Induction Motors Market Size, Share, Growth Analysis, By Types(Single-phase Induction Motor, and Three-phase Induction Motor), By Application(Residential, Industrial, Commercial, Transportation), By Rotor Type(Inner Rotor, and Outer Rotor), By Efficiency(IE1, IE2, IE3, and IE4SegmentVoltage), By Vertical(1KV, 1-6.6 KV, and above 6.6KV), By Region - Industry Forecast 2024-2031

Drivers

Rise in the Configuration of Motor

• The robust physical structure of the motor is predicted to be a key driver for the global induction motor market's growth. Induction motors are durable in nature and can be used in any climate. In addition, the lack of slip ring brushes in the motor induction eliminates the possibility of sparks, making operation safer even in the most explosive operating conditions. Besides, the induction motor is cost-effective, highly reliable and minimal maintenance, which Is expected to boost the global induction motor market during the forecast period 2024-2031.

Mass Production of Electric Cars

• The electric vehicle has been growing at a rapid pace with continuous growth in the automobile industry and favorable government policies and assistance in the form of subsidies and subsidies, tax exemptions. As induction motors, especially three-phase, are widely used in electric vehicles due to their efficiency, better speed management and passenger lessness are analyzed to boost the growth of the market affecting these types of motors as well acts as a substitute for a permanent magnet in an electric vehicle. Thus, the increase in production of electric vehicles is done to enter the market. In 2019, Ford invested $1.45 billion (about $5 per person in the US) to develop electric and autonomous sports cars, at its Detroit plants, US, with the main objective of increasing vehicle production for induction motor the effect of bulk purchases.

Restraints

The Ubiquity of Substandard Motors

• There are many domestic and international manufacturers in the highly fragmented global induction motor market. The main differentiating factor in this project is the quality. While the unorganized segment of the induction motor market provides inexpensive options to enter the local market, the system primarily targets industrial customers and maintains quality products. Most countries have local induction motor manufacturers focusing on the unorganized segment and competing aggressively with international sellers in their respective markets. Today’s top market players must contend with stiff competition from beleaguered suppliers of cheap and imperfect induction equipment. This poses a major hindrance to the rapid growth of the induction motor market.

Simple Induction Motors are easily available

• The global induction motor market is fragmented, with many domestic and international manufacturers. Product quality is the key differentiator in this market. Organized sector in the market mainly holds good product quality targeting industrial buyers, while unorganized sector offers low-cost options to tap local market Local manufacturers of induction motors in most countries target unorganized sector and they compete fiercely with global suppliers in respective markets. This poses a serious challenge to the growth of the market.