Induction Motors Market Size, Share, and Growth Analysis, By Types(Single-phase Induction Motor, Three-phase Induction Motor), By Application (Residential, Industrial), By Rotor Type, By Efficiency, By Vertical, By Region - Industry Forecast 2025-2032

Global Induction Motors Market size was valued at USD 22.75 billion in 2023 and is poised to grow from USD 24.41 billion in 2024 to USD 42.89 billion by 2032, growing at a CAGR of 7.3% during the forecast period (2025-2032).

Induction motors are pivotal in various industries, especially automotive and construction, due to their durability, low maintenance needs, and adaptability to diverse weather conditions. The rising emphasis on reducing greenhouse gas emissions and the shift towards low-energy materials are propelling the electric vehicle (EV) market. The International Energy Agency (IEA) reported a remarkable 75% increase in global EV sales during the first quarter of 2022, reaching 2 million units. This surge is anticipated to significantly boost the demand for induction motors, which are favored by EV manufacturers for their robustness and reliability. Consequently, the growth trajectory of the EV industry is poised to drive an even stronger uptake of induction motors in the future.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Induction Motors market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Induction Motors Market Segments Analysis

Global Induction Motors Market is segmented by Product Type, Type, Power Output, Application, End-Use and region. Based on Product Type, the market is segmented into Synchronous Motors, Asynchronous Motors, Direct Current Motors and Others. Based on Type, the market is segmented into IE1, IE2, IE3 and IE4. Based on Power Output, the market is segmented into Fractional Horsepower and Integral Horsepower. Based on Application, the market is segmented into Pumps, HVAC Fans, Material Processing, Compressed Air, Material Handling and Others. Based on End-Use, the market is segmented into Residential, Industrial, Agricultural Sector, Transportation and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Induction Motors Market

The global induction motors market is anticipated to grow significantly due to the strong physical design of these motors. Their inherent durability makes them suitable for various environmental conditions. Moreover, the absence of slip ring brushes minimizes the risk of sparks, ensuring safer operations even in potentially explosive environments. Additionally, induction motors offer cost-effectiveness, high reliability, and require minimal maintenance, all of which are crucial factors contributing to their increasing demand. These attributes are expected to drive the growth of the global induction motor market during the forecast period from 2024 to 2031, reinforcing their value in diverse applications.

Restraints in the Global Induction Motors Market

The global induction motors market faces several restraints due to its highly fragmented nature, with numerous domestic and international manufacturers vying for market share. Quality emerges as the primary differentiator; while the unorganized segment offers lower-cost alternatives for local consumers, the market primarily caters to industrial clients who demand higher-quality products. Many countries host local manufacturers focused on this unorganized sector, which intensifies competition against international brands. Consequently, leading market players must navigate significant challenges posed by suppliers of cheaper, substandard induction equipment, which restricts the potential for swift expansion within the induction motor market.

Market Trends of the Global Induction Motors Market

The global induction motors market is witnessing significant growth, driven primarily by the surging production of electric vehicles (EVs) amid favorable government regulations, subsidies, and tax incentives. Three-phase induction motors, renowned for their efficiency, speed control, and reduced maintenance needs, are increasingly favored in the EV sector. This trend is further supported by substantial investments from state governments to enhance electric vehicle infrastructure and technology. As manufacturers pivot towards eco-friendly mobility solutions, the demand for efficient induction motors as alternatives to permanent magnet systems continues to rise, positioning the market for robust expansion in the coming years.