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 Insights

Global 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).

An induction motor is an AC electric motor in which the torque is generated by the action between the special magnetic field generated in the stator and the current generated in the coils of the rotor. Its exceptional durability makes it an ideal choice for automotive and construction projects, as it requires little maintenance. The ability to operate in different weather conditions is another key factor in its demand.

Increased focus on reducing greenhouse gas emissions and demand for low-energy materials are key drivers for the growth of electric vehicles. According to the International Energy Agency (IEA), global electric vehicles sales are increasing sharply by 2022, with sales of 2 million units in the first quarter exceeding the same period during the year by 75%. The growth of the EV industry is expected to drive demand for induction motors, because these motors are widely used by electric vehicle (EV) manufacturers due to their robustness, reliability and low hence storage facilities.

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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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Induction Motors Market Insights

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