Global Induction Motors Market - Forecasts from 2023 to 2028

The global induction motors market is expected to grow at a CAGR of 3.67% from US$22.963 billion in 2021 to US$29.553 billion in 2028.

An induction motor is an AC electric motor in which the magnetic field of the stator winding is used to electromagnetically induce the electric current required to produce torque in the rotor. The motor is more potent and environmentally benign than conventional motors and is utilized in most machinery. Its exceptional resilience makes it a good choice for manufacturing and automotive applications because it requires minimal maintenance. The fact that it can function in various environmental circumstances is another important factor influencing its demand. Induction motors find high applicability in the manufacturing industry, where they are used in furnaces, conveyors, winders, pumps, wind tunnels, and other industrial equipment.

The rising industrial applications are boosting the induction motor demand. 

Induction motors are utilized in a wide variety of industrial applications essential to the business's efficiency. These motors are affordable, durable, maintenance-free, and operable in any environment. They are widely used as a component of pumps, hoists, lifts, electric shavers, cranes, crushers, and other machinery used in oil extraction. The need for induction motors is anticipated to increase further as manufacturing and industrial production experience an upward growth trend. According to the United Nations Industrial Development Organization (UNIDO), the first quarter of 2022 saw a 4.2 percent increase in output for the world's manufacturing sector. In October 2022, industrial production in the United States climbed 3.3% yearly, following a manufacturing increase of 2.4%. This rising industrial and manufacturing production will increase the demand for induction motors, boosting the overall market growth during the forecasted period.

The rising automotive production is supporting market growth.

The increased demand for induction motors in the automotive industry is propelling the expansion of the market. The main drivers of the expansion of electric cars are the need for products with lower energy consumption and the growing emphasis on lowering greenhouse gas emissions. Electric vehicles are also frequently regarded as the automobile industry's future, and induction motors will increasingly be used in electric vehicles. According to the IEA, roughly 11.3 million battery electric cars were sold globally in 2021, more than twice as many as were sold in 2020. As per the same source, global electric car sales have been increasing rapidly in 2022, with 2 million sold in the first quarter, a 75% increase over the same period in 2021. The rising production of motors is also expected to be a major driving factor. According to the International Organization of Motor Vehicle Manufacturers (OICA) data, the total motor vehicle production has increased from 77,650.152 units in 2020 to 85,016,728 units in 2022, which showed a rise of 10% in production. As a result, the increased output of high-end motor vehicles with electric vehicle sales is encouraging the use of induction motors which will boost the market growth.

The North American region accounted for a substantial market share in 2021.

The North American region is expected to hold a substantial share of the global induction motor market due to increasing investment by market players and increased production in the automobile industry. The use of induction motors in the automobile sector has increased due to the increase in EV sales in the North American region, which will boost the regional market. According to IEA, in 2021, 630 000 electric vehicles were sold in the United States, doubling their market share to 4.5%. According to The White House fact sheet, in August 2021, a presidential order set a new goal for EV sales in the United States, calling for them to account for 50% of passenger vehicle sales by 2030. The rising motor vehicle production in the North American region will also boost the induction motor market growth in the region. According to the International Organization of Motor Vehicle Manufacturers (OICA) data, the Mexico region's motor vehicle production has increased from 3,177,251 in 2020 to 3,509,072 in 2022, showing a 10% increase in production rate.

Market Developments:

• In September 2021, GM Group introduced three new motors planned to power its Ultium-based EVs. The Ultium Drive package includes a 62-kW induction motor that assists with all-wheel drive, a 255-kW rear- and front-drive motor, a 180-kW front-drive motor, and other motors.
• In September 2019, motor and drive manufacturer WEG introduced The M Mining series of slip-ring induction motors. These motors were intended for use in the dusty environments seen in iron ore mining and the cement industry.

Market Segmentation

By Type

• Single Phase
• Split Phase
• Shaded Pole
• Capacitor-Run
• Capacitor-Start
• Three Phase
• Slip Ring
• Squirrel Cage

By Voltage

• High
• Low

By End-User

• Automotive
• Oil & Gas
• Construction
• Mining
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Others