(MENAFN- GlobeNewsWire - Nasdaq) Electric Alternating Current Motor Demand to Gain Traction in Coming Years.
Fort Collins, Colorado, April 04, 2024 (GLOBE NEWSWIRE) -- The Electric Alternating Current Motor market was valued at USD 86.6 Billion in 2023 and is expected to reach USD 141.5 Billion by 2032 at a CAGR of 5.6%.
An AC motor is the most critical component in producing heating, ventilating, and cooling equipment and motor vehicles. Improving living standards and rising income levels are expected to propel the global production of electronic appliances and motor vehicles. This is estimated to be the primary factor encouraging the demand for electric AC motors over the next few years.
The growing investments and collaborations in the electric alternating current motor market, owing to the increasing urbanization and infrastructure development, are anticipated to contribute significantly to the electric alternating current motor market opportunities. For instance, in September 2023, WEG, a global electro-electronic equipment company, acquired the industrial electric motors and generators business of Regal Rexnord Corporation, a specialized electromechanical equipment manufacturer.
With this acquisition, valued at around USD 400 million, WEG intends to focus on continuous, sustainable growth and diversification in industrial operations and significantly expand its international presence.
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Segmentation Overview:
The global electric alternating current motor market has been segmented into type, application, and region. Based on application, the market is again categorized into industrial machinery, motor vehicles, HVAC equipment, aerospace and transportation, household appliances, and others. The motor vehicles segment accounts for most of the market share.
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Electric Alternating Current Motor Market Report Highlights:
The global electric alternating current motor market growth is anticipated at a CAGR of 5.6% by 2032.
The demand for energy-efficient motors is increasing globally due to rising electricity prices and the introduction of stringent electricity consumption standards.
Asia Pacific dominates the electric AC motors market, owing to rapid industrialization, urbanization, and infrastructural development in countries like China, India, Japan, and South Korea. The region is witnessing robust growth in sectors such as automotive, manufacturing, construction, and electronics, major electric AC motors consumers.
Some prominent players in the electric alternating current motor market report include Siemens AG, WEG., SEC Electric Machinery Co., Ltd., ABB Ltd., Cantoni Group, LLC., Teco Electric & Machinery Co., Ltd., Toshiba Corporation, Hitachi Ltd., NIDEC CORPORATION, and General Electric.
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Electric Alternating Current Motor Market Segmentation:
By Type: Induction AC motors, Synchronous AC motors
By Application: Industrial machinery, motor vehicles, HVAC equipment, aerospace & transportation, household appliances, and others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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