Global Induction Motor Market - 2024 - 2031

Report Overview

The Global Induction Motor Market size was worth US$ 20.36 billion in 2023 and is estimated to reach US$ 33.66 billion by 2031, growing at a CAGR of 6.49% during the forecast period (2024-2031).

An induction motor is a common AC electric motor (sometimes known as an asynchronous motor). The electricity in the rotor required to produce torque in an induction motor is acquired from the stator winding's revolving magnetic field via electromagnetic induction. An induction motor's rotor can be a squirrel cage rotor or a wound-type rotor. As they operate at a slower speed than their synchronous speed, induction motors are referred to as asynchronous motors.

It was created by Nikola Tesla and used for over a century. It is an extremely popular motor. Induction motors account for roughly 30% of global energy use. As a result, research is being conducted to improve its efficiency. The engine is also being considered for propulsion by some electric vehicle makers. The motors are employed because they are reliable, carry lighter loads and require less after-sales care and cost. They can also help save a significant amount of electricity. Induction motors are commonly utilized in compressor load applications, fans and other applications.

Market Dynamics

The market for induction motors is likely to be driven by the strong construction of induction motors and the huge increase in the production of electric vehicles. The widespread availability of low-quality induction motors, on the other hand, may limit market growth throughout the forecast period.

Robust structure of induction motors

The motor's rough physical structure is expected to be a major driving element in the induction motor market's growth. Induction motors are extremely durable and can be used in various climates. Furthermore, the absence of slip rings and brushes in the motor induction precludes the possibility of sparks, making the operation safe even under the most hazardous conditions.

The motors are employed because they are reliable, carry lighter loads and require less after-sales care and cost. They can also help save a significant amount of electricity. Furthermore, induction motors are cost-effective, highly reliable and require little maintenance, all projected to drive the induction motor market forward during the forecast period.

The rise in electric vehicle production

The electric car market has seen fast growth with continual innovations in the automotive business and favorable government policies and assistance in subsidies, tax rebates and grants. The market is expected to increase because induction motors, particularly three-phase motors, are widely utilized in electric vehicles due to the higher efficiency, good speed regulation and lack of commutators. Furthermore, these motors can be used in electric vehicles instead of permanent magnets.

As a result, increased electric car production drives the induction motor market. In 2019, Ford invested US$ 1.45 billion in Detroit plants in U.S. to produce electric, autonomous and sports utility cars. The primary goal is to increase vehicle production and lower induction motor procurement costs. Toyota announced plans to invest US$ 749 million in expanding its manufacturing facilities in U.S. to raise the production of electric and hybrid vehicles in 2019.

General Motors promised to invest more than US$ 7 billion in electric vehicle production by 2020. Furthermore, governments in several nations have made significant investments in the development of electric vehicles. The German government has pledged to invest more than US$ 3 billion in the region's electric vehicle market growth in 2019.

Availability of low-quality induction motors

Induction motors are manufactured by a large number of domestic and foreign companies. In this industry, product quality is a fundamental criterion for distinction. The regulated market mostly caters to industrial buyers and maintains high product quality, whereas the unorganized market provides low-cost options for tapping local markets.

Induction motor manufacturers in most nations focus on the unorganized sector and compete fiercely with global suppliers in their local marketplaces. Leading market companies face fierce competition from unorganized businesses that sell low-cost, low-quality induction motors. It poses a significant impediment to the market's expansion.

Market Segment Analysis

By type, the induction motor market is segmented into single phase induction and three-phase induction.

The rising shift towards industrial automation to drive the three-phase induction

A three-phase induction motor is an AC induction motor that runs on three phases of electricity. Three-phase induction motors are commonly used AC motors in industrial applications to provide mechanical power. Three-phase induction motors are used in about 70% of industrial machinery because they are cost-effective, robust, maintenance-free and can work in any environment. Furthermore, induction motors are the most often utilized due to their durability, low cost and lack of maintenance.

They are also frequently utilized in the mining, metals, cement industries, automotive, oil & gas, healthcare and manufacturing industries. Increased environmental consciousness across businesses also helps drive the expansion of three-phase induction motors, which emit fewer pollutants. Furthermore, demand for three-phase induction motors in industrial applications is sparked by the shift toward industrial automation and increased consumer confidence and attractive investment plans.

