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Report Overview
The global induction motor market was valued at USD 22.00 Billion in 2024. The industry is expected to expand at a CAGR of 9.50% during the forecast period of 2025-2034 to attain a value of USD 54.52 Billion by 2034.
2024
Base Year
2018-2024
Historical Period
2025-2034
Forecast Period
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Induction motors are essential components in EVs due to their efficiency, durability, and ability to handle high loads, supporting increased vehicle production. In Q1 2024, global EV sales reached 3.5 million units, doubling from 1.75 million units in Q1 2022. This rapid expansion is propelling the growth of the induction motor market.
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The smart, IoT-enabled energy-efficient induction motor is seeing greater adoption on the market due to its implementation of IoT-based monitoring and controlling systems, giving real-time performance data to assist with predictive maintenance and prevent any operational hindrances. This is witnessing industries like automotive, HVAC, and manufacturing adopt advanced motors in an effort to save on energy consumption and sustain efficiency, lowering energy-related costs while saving resources for environmental goals set worldwide.
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The induction motor market has good growth prospects in emerging markets, including those in Asia-Pacific, Latin America, and Africa. Rapid industrialization, rising automotive manufacturing hubs, and investments in infrastructure projects lead to high demand for energy-efficient motors. Companies with local production units and partnerships can benefit from such growing economies to increase market presence and revenue.
Induction Motor Market Analysis
The induction motor market is witnessing steady growth driven by its widespread use in various industrial applications, including manufacturing, HVAC systems, and automotive industries. Known for their reliability, efficiency, and low maintenance, induction motors are preferred in both small and large-scale operations, thus aiding the induction motor demand.
Technological advancements, such as the development of energy-efficient and variable-speed motors, are expanding their scope, particularly in industries focusing on energy conservation and cost reduction. The growing demand for automation, coupled with industrialization in emerging markets, is further boosting the market. Additionally, the rise of electric vehicles and renewable energy projects is expected to drive future growth in this sector.
For instance, Siemens' SIMOTICS SD next-generation motors are designed with energy-efficient IE4 and IE5 ratings, making them appropriate for industries that emphasize cost-effective energy use. They have variable-speed compatibility to improve performance in applications like conveyor systems and pumps. Similarly, Tesla's electric vehicles make use of induction motors for high efficiency and performance. In the renewable energy sector, General Electric's motors are widely used in wind turbines to support sustainable energy projects. These are examples of how technological innovations in induction motors drive adoption across automotive, industrial, and renewable energy markets to contribute to sector growth and sustainability targets.
Induction Motor Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the market reached an approximate value of USD 22.00 Billion.
The Induction Motor market is assessed to grow at a CAGR of 9.50% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 54.52 Billion by 2034.
The major market drivers include rising disposable incomes, increasing sales of electric vehicles, rising environmental concerns, and rapid technological advancements.
The stringent government regulations pertaining to the use of environmentally friendly and sustainable vehicles is expected to be a key trend guiding the growth of the market.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The significant product types considered in the market report include single-phase induction motors and three-phase induction motors.
Based on end use the market is divided into industrial, commercial, and residential.
The competitive landscape consists of ABB Ltd, AMETEK Inc., Siemens, Johnson Electric Holdings Limited, and Regal Beloit Corporation, among others.
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