotech, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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