Global Induction Motor Market is expected to grow at a CAGR of 12.9% during the forecast period 2022-2030

Global Induction motor market is estimated to grow at a CAGR of 12.9% during forecast period (2022-2030). Global Induction motor market is primarily driven by rising demand for electric vehicle, technological advancement coupled with rapid industrialization in emerging countries (China, India and others). In addition, low cost and maintenance as compared to other motors such as synchronous motors are also some of the major factors triggering the demand for induction motors. There is a tremendous pressure on the countries on a global forefront to cut the greenhouse gases emission and for this they are promoting the electric vehicles globally. On 12 December 2015 “Paris agreement” was signed by 175 countries which aimed at reducing the global CO2 emission by 28% by the end of 2025. The growing demand for electric vehicles is offering huge opportunities for the adoption of induction motors. Moreover, technological advancements in the induction motors are also escalating the adoption of induction motors. Copper rotor induction motor is the new advancement gaining traction in the global induction motor. As per Copper Development Association Inc., the induction motor has witnessed significant advantages after the introduction of copper in the windings. For instances in higher-grade steel core, improved cooling fan design, improved bearings and insulation etc. Other than copper rotor motors, other advancements driving the global induction motor market include switched reluctance motors, permanent magnet motors and others. However, there is an introduction of novel stator winding technique that deliver more power while in taking less energy. 

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Growing demand for electric vehicle is driving the adoption of energy efficient induction motors across the globe owing to increasing norms and initiatives to reduce greenhouse gas emission. As per the report from International Energy Agency the number of electric vehicles is expected to reach 125 million by 2030. However, owing to increasing ambitions to achieve climate objectives the number of electric cars can reach as high as 220 million by 2030. Induction motor is one of the core essential part of electric vehicles and help in simplifying design, reduce cost and offer higher reliability. Thus, rise in the electrical vehicles is expected to boost the adoption of induction motors.

Geographically, the induction motor market has been segmented into North America, Europe, Asia Pacific and Rest of World (ROW). Asia Pacific is expected to hold the largest market share i.e. 38.48% in terms of revenue in 2021. Asia Pacific induction motor market growth is justified by the increasing demand from the electric vehicles and the growth in the HVAC (Heating, ventilation, and air conditioning) industry. Similarly, rapid industrialization and increasing manufacturing sector in countries, such as China, India, is pouring the demand for numerous end-user applications of induction motors, for example pumping, drilling, and mining. Demand of electric vehicles and government initiatives to reduce greenhouse gas emissions also drive the Asia Pacific induction motor market. Chinese government provides rebates in vehicle registration fee and purchase tax for all varieties of electric vehicles such as fuel-cell, pure electric and plug-in hybrid vehicles. The Japan Government also provides special allowance by not charging acquisition and tonnage tax to the electric vehicles.

China accounts to the largest share in induction motor market and is projected to grow with CAGR of 13.6% during the forecasted period 2022-2030. Multiple factors are responsible for driving induction motor market in the country such as rising industrial sector, potential for automation and adoption of electric vehicles. As per report from Organization for Economic Co-operation and Development (France), China is largest producer of industrial goods and also accounts about 25% of the world manufacturing value added. Government of China is taking various initiatives to boost the industrial sector and its infrastructure. Further, under “Made in China 2025” China government announced a subsidy of $300 billion to 10 different domestic industries. Furthermore, as per China Internet Information Center (China), to promote industry 4.0 coupled with “Made in China 2025” Chinese government invested $3 billion promoting advanced manufacturing sector.

Industrial segment in induction motor market accounts the largest share in application segment and is projected to grow with CAGR of 12.9% during the forecasted period 2022-2030. Industrial segment in induction motor market is be driven by growing industrial sector across the countries. Government of different developing countries are taking various initiatives to promote manufacturing in the country. Government of India launched “Made in India” campaign to promote manufacturing industries; increased the Foreign Direct Investment (FDI) in the country. Residential segment in induction motor market is projected to grow fastest with CAGR of 13.3% during the forecasted period 2022-2030. Residential segment is primarily driven by growing household appliances such as refrigerators, vacuum cleaners, hair driers and others. Rising living standards and household disposable income is expected to drive the adoption of consumer electronics.

Product launch is the primary strategy adopted by companies in global induction motor market. Product launch enables the companies to enhance its market share through product innovation andstrengthening the company’s product portfolio. The key companies in this market include Siemens AG, Nidec Motor Corporation, ABB Ltd, WEG, Regal Beloit Corporation and others. The market is highly fragmented with no single group or company that dominates the global induction motor market. Also, the consumers across the globe are inclined towards the unauthorized market as the local vendors provide cost efficient motors.Vendors are finding it hard to compete with low-cost manufacturers from China additionally low entry barrier has only intensified the competition among the market players.

KEY MARKET MOVEMENTS

• Global Induction motor market is estimated to grow at a CAGR of 12.9% during forecast period (2022-2030).
• Global Induction motor market is primarily driven by rising demand for electric vehicle, technological advancement coupled with rapid industrialization in emerging countries (China, India and others).
• Asia Pacific is expected to hold the largest market share i.e. 38.48% in terms of revenue in 2021.
• China accounts to the largest share in induction motor market and is projected to grow with CAGR of 13.6% during the forecasted period 2022-2030.
• Industrial segment in induction motor market accounts the largest share in application segment and is projected to grow with CAGR of 12.9% during the forecasted period 2022-2030.
• Residential segment in induction motor market is projected to grow fastest with CAGR of 13.3% during the forecasted period 2022-2030.
• Product launch is the primary strategy adopted by companies in global induction motor market.
• The market is highly fragmented with no single group or company that dominates the global induction motor market.
• The key companies in this market include Siemens AG, Nidec Motor Corporation, ABB Ltd, WEG, Regal Beloit Corporation and others.