Furthermore, with Industry 4.0 and technological breakthroughs, many people may now use three-phase induction motors. Oriental Motor U.S. announced their latest high-efficiency three-phase AC induction motors with a terminal box and a high-strength right-angle gearhead in 2019. The new three-phase motors feature wattages of 30W and 40W and increase the KIIS Series Standard AC motors product line-up.

Market Geographical Analysis

Rising demand for energy-efficient motors in Asia-Pacific

Asia-Pacific is predicted to have a significant proportion of the global market. The primary drivers driving market expansion are increased compliance with energy-efficient motors and the rising use of motor-driven electric cars. Because of issues about the environmental effect of energy production from traditional sources such as coal and natural gas, the market for induction motors is expected to grow.

In addition, agricultural improvements and massive expenditures in industrialization in nations like China, India, South Korea and Australia are driving market expansion. In addition, the rise in production and sales of electric vehicles in countries such as China and Japan are expected to fuel market expansion.

Market Competitive Landscape

Major global induction motor market companies include ABB Ltd., Ametek, Emerson Electric, Siemens AG, Brook Crompton, Danaher Corporation, Johnson Electric Holdings, Regal Beloit, WEG Electric Corp. and Nidec Motor Corporation.

COVID-19 Impact Analysis

The COVID-19 pandemic wreaked havoc on various industries, as many countries went into lockdown and temporarily halted all non-essential activities to stem the spread. Induction motors are used in most industrial machinery because they are cost-effective, robust, maintenance-free and work in any environment. Pumps, lifts, hoists, cranes, electric shavers, crushers, oil extraction equipment, automotive, oil & gas, healthcare and manufacturing industries.

Companies from all across the world were cooperating to offer the essential equipment to combat the pandemic. Siemens and Aucma, for example, produced a prototype of an intelligent electric disinfection robot in March 2020 to meet the needs of hospitals. The electric robot has a sturdy chassis that can overcome barriers and handle hills and can disinfect up to 36,000 square meters in an hour.

Russia-Ukraine War Impact

The induction motor market has had difficulties arising from supply shortages and price instability caused by the conflict, as it relies on a consistent availability of metals such as copper and aluminum. The participation of Ukraine in supplying these crucial raw materials is extremely important. However, the ongoing conflict has greatly hindered its ability to produce and deliver them. As a result, manufacturers have faced higher expenses and experienced delays in production, which has directly affected the worldwide availability and pricing of induction motors.

Furthermore, the market has been further restricted by the sanctions imposed on Russia. Due to its prominent role in the global energy sector, Russia's access to foreign markets has been limited, which has had an impact on the energy supply chain. Consequently, the increased energy expenses have directly affected the production costs of induction motors. The prevailing ambiguity in the region has resulted in diminished investments and hindered the expansion endeavors of several sectors, particularly in Europe.

By Application

Residential

Industrial

Commercial

By Type

Single Phase Induction

Three Phase Induction

By Region

North America

U.S.

Canada

Mexico

Europe

Germany

UK

France

Italy

Spain

Rest of Europe

South America

Brazil

Argentina

Rest of South America

Asia-Pacific

China

India

Japan

Australia

Rest of Asia-Pacific

Middle East and Africa

Recent Developments

In June 2022, Nidec Corporation introduced SynRA, a high-efficiency synchronous reluctance (SR) motor with an aluminum cage rotor. SynRA combines the principles of an SR motor with those of a cage-type induction motor. The motor was specifically developed for U.S. market. When Nidec's SynRA is activated, it functions as an induction motor and demonstrates superior efficiency compared to the cage-type induction motor, while also minimizing energy loss.

In March 2022, Havells India introduced their collection of energy-efficient ECOACTIV fans, consisting of 19 new models across several categories such as pedestal, ceiling, wall and ventilation fans. The new fans are fitted with ECOACTIV extremely efficient BLDC and induction motors.

Havells India introduced the ECOACTIVE fan series in March 2022, consisting of 19 models across several categories, all designed to be energy-efficient. ECOACTIVE is equipped with a very efficient BLDC and induction motor.

Why Purchase the Report?

Visualize the composition of the induction motor market segmentation by application, type and region, highlighting the critical commercial assets and players.

Identify commercial opportunities in the induction motor market by analyzing trends and co-development deals.

Excel data sheet with thousands of induction motor market-level 4/5 segmentation points.

Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players

The global induction motor market report would provide access to an approx. 53 market data tables, 41 figures and 197 pages.

Target Audience 2024

Induction Motor Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Emerging Companies

Induction Motor Manufacturers