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Report Overview
The global induction motor market was valued at USD 20.09 Billion in 2023. The industry is expected to expand at a CAGR of 9.50% during the forecast period of 2024-2032 to attain a value of USD 45.47 Billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- 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.
- 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.
- 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 Growth
Energy efficiency in industrial applications is the most critical factor influencing the growth of induction motor market. Various industries do not want to increase their cost of operation and strictly follow the environmental regulations that have resulted in higher demand for induction motors with high efficiency. For instance, in the renewable energy sector, induction motors are required for wind turbines, pumps, compressors, etc. The global push for cleaner energy alternatives, coupled with India's increasing infrastructure for renewable energy, boosts the application of such motors for a productive and cost-effective operation.
The application of induction motors in surgical robotic systems is a niche driver for the induction motor market. Induction motors guarantee precise movement, reliability, and durability needed for robotic-assisted surgeries. For instance, the da Vinci Surgical System applies these motors to maintain constant robotic arm control for minimal invasive procedures. With advancements in medical robotics, high-performance induction motors are expected to be increasingly applied in healthcare, which will promote niche growth in this segment.
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 2023, the market reached an approximate value of USD 20.09 Billion.
The Induction Motor market is assessed to grow at a CAGR of 9.50% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 45.47 Billion by 2032.
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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124