Induction Motor Market Size, Share, Trends, Growth 2032

The global induction motor market size accrued earnings worth approximately USD 22.19 Billion in 2023 and is predicted to gain revenue of about USD 42.36 Billion by 2032, is set to record a CAGR of nearly 7.45% over the period from 2024 to 2032.

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The study includes drivers and restraints of the induction motor market along with their impact on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the induction motor market on a global level.

In order to give the users of this report a comprehensive view of the induction motor market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Induction Motor Market: Growth Factors

Currently, one of the biggest accomplishments in the engineering and technology domain is the discovery of motors, followed by the introduction of electric motors. Induction motor is among the commonly used electric motors in today’s time. Induction motors are also known as asynchronous motors, as they run at a speed that is lower than synchronous speed. In simple words, induction motors convert electrical energy into mechanical energy. Induction motors consist of a rotor and a stator. Induction motors have a wide range of applications, starting from household appliances to industrial machinery. When compared to conventional motors, induction motors are efficient in terms of their functionality and deliver high performance apart from being energy-efficient and environment-friendly in nature.

The global induction motor market is likely to experience notable growth in the future, owing to the increasing induction motor demand mainly by the automotive industry. The significant robustness of induction motors, when compared to traditional motors, is high, which makes them suitable for industrial manufacturing and various automotive industry verticals. Additionally, induction motors possess the ability to work under varying climatic conditions.

They are durable and their maintenance and repair charges are also low, which is projected to further foster the global induction motor market development in the future. Furthermore, induction motors have diverse applications in several industry verticals, such as automobile, textile, oil, and gas, etc.

This, in turn, is also contributing to the induction motor market growth in the upcoming years. However, the volatility in raw material prices and huge initial investments associated with the production of induction motors may hamper this global market’s growth in the years ahead.

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The report provides company market share analysis to give a broader overview of the key players in the induction motor market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launch, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and product portfolio of various companies according to regions.

Induction Motor Market: Segmentation

The study provides a decisive view of the induction motor market based on type, application, and region.

Based on type, the induction motor market is fragmented into single-phase and three-phase. The three-phase segment is expected to dominate the global market in the years ahead, owing to the growing acceptance of three-phase induction motors for various applications. By application, the market is categorized into industrial, residential, and commercial. The industrial segment is expected to dominate the global market in the future, as induction motors are utilized in various parts of the electric automobiles and for different industrial manufacturing processes.

All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Induction Motor Market: Report Scope

Induction Motor Market : Regional Analysis

North America held an extensive share of the global induction motor market and is expected to continue with its regional authority in the upcoming years as well. This regional growth can be attributed to the growing adoption of induction motors in electric automobiles and the rising use of induction motors in industrial manufacturing, automobiles, aerospace, and defense industry sectors. Europe is expected to provide significant opportunities for the global induction motor market in the future, owing to the growing production of hybrid electric vehicles across the region and the various technological advancements witnessed in induction motors by manufacturing companies and organizations.

Induction Motor Market: Competitive Analysis

Some major players operating in the global induction motor market are:

• Kirloskar Electric Company 
• Marathon Electric 
• ABB 
• Regal Beloit Corporation 
• Schneider Electric 
• Emerson Electric Company 
• Siemens AG
• Baldor Electric Company

The global induction motor market is segmented as follows:

By Type

• Single-Phase
• Three-Phase

By Application

• Industrial
• Commercial
• Residential

By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa