The Europe induction motor market size reached US$ 3,348 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 4,140 Million by 2028, exhibiting a growth rate (CAGR) of 3.7% during 2023-2028.
An induction motor, or an asynchronous motor, refers to an AC electric motor that can be prepared without electrical connections to the rotor. It works under varying climatic conditions and is safe to be used in heavily polluted and explosive conditions. Due to its robustness, affordability, durability, easy-functioning, and maintenance, the induction motor finds extensive applications in pumps, small fans, electric shavers, cranes, crushers, and oil extracting mills.
Europe represents the third largest market for induction motors across the globe. The market is primarily driven by the rapid development of electric vehicles (EVs) across the region. Induction motors are considered suitable for different driving cycles, high power density, varied operating speed, high starting torque and improved power factor necessary for the proper functioning of EVs. Apart from this, countries in Europe have begun following the standards set by organizations, such as IEC and NEMA, to reduce greenhouse gas emissions. As a result, there has been a rise in the demand for induction motors that consume less energy and are better for the environment. Furthermore, various technological advancements in power electronics, supported by the digitalization of smart homes, also provide a positive impact on the industry.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Europe induction motor market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on product type and end use sector.
Breakup by Product Type:
- Single Phase Induction Motor
- Three Phase Induction Motor
Breakup by End Use Sector:
Breakup by Country:
- United Kingdom
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis
||Product Type, End Use Sector, Country
||Germany, France, United Kingdom, Italy, Spain, Others
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Key Questions Answered in This Report:
- How has the Europe induction motor market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Europe induction motor market?
- What are the key regional markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the end use sector?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the Europe induction motor market and who are the key players?
- What is the degree of competition in the industry?