Global Induction Motor Market Size, Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts 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. The Global 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.
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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.
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Market Segmentation:
Global Induction Motor Market – By Product Type
Single Phase Induction Motor
Split Phase Induction Motor
Capacitor Start Induction Motor
Capacitor Run Induction Motor
Shaded Pole Induction Motor
Three Phase Induction Motor
Slip Ring Induction Motor
Squirrel Cage Induction Motor
Global Induction Motor Market – By Application
Fans
Pumps
Material Processing
Material Handling
Others
Global Induction Motor Market – By Efficiency Class
Ie1
Ie2
Ie3
Ie4
Global Induction Motor Market – By End-Users
Residential
Commercial
Industrial
Global Induction Motor Market – By Geography
North America
U.S.
Canada
Mexico
Europe
U.K.
France
Germany
Italy
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
Rest of Asia Pacific
ROW
Latin America
Middle East
Africa
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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.
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How will this Market Intelligence Report Benefit You?
The report offers statistical data in terms of value (US$) as well as Volume (units) till 2030.
Exclusive insight into the key trends affecting the Global Induction Motor industry, although key threats, opportunities and disruptive technologies that could shape the Global Induction Motor Market supply and demand.
The report tracks the leading market players that will shape and impact the Global Induction Motor Market most.
The data analysis present in the Global Induction Motor Market report is based on the combination of both primary and secondary resources.
The report helps you to understand the real effects of key market drivers or retainers on Global Induction Motor Market business.
The 2021 Annual Global Induction Motor Market offers:
100+ charts exploring and analysing the Global Induction Motor Market from critical angles including retail forecasts, consumer demand, production and more
15+ profiles of top producing states, with highlights of market conditions and retail trends
Regulatory outlook, best practices, and future considerations for manufacturers and industry players seeking to meet consumer demand
Benchmark wholesale prices, market position, plus prices for raw materials involved in Global Induction Motor Market type
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