Global AC Electric Motor Market Poised for Steady Growth, Driven by Industrial Machinery and Shift Toward Energy Efficiency
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The global AC electric motor market was valued at $17.4 billion in 2022 and is projected to reach $27.8 billion by 2032, growing at a CAGR of 4.7% from 2023-2032.
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Growth is driven by increasing demand for energy-efficient motors and rising awareness about electric/green vehicles.
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The 1000 HP to 10000 HP power output segment held the largest market share in 2022 with over 40% share.
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Industrial machinery was the largest end-user industry in 2022 with over 50% AC electric motor market share.
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Asia-Pacific dominated the AC electric motor market in 2022 with close to 40% regional share and is poised to continue leading over the forecast period.