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GLOBAL INDUCTION MOTORS MARKET FORECAST 2023-2032

SCOPE OF THE REPORT

Global Induction Motors Market by Type (Single-phase Induction Motor, Three-phase Induction Motor) Market by Application (Commercial, Industrial, Residential) by Geography


MARKET OVERVIEW

In terms of revenue, the global induction motors market was valued at $xx million in 2023 and is expected to reach $xx million by 2032, growing at a CAGR of xx% during the forecast period, 2023-2032.

The development of electric motors had a profound impact on the automotive industry, with motor manufacturers as well as automotive companies collaborating to develop electric motors for electric vehicles. Electric motors are classified into two types, namely AC motors and DC motors. Aligning with this, induction motors are the most widely used AC electric motors across industrial, commercial, and residential settings owing to their simple and robust construction.

Moreover, on account of a multitude of variables, including low maintenance and cost, adaptability, and reliability, induction motors have become a popular choice in mechanical infrastructure. For example, these motors are used in heating, ventilation, and air conditioning (HVAC) systems, an essential part of residential structures in the present scenario, in order to regulate the temperature and purity of air in an enclosed space. 

Read our latest blog on the  Induction Motors Market

GROWTH ENABLERS

Key growth enablers of the global induction motors market:

    • Electric vehicles are observing high customer demand due to the significant cost savings on the running and management of these vehicles. Moreover, EVs cost 50% less to maintain and repair when compared to gas vehicles.
    • Leading automobile manufacturers, including Tesla, Tata, Mercedez Benz, and Hyundai, have also made tremendous investments in electric motors, launching some of the finest EVs, such as the TATA Tigor, Tesla Model 2, and others.
    • Furthermore, with respect to government policies in countries like India, China, etc., the automotive sector is predicted to experience high growth during the forecast period. For example, the Indian government introduced policies such as 40% income tax evasion in the first year of the purchase of an EV registered in the company’s name, as well as additional benefits worth 1.5 lakhs on buying an electric car. Also, the Indian Railways has begun substituting its DC motors for AC induction motors, as well.
  • Increasing technological advancements
  • Dominance of squirrel cage motors in mining
  • Cost-effective and easy-to-maintain motors

GROWTH RESTRAINTS

Key growth restraining factors:

  • High installation costs of manufacturing facility
  • Volatile price of raw materials
  • Prevalence of unauthorized markets

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KEY MARKET TRENDS

Global Induction Motor Market | Top Trends

  • The Asia-Pacific is expected to dominate the global induction motors market during the forecasted period. An increase in the number of manufacturing as well as industrial units, the growing use of motors in agricultural machines, and the surging demand for electrical energy in power supply generation are among the major factors driving the demand for induction motors in the region.
  • The development of the HVH 320 Induction Motor is benefitting end-users with advantages such as less charging time, high power density, and 97% peak efficiency. As a result, the motor is suitable for both heavy-duty commercial trucks as well as light-duty passenger vehicles.
  • Through mergers & acquisitions and ongoing investments in research and development (R&D), motor manufacturing companies are securing their market share and developing solutions to meet evolving customer demands.

MARKET SEGMENTATION

Market Segmentation – Type and Application –

Market by Type: 

  • Single-Phase Induction Motor 
  • Three-Phase Induction Motor
    • The three-phase induction motor segment is anticipated to dominate the type category during the forecasted period. 
    • The low cost of ownership and maintenance makes three-phase induction motors an ideal solution for utility-scale generation plants or large commercial facilities. Moreover, it is self-starting and requires no centrifugal force as compared to single-phase induction motors. 
  • The induction motor’s ability to deliver emission-free power has further led to its increasing application in countries like India and China amid rising environmental concerns. In this regard, Mahindra Reva e2o is an Indian EV that utilizes a three-phase induction motor for propulsion.

