Induction Motors Market is projected to grow at a CAGR of 3.90% to reach US$30.946 billion in 2029

induction motors market

The induction motors market is expected to grow at a CAGR of 3.90% with a market valuation of US$23.668 billion in 2022 and is expected to reach a market value of US$30.946 billion by 2029.

An induction motor also known as an asynchronous motor is an AC electric motor in which the magnetic field of the stator is used to electromagnetic induce the electric current to produce torque in the rotor. An induction motor does not need to be connected electrically to the rotor.

An induction motor is an energy conversion device that is used for converting electrical energy to mechanical energy. It consists of two main parts stator and rotor. The stator carries single-phase winding or three-phase winding while the rotor has short-circuited winding.

Induction motors are extensively used for manufacturing purposes because they require very low maintenance and they can also function efficiently in varied conditions without affecting the output. Single-phase induction motors are used in smaller loads and power tools.

As per the report, the induction motor market is expected to grow at a significant pace.

The increasing use of electric cars and demand for energy-efficient devices that help meet the global goal of reducing the emission of greenhouse gases has propelled the demand for induction motors.

According to the International Energy Agency (IEA), sales of electric vehicles have increased significantly over 2.3 million electric cars were sold in the first quarter of 2023 which is approximately 25% more than the first quarter of 2022.

Induction motors are widely used in electric vehicles because they are durable and require low maintenance. The use of induction motors in the electrical industry is supported by regular investments for increasing power generation to meet the world’s increasing electricity demands.

Induction motor is used in various industries thus it is anticipated that demand for induction motors is going to increase because the global manufacturing industry is rapidly increasing according to the report from the United Nations Industrial Development Organization (UNIDO), in the first quarter of 2022 the manufacturing production increased by 4.2 percent.

Further, the continuous innovations in the automotive sector and increasing consumer shift towards green and environment-friendly solutions have contributed to the expansion of the electric car market. Three-phase induction motors are used in electric cars due to their high efficiency and good speed regulation has contributed to the growth of the induction motor market.

There are many product launches and developments that are taking place in the induction motor market during the forecast period. For instance, in October 2023, Renesas Electronics Corporation, a global leading company of semiconductor solutions developed inductive position sensor (IPS) technology it is used for accurate motor position sensor ICs used in robots and various other industrial applications. Renesas IPS technology makes use of sensing elements which comprise copper coils etched on a printed circuit board (PCB) to locate metallic targets.

Asia-Pacific region is anticipated to hold the majority share of the induction motor market because of the increasing investments across the industries to automate their processes. The region is witnessing growth across several industries such as automotive, construction, and manufacturing due to which the market of induction motors is also expanding.

Therefore the growth of the market in the region is also propelled by the rapid transition of consumers towards electric vehicles because of increasing awareness among consumers regarding the ill effects of combustion vehicles on the environment.

The induction motors market, based on different types is categorized into- single-phase and three-phase. Single-phase induction motors are small-size induction motors that work on the electromagnetic induction principle. It is available in various types such as split phase, shaded pole, capacitor start, and capacitor run. It is generally used in domestic appliances like fans, washing machines, mixers, and refrigerators.

Three-phase induction motors are self-starting motors that require a 3-phase AC supply to operate. It consists of two major parts stator and rotor. The stator in a 3-phase induction motor has various slots that are required to construct a 3-phase winding circuit which we further connect to the 3-phase AC source. A rotor consists of a cylindrical laminated core with parallel slots that carry conductors that are made up of copper or aluminum.

The induction motors market, based on voltage is categorized into- high and low. High-voltage induction motors operate at high voltage it is used at places where the high-intensity task is done like in factories or at construction sites. High-voltage induction motors have high reliability and efficiency.

Low voltage induction motors are also referred to as squirrel cage motors they have a three-phase power supply that ranges from 200V to 690V. These motors are highly efficient, reliable, cost-effective, and easy to operate. Low-voltage induction motors are generally used in mixers, washing machines, blowers, and all the machines that operate at low voltage.

As a part of the report, the major players operating in the induction motors market that have been covered are ABB Ltd., Siemens, Nidec, WEG Industries, Higen Motor Co. Ltd, Smart Office Solution Ltd (ARC System Inc.), MENZEL Elektromotoren, TECO Westinghouse, Hordu, and Nitto Kogyo Corporation (Taiyo Electric Co. Ltd.).

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The analytics report categorizes the induction motors market using the following criteria:


  • By Type
    • Single Phase
      • Split Phase
      • Shaded Pole
      • Capacitor-Run
      • Capacitor-Start
    • Three Phase
      • Slip Ring
      • Squirrel Cage
  • By Voltage
    • High Voltage
    • Low Voltage
  • By End-Users
    • Automotive
    • Oil and Gas
    • Construction
    • Mining
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • UK
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
      • Others