Induction Motor Market – By Product Type (Single Phase Induction Motor {Split Phase Induction Motor, Capacitor Start Induction Motor, Capacitor Run Induction Motor, And Shaded Pole Induction Motor} & Three Phase Induction Motor {Slip Ring Induction Motor & Squirrel Cage Induction Motor}), By Efficiency Class (Ie1, Ie2, Ie3, And Ie4), By End-Users (Residential, Commercial, And Industrial), By Applications (Fans, Pumps, Material Processing, Material Handling, And Others), and By Region - Gl

Induction Motor Market size was valued at USD 17707.5 million in 2020, and is expected to reach USD 54996.9 million by 2030, registering a CAGR of 12.0% from 2020 to 2030.  The induction motor is the most common AC electric motor, used in most applications. This AC motor operates on the principle of electromagnetic induction, which provides the required electrical energy to induce the necessary torque for operation. Induction motors are simple and rugged in construction. They are used in most of the industries. The major advantage of an induction motor over other motors is its robust nature and the ability to operate in any environmental condition. 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, and many others. Out of all motors used worldwide, nearly 80% of them are induction motors.

Market Segmentation:

On the basis of product type, the induction motor market can be bifurcated into single phase induction motors and three phase induction motors. The single phase induction motors are further divided into split phase induction motors, capacitor start induction motors, capacitor run induction motors, and shaded pole induction motors. The three phase induction motors are further classified into squirrel cage induction motors and slip ring induction motors. Based on efficiency class, the market is segmented into IE1, IE2, IE3, and IE4. According to end-users, the induction motor market is categorized into residential, commercial, and industrial. On application basis, the market can be classified into fans, pumps, material processing, material handling, and others. Geographically, the global induction motor market can be broadly divided into five regions mainly North America, Europe, Asia Pacific, and RoW.

Market Dynamics and Factors:

The major factors driving the growth of the induction motor market are the robust structure, reliability, lightweight, and low maintenance cost when compared to other motors.  The rising demand for electric cars is mainly driving the market for induction motors. For instance, according to the EIA, the annual sale of electrical vehicles by 2025 will be 1.2 million cars approx. globally. In 2015, the sale was about 186000 light duty trucks. According to ORCB analysis, the sale of electric cars by 2040 is anticipated to increase by 35% globally. Additionally, the increasing industrial and agricultural activities across the globe are boosting the induction motor market growth of induction motors, as because all mechanical activities require induction motors for safe and reliable operation. Advancements in the power electronics sector is also expected to upsurge the market share of the induction motor market. However, the availability of an alternative technology in the form of synchronous reluctance motor is the restraint for the induction motor market. The synchronous reluctance motor is currently in R&D phase, and has higher efficiency compared to induction motors. Moreover, the environment friendly nature of induction motors and less energy consumption is driving the induction motor market growth substantially in various fields.    

Geographic Analysis:

North America is expected to dominate the global induction motor market in terms of market share during the forecast period. Higher usage of motors in industrial manufacturing, automotive companies, and aerospace & defense located in the region is rising the market growth. Additionally, the increasing usage of electric vehicles in the U.S. is also propelling the induction motor market growth. Asia Pacific region is expected to be the fastest growing market for induction motors during the forecast period. Emerging economies in this region as such as South Korea, Japan, India, and China are presenting huge opportunities for the global manufacturers.

Competitive Scenario:

The key players operating in the induction motors industry are –

Siemens AG, Schneider Electric, ABB Ltd., Marathon Electric, Kirloskar Electric Company, Emerson Electric Company, Baldor Electric Company, Nidec Motor Corporation, and Regal Beloit Corporation.   

Induction Motor Market Report Scope