Global Induction Motor Market Is Expected To Reach $42.36 Billion By 2032

12-Mar-2024 | Zion Market Research

Zion Market Research has published a new report titled “Induction Motor Market by Type (Single-Phase and Three-Phase) and by Application (Industrial, Commercial, and Residential): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024–2032”. According to the report, the global induction motor market was approximately USD 22.19 Billion in 2023 and is predicted to gain revenue of about USD 42.36 Billion by 2032, is set to record a CAGR of nearly 7.45% over the period from 2024 to 2032.

Induction Motor Market Size

Induction motor is among the commonly used electric motors in today’s time. Induction motors are also known as asynchronous motors, as they run at a speed that is lower than synchronous speed. In simple words, induction motors convert electrical energy into mechanical energy. The global induction motor market is likely to experience notable growth in the future, owing to the increasing induction motor demand mainly by the automotive industry.

The significant robustness of induction motors, when compared to traditional motors, is high, which makes them suitable for industrial manufacturing and various automotive industry verticals. Additionally, induction motors possess the ability to work under varying climatic conditions.

They are durable and their maintenance and repair charges are also low, which is projected to further foster the global induction motor market development in the future. Furthermore, induction motors have diverse applications in several industry verticals, such as automobile, textile, oil, and gas, etc. This, in turn, is also contributing to the induction motor market growth in the upcoming years. However, the volatility in raw material prices and huge initial investments associated with the production of induction motors may hamper this global market’s growth in the years ahead.

Browse the full “Induction Motor Market by Type (Single-Phase and Three-Phase) and by Application (Industrial, Commercial, and Residential), And By Region: Global Industry Perspective, Comprehensive Analysis, And Forecast 2024-2032?” Report at https://www.zionmarketresearch.com/report/induction-motor-market

Global Induction Motor Market

Based on type, the induction motor market is fragmented into single-phase and three-phase. The three-phase segment is expected to dominate the global market in the years ahead, owing to the growing acceptance of three-phase induction motors for various applications. By application, the market is categorized into industrial, residential, and commercial. The industrial segment is expected to dominate the global market in the future, as induction motors are utilized in various parts of the electric automobiles and for different industrial manufacturing processes.

North America held an extensive share of the global induction motor market and is expected to continue with its regional authority in the upcoming years as well. This regional growth can be attributed to the growing adoption of induction motors in electric automobiles and the rising use of induction motors in industrial manufacturing, automobiles, aerospace, and defense industry sectors.

Europe is expected to provide significant opportunities for the global induction motor market in the future, owing to the growing production of hybrid electric vehicles across the region and the various technological advancements witnessed in induction motors by manufacturing companies and organizations.

Induction Motor Market: Competitive Analysis

Some major players operating in the global induction motor market are:

  • Kirloskar Electric Company 
  • Marathon Electric 
  • ABB 
  • Regal Beloit Corporation 
  • Schneider Electric 
  • Emerson Electric Company 
  • Siemens AG
  • Baldor Electric Company

This report segments the global induction motor market into:

Global Induction Motor Market: Type Analysis

  • Single-Phase
  • Three-Phase

Global Induction Motor Market: Application Analysis

  • Industrial
  • Commercial
  • Residential

Global Induction Motor Market: Regional Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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