Asia Pacific Induction Motor Market to Grow at 11.14% During 2024-2032, Stimulated by Growing Demand for E-Vehicles

November 06, 2020 | Heavy Industry

According to the recent report by IMARC Group, titled “Asia Pacific Induction Motor Market Report by Product Type (Single Phase Induction Motor, Three Phase Induction Motor), End Use Sector (Industrial, Commercial, Residential), and Country 2024-2032,” the Asia Pacific induction motor market reached a value of US$ 12.9 Billion in 2023. An induction motor, or asynchronous motor, refers to an AC electric motor that produces an electric current in the rotor without any electronic connections. It uses the magnetic field of the stator winding that provides torque through electromagnetic induction. In comparison to conventional motors, induction motors are environment-friendly, more powerful, and can work in varying climatic conditions. As a result, they have gained popularity and are now incorporated in the majority of modern machinery. Some of the other associated advantages of induction motors are the ability to offer speed variation, durability, and high starting torque. The demand for these motors in the Asia Pacific has witnessed a rise in the past few years due to the rising sales of consumer electronics like washing machines, hairdryers, and dishwashers.


Asia Pacific Induction Motor Market Trends:

One of the major growth-inducing factors for the market is the rising adoption of electric vehicles in the Asia Pacific. Three-phase induction motors are used in e-vehicles due to their superior speed regulation and high efficiency. In confluence with this, the governments of several countries have introduced favorable rules and regulations to enhance the production, as well as the sales of e-vehicles, which, in turn, is driving the market growth. For instance, the Government of China has implemented several policies to promote the utilization of induction motors in various industrial applications as they help reduce the carbon footprint. The Government is also offering rebates on purchase tax for electric vehicles, which is propelling their sales. Furthermore, rapid urbanization, inflating income levels, and improving living standards of individuals have contributed to the growth of the market. On account of these factors, the market is expected to grow at a CAGR of 11.14% during the forecast period (2024-2032).


Market Summary:

  • Based on the product type, the market has been bifurcated into the single-phase and three-phase induction motors.
  • On the basis of the end use sector, the market has been categorized into industrial, residential, and commercial sectors.
  • Country-wise, the market has been segmented into India, China, Japan, Indonesia, Australia, South Korea, and Others.
  • The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, End Use Sector, Country
Countries Covered China, Japan, India, South Korea, Australia, Indonesia, Others
Customization Scope 10% Free Customization
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Asia Pacific Induction Motor Market to Grow at 11.14% During 2024-2032, Stimulated by Growing Demand for E-Vehicles
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