Induction Motor Market Trends, Opportunities, Competitive Analysis and Challenges for the manufacturers

The Induction Motor Market was valued at USD 15.86 Billion in 2023, and it is expected to reach USD 20.49 Billion by 2030, exhibiting a CAGR of 3.72% during the forecast period.

Induction motors are the most frequently used in residential, commercial, and industrial sectors. An induction motor is an AC electric motor that does not require any electronic connections to operate. Induction motors are now the preferred choice for the majority of machinery because it is more powerful and eco-friendly than traditional motors. Its unique robustness makes it an ideal choice for automotive and manufacturing applications.

The global demand for induction motors is expected to grow because of their low cost and ease of maintenance. Another important reason fueling its demand is its ability to work in a variety of climatic conditions. A growing industrial base in developing economies such as India and China is expected to create huge growth opportunities in the market over the forecast period. To get the largest share of the induction motor market, many industry players are using various strategies such as new technology, new product launches, existing technology upgrade, and merger & acquisitions.

The report provides a detailed qualitative and quantitative analysis of the Induction Motor market. It provides the overview and forecast market size of the global Induction motor market based on various segments. The report also analyzes market dynamics such as drivers, restraints, opportunities, and future trends which effecting the market during the forecast period. Our team has also identified the profiles of key Induction motor companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading market key players with information such as company profiles, products, and services offered, financial information for the last 3 years, and the recent development in the past five years.To know about the Research Methodology :- Request Free Sample Report
Induction Motor Market Dynamics:
The growing use of Electric Vehicles

The Induction Motor is a very powerful and sophisticated kind of power source used in electric cars. The motors used for automotive applications should have characteristics like high starting torque, high power density, good efficiency, etc. Induction motors are the preferred choice for performance-oriented electric vehicles due to their cheap cost. The other advantage is that it can withstand rugged environmental conditions. Due to these advantages, the Indian railways have started replacing their DC motors with AC induction motors. Mahindra Reva e2o uses a three-phase induction motor for its propulsion. Major automotive manufacturers like TATA motors have planned to use Induction motors in their cars and buses.

The two-wheeler manufacturer TVS motors will be launching an electric scooter that uses an induction motor for its propulsion. Countries such as Australia, Singapore, and Australia are focusing on taking initiatives like industry 4.0, driving the demand for induction motors by implementing energy-efficient systems in the manufacturing of food and beverage, textile and clothing, and automotive industries. As a result, these factors are driving the growth of the induction motor market.

Increasing use of Squirrel cage motors

Squirrel cage motors are a sub-segment of induction motors, which harness electromagnetism to generate motion. Squirrel cage induction motors are popular choices in the induction motor market thanks to their low cost, ease of maintenance, high efficiency, good heat regulation, and safety features. NEMA and the IEC have developed standardized classes of squirrel cage motors based on their speed-torque characteristics.

This enables interchangeable motors across manufacturers and simplifies motor replacement. The NEMA standard frames make it simple to choose the right motor, requiring just the project's operating characteristics. Class A squirrel cage motors are the most common type. They have normal starting torque and current, and a slip of less than 5% of the synchronous speed. Fans, compressors, conveyors, and any other device with low inertial loads that require fast motor acceleration are common applications.

Increased application of Induction motors in the Automotive sector

The automotive sector is expected to witness the highest CAGR of 8.4% during the forecast period, owing to various factors such as an increase in sales of electric vehicles, rising concerns over greenhouse gas emissions, and favorable government policies in countries such as India, China, and so on. The automobile sector is under enormous pressure to adapt to technological advancements and changing customer demands. Automobile manufacturers are focusing on developing efficient vehicle motors for various systems, propelled by ongoing technological advancements. The rise in demand for products with safety features and convenience, as well as the increase in vehicle production, are expected to propel the automotive induction motor market during the forecast period. Other significant factors driving market growth include the growing electrification of vehicles and the mandatory use of safety technology such as electronic stability control and antilock braking systems in passenger cars in developed regions such as Europe and North America.

Low Cost as compared to DC motors

Induction motors are simple and rugged in construction and their robust function can operate in any environmental condition. Induction motors are cheaper because of the absence of brushes, commutators, and slip rings. They are maintenance-free motors as compared to dc motors and synchronous motors due to the absence of brushes, commutators, and slip rings. The above advantages of induction motors make them more prominent in industrial and domestic applications. The operation of the induction motor is simple because there is no electrical connector to the rotor that supplies power. Current is induced by the movement of the transformer performs on the rotor. Additionally, induction motors are self-start motors that can reduce the efforts needed for maintenance. As a result, these factors are driving the induction motor market growth across the world.

