The global induction motors market size is anticipated to reach USD 40.5 billion in 2032. It is projected to witness a considerable CAGR of 7.4% from 2022 to 2032. It stood at a valuation of around USD 19.9 billion in 2022.
Induction motors are practically maintenance-free or require little maintenance. They do not have slide rings, commuters, or brushes, which is one of the main causes boosting demand for these motors.
An AC electric motor known as an induction motor creates torque by the interaction between a fluctuating magnetic field produced in the stator and the current that is generated in rotor coils. This type of motor is mainly preferred over conventional ones in most machines.
It is more potent and environmentally friendly than conventional ones. Its durability makes it a fitting option for industries such as automotive and manufacturing, as it needs less maintenance. Its capacity to operate in various weather conditions is also a significant reason for its increasing popularity.
A few primary drivers behind increasing popularity of electric cars are the emphasis on reducing greenhouse gas emissions and desire for energy-efficient products. The International Energy Agency (IEA) reports that sales of electric vehicles grew significantly in 2022, with 2 million units sold in the first quarter.
It marked a 75% increase from the same period in 2021. Induction motors are expected to experience an uptick in terms of demand due to growth of the EV industry. These motors possess qualities such as sturdiness, dependability, and minimal upkeep, making them a favored choice among electric vehicle (EV) manufacturers.
Rising demand for electricity to support global development necessitates consistent and substantial investments in power generation. It has led to increased usage of induction motors in the electricity sector.
Optimizing electric motor systems presents significant opportunities to save energy and decrease operational expenses in both industrial facilities and buildings. According to the USA Department of Energy, approximately half of the electricity consumed in the country is utilized by motors, with 90% of them being AC induction motors.
The study revealed that enhancing the overall efficiency of induction motors by 5% would save an amount of energy equivalent to the output of a new power plant. It would have a capacity of several hundred megawatts.
| Attributes | Key Insights |
|---|---|
| Induction Motors Market Estimated Size (2022E) | USD 19.9 billion |
| Projected Market Valuation (2032F) | USD 40.5 billion |
| Value-based CAGR (2022 to 2032) | 7.4% |
| USA Value-based CAGR (2022 to 2032) | 6.2% |
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Future Market Insights (FMI), in its latest report, mentions that the global induction motors market exhibited a CAGR of 8.3% in the historical period. It is projected to experience decent growth at a CAGR of 7.4% from 2022 to 2032.
Nowadays, motors play a vital role in various industrial applications, as they are essential for enhancing a business's productivity. Today, most manufacturing companies prioritize optimizing production efficiency as their primary objective.
Induction motors have gained immense popularity in industries such as mining, cement, automotive, oil & gas, healthcare, and manufacturing. They are cost-effective, durable, require minimal maintenance, and can operate under diverse environmental conditions.
These motors are utilized in a wide range of equipment, including pumps, lifts, hoists, electric shavers, cranes, crushers, and oil extraction machinery, among others. Rising awareness of environmental conservation across various industries has contributed to expansion of induction motors sales since they have a low emission rate.
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Asia Pacific to Witness High Demand for AC Induction Motors among Various Industries
Asia Pacific induction motors market size was USD 8.8 billion in 2021. It crossed a valuation of USD 9.5 billion in 2022.
Asia Pacific is projected to exhibit growth at a CAGR of around 48.0% in the estimated time frame. The market is anticipated to be worth USD 19.4 billion in 2032.
Asia Pacific is set to be the world's predominant manufacturing hub. Demand for induction motors in the region is projected to increase due to rapidly growing manufacturing sector.
Induction motors are widely used in a variety of industrial equipment across Asia Pacific. It is attributed to their ability to automate various processing steps in numerous industries. Industries in the region are also investing huge sums in factory automation.
Induction motors are being used in place of DC motors in electric vehicles. It is mainly due to their higher efficiency and lighter weight, as compared to the latter.
The manufacturing output of Asia Pacific in 2021 was around USD 7.6 trillion. It witnessed a significant surge from USD 6.3 trillion in 2018. With rapid industrialization, demand for induction motors is projected to increase in Asia Pacific.
Increasing Demand for Electric Vehicles in the USA to Push Need for Single Phase Induction Motors
The USA induction motors market is expected to surpass USD 6.2 billion by 2032. It is projected to create an absolute dollar growth of USD 2.8 billion till 2032.
The USA market witnessed growth at a CAGR of 5.2% from 2017 to 2021. It is estimated to broaden at a CAGR of 6.2% from 2022 to 2032.
In 2018, there were around 361 thousand units of electric vehicles sold in the USA. It increased to around 607 thousand units of electric vehicles sold in 2021.
Induction motors are widely used in electric vehicles as they are more reliable and energy efficient than traditional alternatives. With increasing adoption of electric vehicles, demand for induction motors is projected to flourish in the USA by 2032.
Increasing Industrial Output in the United Kingdom to Boost Demand for Squirrel Cage Induction Motors
The United Kingdom induction motors market is expected to be worth USD 1.1 billion by 2032. It is projected to create an incremental opportunity of USD 478.9 million in the next ten years.