Market by Application:

  • Commercial 
  • Industrial 
    • The industrial segment is expected to hold the majority of the share in the application category over the forecast period. 
    • The demand for induction motors in high-power applications, such as cranes, lifts, commercial electric and hybrid vehicles, oil-extracting mills, and textiles, is on the rise. 
    • For example, Siemens Energy & Automation uses a lighter and smaller copper rotor technology that boosts electrical energy efficiency while lowering the operating temperature and extending motor life.
    • Furthermore, three-cage squirrel motors also have unique advantages like the ability to manage strong inertia loads within the mining sector.
  • Residential

GEOGRAPHICAL STUDY

Geographical Study Based on Four Major Regions:
  • North America: The United States and Canada
    • Induction motors are increasingly used in North America’s automotive, consumer electronics, and industrial applications due to the rapid climate change as well as the escalating need to reduce carbon emissions in the region.
    • Electric motors account for more than 60–70% of the electricity used in oil and gas activities in the United States alone, thereby driving the region’s demand for these motors. 
    • The United States government policies like ‘Made in America’ and the Inflation Reduction Act have further spurred domestic manufacturing of EVs, EV batteries, and chargers. Likewise, companies like Toyota, Honda, Ford Motor Company, and others have also announced investments worth $85 billion for EV manufacturing in the country. 
  • Europe: The United Kingdom, France, Germany, Spain, Italy, and Rest of Europe
  • Asia-Pacific: China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific
  • Rest of World: Latin America, the Middle East & Africa

MAJOR PLAYERS

Major players in the global induction motors market:

  • WEG Electric Corporation
  • Siemens AG
  • NIDEC Motor Corporation
  • ABB Ltd
  • Regal Beloit Corporation
  • Ametek
  • Brook Crompton
  • Johnson Electric Holdings

Key strategies adopted by some of these companies:

  • In August 2022, WEG acquired the motion control division of Gefran. With this acquisition, it aims to expand its production capabilities outside America and enhance its portfolio, as well. WEG also obtained 4 factories as part of the sale: one each in Italy, Germany, China, and India.
  • Siemens’ NEMA motor division was purchased by ABB in August 2022. This acquisition gives it access to extra manufacturing capacity in Mexico, set to improve supply chain flexibility.
    • According to reports (September 2022), ABB Group is collaborating with the Indian Railways to increase the speed of Vande Bharat, a semi-high-speed multiple-unit electric train. This collaboration targets to meet the train’s 220 kmph speed ambitions. 
  • As of January 2023, Indian electric vehicle manufacturers are set to launch new battery-operated vehicles like the TATA Altroz EV, Citreon C3 EV, and Mahindra XUV 400 Electric, among others.

 

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2032
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments AnalyzedMarket by Type and Application
Geographies AnalyzedNorth America, Europe, Asia-Pacific, and Rest of World
Companies AnalyzedABB Ltd, Ametek, Brook Crompton, Johnson Electric Holdings, NIDEC Motor Corporation, Regal Beloit Corporation, Siemens AG, WEG Electric Corporation

