Global Induction Motor Market Report and Forecast 2024-2032

Global Induction Motor Market Size

The global induction motor market value is around USD 20.09 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 9.5% to reach USD 45.50 billion by 2032.

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Global Induction Motor Market Growth

The induction motor industry growth is being driven by the rise in the sales of electric vehicles owing to the growing environmental concern and increased demand for eco-friendly products. The rapid technological advancements are further supporting the induction motor market demand globally.

The industrial segment, among various end-use sectors, leads the industry. The growth of this segment can be attributed to the increased demand for asynchronous motors owing to its characteristics and efficiency.

Global Induction Motor Market Analysis

Region-wise, the Asia Pacific is the leading growth of the induction motor market, accounting for a significant share of the global industry. The Asia Pacific induction motor market is supported by the growth of the heating, ventilation, and air conditioning (HVAC) industry and the increasing popularity of electric vehicles in the region owing to the increased government expenditure to curb pollution levels in countries like China and India.

Global Induction Motor Industry Outlook

According to the China Passenger Car Association and the European Automobile Manufacturers’ Association, In Q1 2024, global electric car sales increased to approximately 3.5 million units, up from around 1.75 million units in Q1 2022. Significant growth in electric car sales has been observed in Europe and the United States during Q1 2024 compared to Q1 2022. In Europe, sales increased from 0.65 million units in Q1 2022 to approximately 1.2 million units in Q1 2024. In the United States, sales rose to approximately 0.75 million units in Q1 2024 from 0.35 million units in Q1 2022, indicating substantial growth in both regions.

Further, as per the Federal Chamber of Automotive Industries, the total sales of electric vehicles in Australia have increased to 63,899 units in the first quarter of 2024 from 34,958 units in the first quarter of 2023.

As per the Indian Electrical and Electronics Manufacturers Association, in 2020-21, India's capital goods sub-sectors demonstrated significant production values. The machine tools sector produced USD 89,127,000, while the earthmoving and mining machinery sector led with USD 391,783,500. Plastic processing machinery generated USD 50,085,000 in output, while the heavy electrical equipment sector reported a significant output of USD 2,280,811,500. This indicates a growing demand for efficient and reliable motor solutions, crucial for operating various industrial machines and equipment, which further drives the induction motor demand growth.

According to the Indian Electrical and Electronics Manufacturers Association, As of March 31, 2024, India's installed generation capacity reached 441,970 MW, with non-fossil fuel-based sources contributing 198,753 MW, or 45% of the total. This includes large hydro at 46,928 MW (24%), solar at 81,814 MW (41%), wind at 45,887 MW (23%), small hydro at 5,003 MW (3%), biopower at 10,941 MW (5%), and nuclear at 8,180 MW (4%), the expansion of renewable energy infrastructure increases the demand for the induction motor market.

Induction motors are highly efficient, offering reliable performance with minimal maintenance.

• Versatility in industrial and commercial sectors ensures steady demand across various applications.

• Established manufacturing processes and widespread adoption contribute to market stability.

Increasing regulations require continuous innovation to meet stringent energy efficiency standards.

• Price competition from other motor types challenges profitability in the market.

• Inherent limitations in speed control compared to newer motor technologies.

Growing automation trends in manufacturing drive demand for the induction motors market.

• Induction motors are integral to wind turbines and other renewable energy applications.

• Expansion opportunities in developing regions with increasing industrialization.

Advancements in brushless DC motors and other alternatives pose substitution threats.

• Global economic fluctuations impact capital expenditure on industrial equipment.

• Dependencies on raw materials and global supply chains pose operational risks.

Key Players in the Global Induction Motor Market and their Key Initiatives

ABB Ltd

• period-panties-marketLaunched a new series of energy-efficient induction motors. 

• period-panties-marketInvested in eco-friendly manufacturing processes the the induction motor market opportunities.

AMETEK Inc.

• period-panties-marketOpened new production facilities in emerging markets.

• period-panties-marketIntroduced high-efficiency induction motors with enhanced performance. 

Siemens

• period-panties-marketIntegrated advanced digitalization and IoT technologies.

• period-panties-marketEstablished training programs for customers to optimise motor usage to meet the growing demand of the induction motor market. 

Johnson Electric Holdings Limited

period-panties-marketLaunched eco-friendly motor designs to reduce energy consumption. 
period-panties-marketImplemented AI and IoT for smart motor solutions.

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Global Induction Motor Industry Segmentation

“Global Induction Motor Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Single Phase Induction Motors

• Three Phase Induction Motors

Market Breakup by End Use 

• Industrial

• Commercial

• Residential

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Induction Motor Market Share

The induction motor market dynamics and trends are being driven by the rising demand for energy-efficient products and devices in residential, industrial, and energy infrastructure settings. This growing need is leading to an increased demand for induction motors. Induction motors are increasingly being adopted because they are robust, can hold smaller loads and provide reduced aftersales expenditure and services.

Induction motors are commonly used in compressor load systems, fans, and other applications as they help save a considerable amount of energy. As it can operate efficiently even in varying climatic conditions, its demand is witnessing significant growth in the induction motor market.

Leading Companies in the Induction Motor Market

The companies provide solutions for sectors such as energy, transportation, and infrastructure. Renowned for their innovation and digital proficiency, they lead the way in industrial advancement.

• ABB Ltd 

• AMETEK Inc. 

• Siemens 

• Johnson Electric Holdings Limited 

• Regal Beloit Corporation 

• Others

Key Highlights of the Report

Induction Motor Market Report Snapshots

Induction Motor Market Size

Induction Motor Market Growth

Induction Motor Market Analysis

Induction Motor Market Share

Induction Motor Companies