Asia-Pacific AC Electric Motor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
Asia-Pacific AC Electric Motor market is expected to grow at 5.1% CAGR during the forecast period of 2021-2026. Industrial automation, which drives the manufacturing sector worldwide, is expected to show strong growth during the forecasted period. The Asia-Pacific region is expected to open up new growth opportunities in the AC electric motor market over and beyond the forecast period. However, the higher initial investment for procuring new equipment and upgrading existing equipment and portability issues with AC motors could restrain the market's growth.
Key HighlightsThe Asia-Pacific AC electric motor market is moderately competitive and consists of a significant number of global and regional players. These players account for a considerable share in the market and focus on expanding their customer base. These vendors focus on the research and development activities, strategic partnerships, and other organic & inorganic growth strategies to earn a competitive edge over the forecast period.
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