TABLE OF CONTENT

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. SCOPE OF STUDY
    3. METHODOLOGY
    4. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. MARKET OVERVIEW
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. SURGING POPULARITY OF ELECTRIC VEHICLES
      2. INCREASING TECHNOLOGICAL ADVANCEMENTS
      3. DOMINANCE OF SQUIRREL CAGE MOTORS IN MINING
      4. COST-EFFECTIVE AND EASY-TO-MAINTAIN MOTORS
    2. KEY RESTRAINTS
      1. HIGH INSTALLATION COSTS OF MANUFACTURING FACILITY
      2. VOLATILE PRICES OF RAW MATERIALS
      3. UNAUTHORIZED MARKETS 
  4. KEY ANALYTICS
    1. IMPACT OF COVID-19 ON INDUCTION MOTORS MARKET
    2. KEY MARKET TRENDS
    3. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    4. OPPORTUNITY MATRIX
    5. VENDOR LANDSCAPE
    6. KEY BUYING CRITERIA
    7. REGULATORY FRAMEWORK
  5. MARKET BY TYPE
    1. SINGLE-PHASE INDUCTION MOTOR 
    2. THREE-PHASE INDUCTION MOTOR
  6. MARKET BY APPLICATION 
    1. COMMERCIAL 
    2. INDUSTRIAL
    3. RESIDENTIAL
  7. GEOGRAPHICAL ANALYSIS 
    1. NORTH AMERICA
      1. MARKET SIZE & ESTIMATES
      2. KEY GROWTH ENABLERS
      3. KEY CHALLENGES
      4. KEY PLAYERS
      5. COUNTRY ANALYSIS
        1. UNITED STATES
        2. CANADA
    2. EUROPE
      1. MARKET SIZE & ESTIMATES
      2. KEY GROWTH ENABLERS
      3. KEY CHALLENGES
      4. KEY PLAYERS
      5. COUNTRY ANALYSIS
        1. UNITED KINGDOM
        2. GERMANY
        3. FRANCE
        4. ITALY
        5. SPAIN
        6. REST OF EUROPE
    3. ASIA-PACIFIC
      1. MARKET SIZE & ESTIMATES
      2. KEY GROWTH ENABLERS
      3. KEY CHALLENGES
      4. KEY PLAYERS
      5. COUNTRY ANALYSIS
        1. CHINA
        2. JAPAN
        3. INDIA
        4. SOUTH KOREA
        5. AUSTRALIA 
        6. REST OF ASIA-PACIFIC
    4. REST OF WORLD
      1. MARKET SIZE & ESTIMATES
      2. KEY GROWTH ENABLERS
      3. KEY CHALLENGES
      4. KEY PLAYERS
      5. REGIONAL ANALYSIS
        1. LATIN AMERICA
        2. MIDDLE EAST & AFRICA
  8. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. MERGERS & ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS & AGREEMENTS
      4. BUSINESS EXPANSIONS & DIVESTITURES
    2. COMPANY PROFILES
      1. ABB LTD
      2. AMETEK
      3. BROOK CROMPTON
      4. JOHNSON ELECTRIC HOLDINGS 
      5. NIDEC MOTOR CORPORATION
      6. REGAL BELOIT CORPORATION
      7. SIEMENS AG
      8. WEG ELECTRIC CORPORATION

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – INDUCTION MOTORS

TABLE 2: REGULATORY FRAMEWORK

TABLE 3: WORLDWIDE SALES OF ELECTRIC VEHICLES IN 2021 (MONTH-WISE SALES)

TABLE 4: COUNTRY-WISE STOCK TARGETS OF ELECTRIC VEHICLES TILL 2021

TABLE 5: COMPARISON BETWEEN SYNCHRONOUS & 3-PHASE INDUCTION MOTORS

TABLE 6: CONTRAST BETWEEN DIFFERENT COMMERCIALLY AVAILABLE MOTOR TECHNOLOGIES

TABLE 7: COMPARISON OF EFFICIENCY CLASSES 

TABLE 8: GLOBAL INDUCTION MOTORS MARKET, BY TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 9: GLOBAL INDUCTION MOTORS MARKET, BY TYPE, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 10: GLOBAL SINGLE-PHASE INDUCTION MOTOR MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 11: GLOBAL SINGLE-PHASE INDUCTION MOTOR MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 12: GLOBAL THREE-PHASE INDUCTION MOTOR MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 13: GLOBAL THREE-PHASE INDUCTION MOTOR MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 14: GLOBAL INDUCTION MOTORS MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 15: GLOBAL INDUCTION MOTORS MARKET, BY APPLICATION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 16: GLOBAL COMMERCIAL MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 17: GLOBAL COMMERCIAL MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 18: GLOBAL INDUSTRIAL MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 19: GLOBAL INDUSTRIAL MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 20: GLOBAL RESIDENTIAL MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 21: GLOBAL RESIDENTIAL MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 22: GLOBAL INDUCTION MOTORS MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 23: GLOBAL INDUCTION MOTORS MARKET, BY GEOGRAPHY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 24: NORTH AMERICA INDUCTION MOTORS MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 25: NORTH AMERICA INDUCTION MOTORS MARKET, BY COUNTRY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 26: LEADING PLAYERS OPERATING IN NORTH AMERICA INDUCTION MOTORS MARKET

