According to the recent report by IMARC Group, titled “Asia Pacific Induction Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the Asia Pacific induction motor market size is currently witnessing strong growth. 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.
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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 experience strong growth during the forecast period (2020-2025).
- 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.
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