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The global induction motor market was valued at US$ 20.0 Billion in 2022.
We expect the global induction motor market to exhibit a CAGR of 8.41% during 2023-2028.
The rising consumer inclination towards induction motors over conventional motors for reducing emission of greenhouse gases, owing to their numerous properties, such as affordability, durability, easy-functioning, easy maintenance, etc., is primarily driving the global induction motor market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for induction motors.
Based on the product type, the global induction motor market has been segregated into single phase induction motors and three phase induction motors, where three phase induction motors currently hold the largest market share.
Based on the end-use sector, the global induction motor market can be bifurcated into industrial, commercial, and residential. Currently, the industrial sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global induction motor market include ABB, Ametek, Emerson Electric, Siemens, WEG, Brook Crompton, Danaher Corporation, Johnson Electric Holdings, and Regal Beloit.
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