Global Induction AC Electric Motor Market Report and Forecast 2024-2032

Global Induction AC Electric Motor Market Outlook

The induction AC electric motor market stood at a value of around USD 25.60 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 13.7% to reach USD 81.29 billion by 2032.

Growing Demand for High-Speed Motors to Aid the Global Induction AC Electric Motor Industry

High-speed motors are likely to gain traction in various end use industries due to the significant advantages offered by the product. These advantages include high efficiency, no dependence on lubricants, operation with less noise, low maintenance, easy portability, small size, and lightweight. High-speed motors prove to be extremely beneficial in industrial applications such as drilling operations, which is driving the segment growth. Moreover, the growing R&D activities to bolster the operational efficiency of high-speed motors in various applications are likely to aid the segment.

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The Asia Pacific Accounts for a Significant Share in the Market

The induction AC electric motor industry in the Asia Pacific is driven by factors such as the expansion of the major end use industries, rapid industrialisation, strong foothold of technology providers, and strong economic growth of developing countries. Additionally, the thriving manufacturing sector in countries like India, China, and others is anticipated to propel the demand for induction AC electric motors in the forecast period.

Induction AC Electric Motor: Market Segmentation

An induction AC electric motor is defined as an electrical equipment that converts alternating current into mechanical energy using electromagnetic induction. AC motor contains a stator which is made from a ring of electromagnets arranged around the outside, which produce magnetic field.

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Based on type, the market can be segmented into:

• < 1 kV
• 1 kV – 6.6 kV
• 6.6 kV

On the basis of efficiency rating, the market is segmented into:

• IE1
• IE2
• IE3
• IE4

By speed, the market has been divided into:

• Ultra-High-Speed Motors
• High-Speed Motors
• Medium Speed Motors
• Low Speed Motors

The major end uses of the product include:

• Industrial
• Motor Vehicle
• HVAC
• Household
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Utilisation in Motor Vehicles to Boost the Growth of the Induction AC Electric Motor Industry

The rising application of induction AC electric motors in motor vehicles, owing to the thriving transportation sector, rising standards of living, and rapid urbanisation in emerging economies, is driving the market growth. In addition to this, the rising demand for commercial and passenger automobiles, motorcycles, and motorised bicycles due to increasing disposable incomes is anticipated to augment the market in the forecast period. Meanwhile, the rising demand for HVAC equipment from the residential and commercial sector is likely to be another aiding factor in the market growth over the forecast period.

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Key Industry Players in the Global Induction AC Electric Motor Market

The report gives a detailed analysis of the following key players in the global induction AC electric motor market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• ABB Ltd.
• Rockwell Automation, Inc.
• Siemens AG
• ARC Systems, Inc.
• Sinotech, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report