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The rising application of induction AC electric motors in the HVAC industry is estimated to drive the market growth in the forecast period. The rising demand for HVAC systems and equipment from the residential and commercial sectors is supporting this growth. Moreover, the rapid industrialisation in the emerging economies across the world is likely to augment the market growth. Furthermore, the growing demand for advanced motor solutions in electric vehicles, coupled with the rapid investments towards upgrading the technology, is projected to support the market growth. For instance, in September 2021, General Motors Company (NYSE: GM) revealed its three new motors developed to be used in Ultium-based EVs. The company has introduced 180-kilowatt front-drive motor, 255-kW rear and front-drive motor, and 62-kW all-wheel drive assist motor as a part of the Ultium Drive. Such developments are estimated to support the market growth in the forecast period.
In terms of region, North America is anticipated to attain a significant growth in the forecast period. The market in the region is likely to be driven by the growing demand for efficient motors for industrial applications. Also, the rising investments in research and development activities are anticipated to provide impetus to the market growth in the forecast period.
Market Breakup by Type, Efficiency Rating, Speed, End Use, and Region:
Key Findings of the Report:
Key Offerings of the Report:
The major players in the global induction AC electric motor market are ABB Ltd., Rockwell Automation, Inc., Siemens AG, ARC Systems, Inc., and Sinotech, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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