Asia-Pacific's AC/DC Motors Market to Grow at CAGR of +1.8% through 2035, Reaching 453M Units - News and Statistics - IndexBox

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IndexBox has just published a new report: Asia-Pacific - Universal Ac/Dc Motors Of An Output Exceeding 37.5 W; Other Ac Motors; Ac Generators (Alternators) - Market Analysis, Forecast, Size, Trends and Insights.

Driven by the rising demand for AC/DC motors in Asia-Pacific, the market is predicted to see continued growth in the coming years. The market is anticipated to expand with a CAGR of +1.8% in terms of volume and +1.0% in terms of value from 2024 to 2035, reaching 453M units and $20.7B respectively by the end of 2035.

Driven by increasing demand for AC/DC motors in Asia-Pacific, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.8% for the period from 2024 to 2035, which is projected to bring the market volume to 453M units by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.0% for the period from 2024 to 2035, which is projected to bring the market value to $20.7B (in nominal wholesale prices) by the end of 2035.

In 2024, approx. 371M units of AC/DC motors were consumed in Asia-Pacific; surging by 8.3% compared with the year before. The total consumption volume increased at an average annual rate of +2.9% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of consumption peaked in 2024 and is likely to continue growth in the near future.

The revenue of the AC/DC motor market in Asia-Pacific expanded modestly to $18.5B in 2024, growing by 3.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a mild reduction. As a result, consumption attained the peak level of $22.1B. From 2019 to 2024, the growth of the market remained at a somewhat lower figure.

The country with the largest volume of AC/DC motor consumption was China (148M units), comprising approx. 40% of total volume. Moreover, AC/DC motor consumption in China exceeded the figures recorded by the second-largest consumer, India (53M units), threefold. The third position in this ranking was held by Thailand (45M units), with a 12% share.

From 2013 to 2024, the average annual growth rate of volume in China totaled +2.9%. In the other countries, the average annual rates were as follows: India (+7.4% per year) and Thailand (+5.5% per year).

In value terms, Japan ($8.6B) led the market, alone. The second position in the ranking was taken by China ($3.3B). It was followed by India.

From 2013 to 2024, the average annual rate of growth in terms of value in Japan totaled -4.2%. The remaining consuming countries recorded the following average annual rates of market growth: China (+2.2% per year) and India (+2.3% per year).

The countries with the highest levels of AC/DC motor per capita consumption in 2024 were Thailand (634 units per 1000 persons), Malaysia (603 units per 1000 persons) and Vietnam (148 units per 1000 persons).

From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +6.2%), while consumption for the other leaders experienced more modest paces of growth.

In 2024, the amount of AC/DC motors produced in Asia-Pacific dropped significantly to 722M units, with a decrease of -50.4% compared with 2023. Overall, production, however, recorded noticeable growth. The pace of growth was the most pronounced in 2023 with an increase of 157%. As a result, production attained the peak volume of 1.5B units, and then dropped significantly in the following year.

In value terms, AC/DC motor production reduced to $27.9B in 2024 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 32%. Over the period under review, production attained the maximum level at $30.9B in 2021; however, from 2022 to 2024, production failed to regain momentum.

China (639M units) remains the largest AC/DC motor producing country in Asia-Pacific, accounting for 88% of total volume. Moreover, AC/DC motor production in China exceeded the figures recorded by the second-largest producer, Japan (23M units), more than tenfold.

In China, AC/DC motor production increased at an average annual rate of +4.3% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Japan (-1.6% per year) and Indonesia (+0.1% per year).

In 2024, ac/dc motor imports in Asia-Pacific rose significantly to 200M units, increasing by 11% on 2023 figures. The total import volume increased at an average annual rate of +2.8% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 20% against the previous year. As a result, imports attained the peak of 203M units. From 2022 to 2024, the growth of imports remained at a lower figure.

In value terms, AC/DC motor imports amounted to $7.3B in 2024. The total import value increased at an average annual rate of +1.1% from 2013 to 2024; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 13% against the previous year. The level of import peaked at $7.4B in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

Thailand (50M units) and India (48M units) represented the major importers of AC/DC motors in 2024, resulting at near 25% and 24% of total imports, respectively. Vietnam (25M units) ranks next in terms of the total imports with a 12% share, followed by Malaysia (12%), Pakistan (5.3%), the Philippines (4.8%) and South Korea (4.5%).

From 2013 to 2024, the biggest increases were recorded for the Philippines (with a CAGR of +32.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest AC/DC motor importing markets in Asia-Pacific were South Korea ($865M), India ($688M) and Thailand ($441M), together accounting for 27% of total imports. Vietnam, Malaysia, the Philippines and Pakistan lagged somewhat behind, together accounting for a further 12%.

In terms of the main importing countries, the Philippines, with a CAGR of +18.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

In 2024, electric motors; AC motors, single-phase (103M units) was the key type of AC/DC motors, constituting 51% of total imports. Electric motors (47M units) ranks second in terms of the total imports with a 24% share, followed by electric motors (20%). Electric motors; AC motors, multi-phase, of an output exceeding 750W but not exceeding 75kW (8.3M units) took a relatively small share of total imports.

