North America Induction Motor Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The North America Induction Motor Market is expected to grow at a CAGR of 6.3% during the forecast period (2022 - 2027). The market growth for induction motors in North America is associated with an increase in induction motor applications in HVAC, automotive, consumer electronics, and industrial applications, partly due to their ability to generate constant torque up to rated speeds. Increasing applications and ongoing technology development in the manufacturing industry are key drivers of the region's induction motor market.
Key HighlightsThe market is minorly fragmented with the presence of key players such as Rockwell Automation Inc., ABB Ltd, Siemens AG, and more. These players have a prominent share in the market and are focusing on expanding their market shares with new innovations with technological advancements.
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