Yahoo Finance Global AC Electric Motor Market to Reach $25 Billion by 2031: Allied Market Research
Favorable features of AC electric motors such as high torque, low maintenance requirement, low noise levels, and better torque to weight ratio to boost the growth of global ac electric motor market. Moreover, rise in electronic computation in automation and construction applications has boosted the demand for ac electric motors in electric vehicles and other automotive, which will create new growth opportunities for the global market.
Portland,OR, Nov. 30, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global AC electric motor market generated $15.7 billion in 2021, and is projected to reach $25 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022–2031 |
Base Year | 2021 |
Market Size in 2021 | $15.7 billion |
Market Size in 2031 | $25 billion |
CAGR | 4.7% |
No. of Pages in Report | 240 |
Segments Covered | Output Power, End User Industry, Sales Type, and Region. |
Drivers | Favorable features of AC electric motors such as high torque, low maintenance requirement, low noise levels, and better torque to weight ratio. |
| Growing use of AC electric motors in automotive, robotics and industrial machinery. |
Opportunities | Rise in electronic computation in automation and construction applications has boosted demand for ac electric motors in electric vehicles and other automotive. |
Restraints | Sluggish growth witnessed in the automotive sector and need of high initial investments for setting up the ac electric motor manufacturing units. |
COVID-19 Scenario:
The outbreak of the COVID-19 pandemic had negatively impacted the growth of the global ac electric motor market with operations of large number of manufacturing industries coming to a halt due to imposition of strict lockdown by various governments to prevent the spread of the COVID-19 pandemic.
During the COVID-19 pandemic, the growth of the global market was hindered due to reduction in sales of ac electric motors.
The report offers a detailed segmentation of the global ac electric motor market based on output power, end user industry, sales type, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest-growing segments and highest revenue generation that is mentioned in the report.
Based on output power, the 10000 HP to 20000 HP segment held the major market share in 2021, holding nearly two-fifths of the global ac electric motor market share, and is expected to maintain its leadership status during the forecast period. However, the 1000 HP up to 10000 HP segment, is expected to cite the fastest CAGR of 5.5% during the forecast period.
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On the basis of end user industry, the industrial machinery segment held the largest market share in 2021, accounting for more than two-fifths of the global ac electric motor market share, and is expected to maintain its leadership status during the forecast period. Nevertheless, the others segment, is expected to cite the highest CAGR of 5.6% during the forecast period.
In terms of sales type, the new sales segment held the largest market share in 2021, accounting for more than three-fourths of the global ac electric motor market share. Furthermore, the same segment is expected to maintain its leadership status during the forecast period. Nevertheless, the aftermarket segment, is expected to cite the highest CAGR of 5.2% during the forecast period.
Region-wise, the Asia-Pacific region held the major market share in 2021, grabbing more than two-fifths of the global ac electric motor market share. Moreover, the Asia-Pacific market is slated to dominate the global market share during the forecast period. However, the LAMEA region is expected to cite the fastest CAGR of 9.0% during the forecast period. The report also analyses other regions such as Europe and North America.
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Top Players:
The key players analyzed in the global ac electric motor market report includes ABB Ltd., Cantoni Group, General Electric Corporation, Hitachi Ltd., Nidec Corporation, SEC Electric Machinery Co., Ltd., Siemens AG, Toshiba Corporation, Teco, and WEG.
The report analyzes these key players in the global ac electric motor market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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