Imports of electric motors; AC motors, single-phase increased at an average annual rate of +2.8% from 2013 to 2024. At the same time, electric motors (+8.1%) and electric motors; AC motors, multi-phase, of an output exceeding 750W but not exceeding 75kW (+2.3%) displayed positive paces of growth. Moreover, electric motors emerged as the fastest-growing type imported in Asia-Pacific, with a CAGR of +8.1% from 2013-2024. Electric motors experienced a relatively flat trend pattern. From 2013 to 2024, the share of electric motors increased by +9.2 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of imported AC/DC motors were electric motors; AC motors, multi-phase, of an output exceeding 750W but not exceeding 75kW ($2.1B), electric motors; AC motors, multi-phase, of an output exceeding 75kW ($1.6B) and electric motors ($975M), with a combined 65% share of total imports. Electric motors; AC motors, single-phase, electric generators, electric motors, electric generators, generators and electric generators lagged somewhat behind, together accounting for a further 35%.

Electric generators, with a CAGR of +13.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

The import price in Asia-Pacific stood at $36 per unit in 2024, waning by -6.9% against the previous year. Overall, the import price recorded a slight contraction. The growth pace was the most rapid in 2022 when the import price increased by 30% against the previous year. As a result, import price attained the peak level of $46 per unit. From 2023 to 2024, the import prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was electric generators ($9.3 thousand per unit), while the price for electric motors ($8 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by electric generators; AC generators, (alternators), of an output exceeding 75kVA but not exceeding 375kVA (+11.9%), while the other products experienced more modest paces of growth.

The import price in Asia-Pacific stood at $36 per unit in 2024, waning by -6.9% against the previous year. In general, the import price saw a slight downturn. The growth pace was the most rapid in 2022 when the import price increased by 30%. As a result, import price attained the peak level of $46 per unit. From 2023 to 2024, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($95 per unit), while Pakistan ($7.7 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by South Korea (+0.2%), while the other leaders experienced a decline in the import price figures.

In 2024, approx. 551M units of AC/DC motors were exported in Asia-Pacific; declining by -57.4% on 2023 figures. In general, exports, however, saw notable growth. The growth pace was the most rapid in 2018 when exports increased by 284%. Over the period under review, the exports hit record highs at 1.3B units in 2023, and then contracted rapidly in the following year.

In value terms, AC/DC motor exports rose remarkably to $13.3B in 2024. Total exports indicated a pronounced expansion from 2013 to 2024: its value increased at an average annual rate of +3.9% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports increased by +42.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 32%. Over the period under review, the exports hit record highs in 2024 and are expected to retain growth in the immediate term.

China prevails in exports structure, amounting to 500M units, which was near 91% of total exports in 2024. The following exporters - Vietnam (13M units) and Japan (9.1M units) - each accounted for a 4% share of total exports.

Exports from China increased at an average annual rate of +4.1% from 2013 to 2024. At the same time, Vietnam (+21.9%) and Japan (+12.1%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +21.9% from 2013-2024. From 2013 to 2024, the share of China and Vietnam increased by +4.4 and +2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($7.5B) remains the largest AC/DC motor supplier in Asia-Pacific, comprising 56% of total exports. The second position in the ranking was held by Japan ($2.2B), with a 17% share of total exports.

From 2013 to 2024, the average annual rate of growth in terms of value in China stood at +3.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (+4.0% per year) and Vietnam (+11.7% per year).

Electric motors; AC motors, single-phase dominates exports structure, resulting at 466M units, which was near 85% of total exports in 2024. Electric motors (41M units) held a 7.5% share (based on physical terms) of total exports, which put it in second place, followed by electric motors (5.1%). Electric motors; AC motors, multi-phase, of an output exceeding 750W but not exceeding 75kW (13M units) followed a long way behind the leaders.

Exports of electric motors; AC motors, single-phase increased at an average annual rate of +3.9% from 2013 to 2024. At the same time, electric motors (+5.5%) and electric motors; AC motors, multi-phase, of an output exceeding 750W but not exceeding 75kW (+4.9%) displayed positive paces of growth. Moreover, electric motors emerged as the fastest-growing type exported in Asia-Pacific, with a CAGR of +5.5% from 2013-2024. Electric motors experienced a relatively flat trend pattern. While the share of electric motors; AC motors, single-phase (+2 p.p.) increased significantly in terms of the total exports from 2013-2024, the share of electric motors (-3.1 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of exported AC/DC motors were electric motors; AC motors, single-phase ($3.6B), electric motors; AC motors, multi-phase, of an output exceeding 750W but not exceeding 75kW ($3.4B) and electric motors; AC motors, multi-phase, of an output exceeding 75kW ($2B), with a combined 68% share of total exports. Electric motors, electric generators, electric generators, electric motors, generators and electric generators lagged somewhat behind, together comprising a further 32%.

Electric generators, with a CAGR of +16.7%, saw the highest rates of growth with regard to the value of exports, in terms of the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

In 2024, the export price in Asia-Pacific amounted to $24 per unit, growing by 154% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 217% against the previous year. The level of export peaked at $84 per unit in 2017; however, from 2018 to 2024, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was electric generators ($56 thousand per unit), while the average price for exports of electric motors; AC motors, single-phase ($7.7 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by electric generators; AC generators, (alternators), of an output exceeding 75kVA but not exceeding 375kVA (+7.3%), while the other products experienced more modest paces of growth.

In 2024, the export price in Asia-Pacific amounted to $24 per unit, increasing by 154% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the export price increased by 217% against the previous year. The level of export peaked at $84 per unit in 2017; however, from 2018 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($243 per unit), while China ($15 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by China (-0.6%), while the other leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the ac/dc motor market in Asia-Pacific. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

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