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

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.