The United Kingdom exhibited moderate growth at a CAGR of 3.8% from 2017 to 2021. It is likely to expand at a CAGR of 5.8% from 2022 to 2032.
In 2018, there were around 60,000 electric vehicles sold in the United Kingdom, which increased to around 267,000 electric vehicles in 2023. Induction motors are also widely used in industrial applications such as furnaces, and conveyors.
Total industrial output of the United Kingdom in 2018 was around USD 254 billion, which increased to around 274 billion in 2021. With increasing demand for electric vehicles and rising industrial output, demand for induction motors is projected to expand during the estimated period.
Demand for 3-Phase Induction Motors to Bolster in China by 2032
China induction motors market is projected to be valued at USD 10.1 billion by 2032. It is expected to create an absolute dollar growth opportunity of USD 5.8 billion in the next ten years.
China showcased growth at a CAGR of 10.4% from 2017 to 2021. It is estimated to expand at a CAGR of 8.8% from 2022 to 2032.
China is a significant manufacturer and consumer of electric cars in the world. Around 1.2 million electric vehicles were sold in China in 2018. It increased to around 5.9 million cars sold in 2022. With increasing adoption of electric vehicles in the country, demand for induction motors is projected to expand.
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Demand for Single Phase Induction Motors to Elevate among Home Appliance Manufacturers
Single phase induction motors are projected to witness significant growth by 2032. It showcased steady growth at a CAGR of 8.0% from 2017 to 2021. It is expected to boost at a CAGR of 7.3% from 2022 to 2032.
Single-phase induction motors are electric motors that run on a single-phase power source. They are frequently utilized in small machinery, home appliances, and power-efficient tools.
Appliances such as fans, air conditioners, refrigerators, washing machines, and vacuum cleaners frequently employ single-phase induction motors. For applications requiring low to moderate power, these motors deliver dependable and effective operation.
A few electric vehicles, including electric scooters and bicycles, use single-phase induction motors. These motors are appropriate for light-duty applications due to their moderate power and torque capacities. With rising number of home appliances sold in the world, the market for this segment is projected to expand during the assessment period.
Induction Motor Rotors to Find Extensive Usage in Industrial Settings
The industrial segment is projected to witness prominent growth in the forecast period. The segment exhibited growth at a CAGR of 7.7% from 2017 to 2021. It is anticipated to augment at a CAGR of 7.2% from 2022 to 2032.
The industrial sector is a predominant consumer of induction motors owing to their widespread use in various industrial applications. These include pumps, fans, compressors, conveyors, and other machinery.
Induction motors offer high efficiency, reliability, and low maintenance requirements, making them a popular choice in the industrial sector. Increasing focus on industrial automation and energy efficiency is expected to further boost demand for induction motors in the industrial sector. With rapid industrialization across the world, demand for induction motors in industries is projected to increase.
Leading induction motor manufacturers are strengthening their brand image and reputation through effective marketing & advertising campaigns. They are also participating in several industry events and exhibitions.
A few renowned companies are leveraging digital technologies to enhance customer engagement, streamline operations, and improve supply chain management. At the same time, they are establishing partnerships & collaborations with local companies and distributors to gain access to new markets and customers.
A few recent developments in the induction motors market are:
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 19.9 billion |
| Projected Market Valuation (2032) | USD 40.5 billion |
| Value-based CAGR (2022 to 2032) | 7.4% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (USD billion) |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Covered | USA, United Kingdom, Germany, France, Spain, Italy, Japan, China, Singapore, Malaysia, Sri Lanka, Kingdom of Saudi Arabia, United Arab Emirates, South Korea, Finland, Hungary, Rest of the World |
| Key Segments Covered | Product Type, End-use Sector, Region |
| Key Companies Profiled | ABB; Ametek; Emerson Electric; Siemens; WEG; Brook Crompton; Danaher Corporation; Johnson Electric Holdings; Regal Rexnord; Toshiba Corp.; Hitachi Ltd. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Market Dynamics and Challenges, and Strategic Growth Initiatives |
From 2018 to 2022, the market registered a CAGR of 8.3%.
The market is estimated to reach USD 40.5 billion by 2032.
The industrial sector holds high revenue potential.
The United States, China, and the United Kingdom dominate the global market.
The market is forecast to register a CAGR of 7.4% through 2033.
1. Executive Summary | Induction Motors Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type 5.1. Single Phase Induction Motors 5.2. Three Phase Induction Motors 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-Use Sector 6.1. Industrial 6.2. Commercial 6.3. Residential 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. ABB 15.2. Ametek 15.3. Emerson Electric 15.4. Siemens 15.5. WEG 15.6. Brook Crompton 15.7. Danaher Corporation 15.8. Johnson Electric Holdings 15.9. Regal Rexnord 15.10. Toshiba Corp. 15.11. Hitachi Ltd. 16. Assumptions & Acronyms Used 17. Research Methodology
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Induction Motors Market