Market Restraint :

The high cost of installation of a manufacturing facility is a major restraint that negatively impacts the Induction Motor market. There are various market key players at a global level that deal with the induction motor business. Consumers across the globe are inclined towards the unauthorized market as the local vendors provide cost-effective motors. Hence, the whole revenue of the induction motor market does not get recognized.
Induction Motor Market Segment Analysis:
By Product Type, The three-phase segment is expected to dominate the induction motor market and grow at a CAGR of 12.5% during the forecast period. Three-phase induction motors are self-starting and do not require a capacitor, start winding, or centrifugal force to start. Three-phase induction motors, which are widely utilized in the industrial and construction sectors, are available at a relatively low cost. As a result of these factors, the three-phase induction motor type is expected to grow in the forecast period.

A single-phase induction motor's physical appearance is similar to a three-phase squirrel cage induction motor. This induction motor is smaller in size and lighter in weight. It is also less expensive. single-phase induction motors are highly efficient and require low maintenance costs.

By Application, the Industrial segment is expected to hold the largest market value during the forecast period. Three-phase induction motors are commonly used in industrial applications due to their low cost and dependability. The motor is utilized in industrial applications for very high inertia loads where it is necessary to produce maximum torque at a very low speed and accelerate to full speed with minimal current.
Regional Insights
The Asia Pacific induction motor market is expected to register a CAGR of 4.8% over the forecast period. Induction motors are commonly utilized in the industry since they are more helpful and powerful than conventional motors. Its unique robustness makes it an excellent choice for automotive and manufacturing applications since it requires less maintenance. Another factor boosting their demand is their capacity to operate in a variety of environmental settings. The rising need for electrical energy to support global growth requires continual significant investments in power supply generation, which has fueled the use of induction motors in the electricity sector.

Induction motors for industrial applications have been in high demand in India. By 2023, the government has promised to have around 175 GW of installed renewable capacity, which includes solar and wind power. The government also plans to derive around 40% of its energy from renewable sources by 2030. As a result, the demand for induction motors, which in turn, the induction motor market growth is expected to rise during the forecast period.

The North America Induction Motor Market is estimated to develop at a CAGR of 6.8% during the forecast period. Induction motor market growth in North America is associated with an increase in induction motor applications in HVAC, automotive, consumer electronics, and industrial applications, owing to their ability to deliver continuous torque up to rated speeds. Increasing applications and ongoing technological advancement in the manufacturing industry are significant drivers of the region's induction motor market.

North America has a strong demand and growing market share in the induction motor market owing to the growth of induction motors used in large industrial manufacturing, aerospace, military, and automotive industries. In addition to the rising desire for electric vehicles in the United States, the growth of Induction motors in North America is also on the rise.
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Global Induction Motor Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 15.86 Bn.


Forecast Period 2024 to 2030 CAGR:
3.72%
Market Size in 2030:
US $ 20.49 Bn.


 Segments Covered:
by Product
Three Phase Induction Motor
Single Phase Induction Motor


by Type
Industrial
Commercial
Residential



Induction Motor Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Induction Motor Market, Key Players are
1. Rockwell Automation, Inc. (US)
2. CAG Electric Machinery s.r.o. (US)
3. Regal Rexnord Corporation (US)
4. ATB (Canada)
5. ABB (Switzerland)
6. Cantoni Motor ( Poland)
7. Bosch Rexroth. (Germany)
8. Siemens AG (Germany)
9. AC– Motoren (Germany)
10.Schneider Electric (France)
11.Elprom Harmanli (Bulgaria)
12.Nidec Corporation (Japan)
13.TMEIC ( Japan)
14.CG Power Systems (India)
15.Changzhou Duowei Electric Co.,Ltd (China)
16.Chinabase Machinery (Hangzhou) (China)
17.CRRC Zhuzhou Electric Co., Ltd (China)
18.Fujian Mindong Electric Co., Ltd., GE (China)
19.WEG Industries (Brazil)
20.FIMET Motori & Riduttori S.p.a. (Argentina)

FAQs:

1. Which is the potential market for Induction motors in terms of the region?
Ans. In the Asia Pacific region, The rising need for electrical energy to support global growth requires continual significant investments in power supply generation, which has fueled the use of induction motors in the electricity sector and is expected to drive the Induction Motor Market.

2. What is expected to drive the growth of the Induction Motor market in the forecast period?
Ans. The induction of Electric Motors Used In Electric Vehicles is a major factor driving the Induction Motor Market growth during the forecast period.

3. What is the projected market size & growth rate of the Induction Motor Market?
Ans. The induction Motor Market was valued at USD 15.86 Billion in 2023, and it is expected to reach USD 20.49 Billion by 2030, exhibiting a CAGR of 3.72 % during the forecast period (2024-2030).

4. What segments are covered in the Induction Motor Market report?
Ans. The segments covered are Product Type, Application, and region.