Market Size of AC Motor Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 17.67 Billion |
| Market Size (2029) | USD 21 Billion |
| CAGR (2024 - 2029) | 3.51 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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AC Motor Market Analysis
The AC Motor Market size is estimated at USD 17.67 billion in 2024, and is expected to reach USD 21 billion by 2029, growing at a CAGR of 3.51% during the forecast period (2024-2029).
- An AC motor is an electric motor that converts the alternating current into mechanical power using an electromagnetic induction phenomenon called an AC motor. An alternating current drives this motor. The stator and the rotor are the two most essential parts of an AC motor. The stator is the stationary part of the motor, and the rotor is the rotating part of the motor. The AC motor may be single-phase or three-phase.
- Three-phase AC motors are primarily applied in the industry for bulk power conversion from electrical to mechanical. Single-phase AC motors are mainly used for small power conversion. Single-phase AC motors are nearly small and provide various services in the home, office, business concerns, factories, etc. Almost all domestic appliances, such as refrigerators, fans, washing machines, hair dryers, mixers, etc., use single-phase AC motors.
- The growing adoption of electric vehicles is expected to support the market growth during the forecast period. The automotive sector witnessed a significant increase in daily units produced over the years. According to the International Organization of Motor Vehicle Manufacturers (OICA), in the previous year, approximately 85 million motor vehicles were produced worldwide, an increase of 6% compared to the year before it. China, Japan, and Germany were the largest producers of cars and commercial vehicles last year.
- AC motor integrates various other components into one physical unit. Standard configurations include the engine and drive, integrated encoders, controllers, cabling, and communication ports. This increases the overall cost of the system. The capital investment required for AC motors is greater than that required for other traditional motors, posing a challenge to the market's growth.
- A notable impact of the global outbreak of COVID-19 has been observed on the market as various containment measures taken by governments across multiple countries, such as the implementation of lockdown, significantly impacted the growth of the industrial sector. As a result, a slowdown was witnessed in the studied market, especially during the initial phase, due to supply chain issues. However, with significant end-user industries resuming operations at total capacity, the demand for smart AC motors is anticipated to grow post-COVID-19.
