Global Induction Motor Market to Reach US$ 42.4 Billion by 2032, Impelled by Rising Adoption of Electric Vehicles

March 28, 2022 | Heavy Industry

According to the latest report by IMARC Group, titled "Induction Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the global induction motor market reached a value of US$ 21.8 Billion in 2023. An induction motor refers to an alternative current (AC) electric motor that is generally used for generating torque. It comprises stator, rotor, shaft, bearings and casing that uses the principle of electromagnetic induction that allows the rotor to start and create movement. It is commonly equipped with pumps, refrigerators, wind tunnels, furnaces, washing machines, conveyors, winders and industrial equipment. It is mainly designed for producing motion by altering electrical energy into mechanical energy, which is extensively used across the manufacturing and automotive industries. These motors are simple and robust, can easily operate in harsh conditions and require less maintenance, due to which they are gaining widespread prominence among the masses.

Global Induction Motor Market Trends:

The global market is primarily driven by the rising demand from the automotive industry. This is supported by the escalating utilization of three-phase induction motors in the manufacturing of vehicles since it offers enhanced speed regulation and high efficiency. In line with this, the widespread preference for electric vehicles (EVs) due to an enhanced focus on sustainable development among the masses is further propelling the market growth. Moreover, continual technological advancements in the product manufacturing processes and the integration of smart induction motor monitoring systems (SEMS) in vehicles are acting as major growth-inducing factors. Additionally, the increasing investments in infrastructural development projects across multiple countries are creating a positive market outlook. Other factors, including rapid industrialization and urbanization, the growing need for power savings across manufacturing hubs, households and energy infrastructure, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the product sales. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 42.4 Billion by 2032, expanding at a CAGR of 7.5% during 2024-2032.

Market Summary:

  • On the basis of the product type, the market has been bifurcated into single- and three-phase induction motors.
  • Based on the end-use sector, the market has been segmented into industrial, commercial and residential. Currently, the industrial sector holds the leading position in the market.
  • On the basis of the regional insights, the market has been divided into the Asia Pacific, North America, Europe, the Middle East and Africa and Latin America. Amongst these, the Asia Pacific region accounts for the largest market share.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include ABB, Ametek, Emerson Electric, Siemens, WEG, Brook Crompton, Danaher Corporation, Johnson Electric Holdings and Regal Beloit.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Product Type
  • End-Use Sector
  • Region
Product Types Covered Single Phase Induction Motor, Three Phase Induction Motor
End-Use Sectors Covered Industrial, Commercial, Residential
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered ABB, Ametek, Emerson Electric, Siemens, WEG, Brook Crompton, Danaher Corporation, Johnson Electric Holdings, Regal Beloit, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


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Global Induction Motor Market to Reach US$ 42.4 Billion by 2032, Impelled by Rising Adoption of Electric Vehicles
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