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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.
Induction Motor Market Analysis
*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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The global induction motor market reached a value of USD 20.09 billion in 2023.
The global Induction Motor market is assessed to grow at a CAGR of 9.5% between 2024 and 2032.
The market is estimated to reach a value of about USD 45.50 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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