Induction Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Induction Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global induction motor market size reached US$ 20.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 32.8 Billion by 2028, exhibiting a growth rate (CAGR) of 8.41% during 2023-2028.

Induction motor, also known as, asynchronous motor, is an AC electric motor which can be made without any electronic connections to the rotor. Used in a majority of machinery today, the motor is more powerful and environment-friendly in comparison to the conventional motors currently available in the market. The unique robustness of the induction motor makes it a suitable choice for the automotive and manufacturing industry. Its ability to work under varying climatic conditions is another major factor that is driving its demand.

The motor is absolutely safe to be used in heavily polluted and explosive work conditions. With high durability, it can be used for years without worrying for maintenance. It has applications in pumps, small fans, electric shavers, cranes, crushers, textile industry, oil extracting mills, etc. Another major factor driving the demand of induction motors is their environment-friendly nature. A major trend influencing the market is the rising focus on the reduction of emission of greenhouse gases and the rising demand of products that consumer less energy. With induction motors consuming significantly lesser energy compared to conventional motors, they represent a better alternative for the environment. Affordability, durability, easy-functioning and easy maintenance are some of the other major factors that are also driving the demand of induction motors.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global induction motor market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type and end-use sector.

Breakup by Product Type:

Single Phase Induction Motors
Three Phase Induction Motors

Based on the product type, the market has been segmented as single phase induction motor and three phase induction motor.

Breakup by End-Use Sector:

Industrial
Commercial
Residential

Based on the end use, the market has been segmented into industrial, commercial and residential. The industrial sector currently represents the largest segment.

Breakup by Region:

Asia Pacific
North America
Europe
Middle East and Africa
Latin America

Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the biggest market.

Competitive Landscape:
The competitive landscape of the market has also been examined with some of the induction motor market players being ABB, Ametek, Emerson Electric, Siemens, WEG, Brook Crompton, Danaher Corporation, Johnson Electric Holdings and Regal Beloit.

This report provides a deep insight into the global induction motor market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the induction motor industry in any manner.

Key Questions Answered in This Report
1. What was the size of the global induction motor market in 2022?
2. What is the expected growth rate of the global induction motor market during 2023-2028?
3. What are the key factors driving the global induction motor market?
4. What has been the impact of COVID-19 on the global induction motor market?
5. What is the breakup of the global induction motor market based on the product type?
6. What is the breakup of the global induction motor market based on the end-use sector?
7. What are the key regions in the global induction motor market?
8. Who are the key players/companies in the global induction motor market?