TABLE 27: EUROPE INDUCTION MOTORS MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 28: EUROPE INDUCTION MOTORS MARKET, BY COUNTRY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 29: LEADING PLAYERS OPERATING IN EUROPE INDUCTION MOTORS MARKET

TABLE 30: ASIA-PACIFIC INDUCTION MOTORS MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 31: ASIA-PACIFIC INDUCTION MOTORS MARKET, BY COUNTRY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 32: LEADING PLAYERS OPERATING IN ASIA-PACIFIC INDUCTION MOTORS MARKET

TABLE 33: REST OF WORLD INDUCTION MOTORS MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 34: REST OF WORLD INDUCTION MOTORS MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 35: LEADING PLAYERS OPERATING IN REST OF WORLD INDUCTION MOTORS MARKET

TABLE 36: LIST OF MERGERS & ACQUISITIONS

TABLE 37: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 38: LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 39: LIST OF BUSINESS EXPANSIONS & DIVESTITURES

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: OPPORTUNITY MATRIX

FIGURE 4: VENDOR LANDSCAPE

FIGURE 5: KEY BUYING CRITERIA

FIGURE 6: GLOBAL INDUCTION MOTORS MARKET, GROWTH POTENTIAL, BY TYPE, IN 2022

FIGURE 7: GLOBAL INDUCTION MOTORS MARKET, BY SINGLE-PHASE INDUCTION MOTOR, 2023-2032 (IN $ MILLION)

FIGURE 8: GLOBAL INDUCTION MOTORS MARKET, BY THREE-PHASE INDUCTION MOTOR, 2023-2032 (IN $ MILLION)

FIGURE 9: GLOBAL INDUCTION MOTORS MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2022 

FIGURE 10: GLOBAL INDUCTION MOTORS MARKET, BY COMMERCIAL, 2023-2032 (IN $ MILLION)

FIGURE 11: GLOBAL INDUCTION MOTORS MARKET, BY INDUSTRIAL, 2023-2032 (IN $ MILLION)

FIGURE 12: GLOBAL INDUCTION MOTORS MARKET, BY RESIDENTIAL, 2023-2032 (IN $ MILLION)

FIGURE 13: NORTH AMERICA INDUCTION MOTORS MARKET, COUNTRY OUTLOOK, 2022 & 2032 (IN %)

FIGURE 14: UNITED STATES INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 15: CANADA INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 16: EUROPE INDUCTION MOTORS MARKET, COUNTRY OUTLOOK, 2022 & 2032 (IN %)

FIGURE 17: UNITED KINGDOM INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 18: GERMANY INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 19: FRANCE INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 20: ITALY INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 21: SPAIN INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 22: REST OF EUROPE INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 23: ASIA-PACIFIC INDUCTION MOTORS MARKET, COUNTRY OUTLOOK, 2022 & 2032 (IN %)

FIGURE 24: CHINA INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 25: JAPAN INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 26: INDIA INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 27: SOUTH KOREA INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 28: AUSTRALIA INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 29: REST OF ASIA-PACIFIC INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 30: REST OF WORLD INDUCTION MOTORS MARKET, REGIONAL OUTLOOK, 2022 & 2032 (IN %)

FIGURE 31: LATIN AMERICA INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 32: MIDDLE EAST & AFRICA INDUCTION MOTORS MARKET, 2023-2032 (IN $ MILLION)

FAQ’s

FAQs

Single-phase induction motors are mainly used in residential settings as they can support the lighter load of power required by domestic appliances.

High installation costs, changing prices of raw materials, and unauthorized markets are among the top factors negatively impacting the global induction motors market growth.