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

Report ID: SQMIG10A2031 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 145 | Figures: 78

Induction Motors Market News

June 2022 - Nidec Corporation launches SynRA (Synchronous Reluctance Motor with Aluminum Cage Rotor), an aluminum cage-equipped, high-performance synchronous reluctance (SR) motor for the US that combines an SR motor with the basic principle of cage-type induction vehicle for purchase. The Nidec SynRA rotates as an induction motor when activated, resulting in lower losses and more efficiency than cage-type induction motors.

March 2022 - Havells India launches energy efficient ECOACTIV fans and launches 19 new models under pedestal, ceiling, wall, ventilator fan category The new range of fans comes equipped with ECOACTIV super-efficient BLDC and induction motor.

September 2021 - GM unveils three new motors designed to power its Altium-based EVs. A 255-kW rear front drive motor, a 180-kW front drive motor, and a 62-kW all-wheel-drive auxiliary motor are part of the Altium drive package, which features a 62-kW unit.

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Induction Motors Market size was valued at USD 18.35 Billion in 2022 and is poised to grow from USD 20.09 Billion in 2023 to USD 41.52 Billion by 2031, growing at a CAGR of 9.5% in the forecast period (2024-2031).

The competitive environment of the Induction Motors Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options. 'Nidec Corporation', 'Siemens AG', 'Robert Bosch GmbH', 'Denso Corporation', 'Mitsubishi Electric Corporation', 'Johnson Electric Holdings Limited', 'Valeo S.A.', 'BorgWarner Inc.', 'Mahle GmbH', 'Hitachi Automotive Systems, Ltd.', 'Continental AG', 'Magna International Inc.', 'Aisin Seiki Co., Ltd.', 'WEG Industries', 'Hella GmbH & Co. KGaA', 'Mitsuba Corporation', 'ABB Ltd.', 'Brose Fahrzeugteile GmbH & Co. KG', 'Shanghai Electric Group Co., Ltd.', 'Rheinmetall Automotive AG'

The robust physical structure of the motor is predicted to be a key driver for the 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 induction motor market during the forecast period 2024-2031.

Rising Electric Vehicle Production Augurs Well for Induction Motor Market: With the continuous growth in the automobile industry, and the support of good government regulations, subsidies and tax breaks. The induction motor market has grown rapidly Induction motors, especially three-phase, are widely used in electric vehicles due to that it works well, good speed regulations and lack of commuters, which are thought to be driving the expansion of the induction motor market in addition to the use of these devices as permanent magnet alternatives in electric vehicles around. Thus, increasing production of electric vehicles is predicted to boost the market. Moreover, many state governments have invested heavily in upgrading electric vehicles.

The Asia-Pacific region is expected to dominate the induction motor market. The tremendous growth in the number of manufacturing and engineering units has led to a high demand for induction motors. Induction motors are used in fans, blowers, mechanical equipment, compressors, pumps, conveyors, bulldozers etc. The development of railways, metros and bullet trains requires induction motors for stable and reliable operation. Rural economies are based on agricultural techniques, especially induction motors for manufacturing. Rapid urbanization has increased the demand for elevators and escalators which in turn has increased the demand for induction motors.

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