Induction Motors Market

• Increased production of electric vehicles drives market growth.

The market for electric cars has quickly developed due to continual advancements in the automotive industry and advantageous government policies and support in the form of grants, subsidies, and tax breaks. Induction motors, particularly three-phase induction motors, are frequently used in electric vehicles due to their high efficiency, good speed regulation, and lack of commutators, which is considered to be a key factor in the market's growth. 

Additionally, in electric cars, these motors can be used in place of permanent magnets. Thus, it is predicted that increased manufacturing of electric vehicles will propel the market CAGR for induction motors.

Additionally, the governments of numerous nations have made significant investments in the advancement of electric automobiles. The German government has promised to invest more than $3 billion in the region's electric vehicle sector in 2019. Therefore, throughout the projection period of 2022–2032, these investments and innovations are considered to be the primary drivers of the growth of the electric vehicle market and, consequently, the growth of the induction motor market.

Another factor drives induction motors. Induction motors are used in a wide range of industrial applications that are critical to the business's efficiency. These motors are frequently utilised as a component of pumps, hoists, lifts, electric shavers, cranes, crushers, and other oil extraction apparatus because they are inexpensive, durable, maintenance-free, and operable in any environment. The need for induction motors is expected to rise further as manufacturing and industrial activities expand.

According to the United Nations Industrial Development Organisation (UNIDO), the world's manufacturing sector increased output by 4.2 percent in the first quarter of 2022. In October 2022, industrial production in the United States increased 3.3% year on year, following a 2.4% gain in manufacturing. Rising industrial and manufacturing output would enhance demand for induction motors, boosting overall market growth during the anticipated period.

The Global Induction Motors Market Industry is projected to experience substantial growth in the coming years. With a market value of 23.6 USD Billion in 2024, it is expected to reach 56.9 USD Billion by 2035, reflecting a robust CAGR of 8.31% from 2025 to 2035. This growth trajectory indicates a strong demand for induction motors across various sectors, driven by factors such as energy efficiency, technological advancements, and industrial automation. The increasing focus on sustainability and the transition to renewable energy sources are likely to further propel market expansion, making it a dynamic and evolving industry.

Technological innovations are playing a pivotal role in shaping the Global Induction Motors Market Industry. The integration of smart technologies, such as IoT and advanced control systems, is enhancing the performance and reliability of induction motors. These advancements enable real-time monitoring and predictive maintenance, which can lead to reduced downtime and increased efficiency. As industries increasingly adopt automation and smart manufacturing practices, the demand for technologically advanced induction motors is expected to rise. This evolution not only improves operational efficiency but also aligns with the broader trend of digital transformation across various sectors.

The Global Induction Motors Market Industry is significantly influenced by the ongoing growth in industrial automation. As manufacturers seek to enhance productivity and reduce labor costs, the adoption of automated systems is becoming more prevalent. Induction motors, being integral components in automated machinery, are witnessing increased demand. Industries such as automotive, food and beverage, and pharmaceuticals are particularly driving this trend. The market is anticipated to grow from 23.6 USD Billion in 2024 to an estimated 56.9 USD Billion by 2035, with a CAGR of 8.31% from 2025 to 2035, indicating a robust expansion fueled by automation initiatives.

Emerging markets and rapid urbanization are driving the Global Induction Motors Market Industry forward. As developing countries industrialize, the demand for induction motors is expected to rise significantly. Urbanization leads to increased infrastructure development, which in turn necessitates efficient motor solutions for construction, transportation, and utilities. Countries in Asia-Pacific and Latin America are particularly poised for growth, as they invest in modernization and energy-efficient technologies. This trend is likely to create new opportunities for manufacturers and suppliers in the induction motors sector, further expanding the market landscape.

The Global Induction Motors Market Industry is experiencing a surge in demand for energy-efficient solutions. As industries strive to reduce operational costs and comply with stringent environmental regulations, induction motors, known for their efficiency, are increasingly favored. In 2024, the market is projected to reach 23.6 USD Billion, reflecting a growing preference for technologies that minimize energy consumption. This trend is particularly evident in sectors such as manufacturing and HVAC, where energy costs constitute a significant portion of operational expenses. The shift towards sustainable practices is likely to drive further adoption of induction motors, enhancing their market presence.

The expansion of the renewable energy sector is contributing to the growth of the Global Induction Motors Market Industry. As the world shifts towards sustainable energy sources, induction motors are increasingly utilized in wind turbines and solar energy applications. Their reliability and efficiency make them suitable for these applications, where performance is critical. The increasing investments in renewable energy infrastructure are likely to bolster the demand for induction motors, as they play a crucial role in converting renewable energy into usable power. This trend aligns with global efforts to reduce carbon emissions and transition to cleaner energy sources.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Induction Motors Market area will dominate this market, due to increasing investment by market players and increased production in the vehicle industry. The use of induction motors in the vehicle industry has expanded as EV sales in the North American region have increased, which will improve the regional market.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Induction Motors Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Induction Motors Market accounts for the second-largest market share due to an increase in investment to automate various processing steps in many industries. Further, the German Induction Motors Market held the largest market share, and the UK Induction Motors Market was the fastest-growing market in the European region

The Asia-Pacific Induction Motors Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the growing industrial sectors in this region, Moreover, China’s Induction Motors Market held the largest market share, and the Indian Induction Motors Market was the fastest-growing market in the Asia-Pacific region.

Leading market players are extensively investing in research and development to extend their product lines, which will help the Induction Motors Market grow even further. Market participants are also engaging in a number of strategic initiatives to grow their worldwide footprint, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organisations. To expand and survive in a more competitive and rising market climate, the Induction Motors industry must provide cost-effective products.

Manufacturing locally to reduce operational costs is one of the primary business strategies employed by manufacturers in the worldwide Induction Motors industry to serve clients and expand the market sector. Induction Motors have recently provided some of the most significant benefits to medicine. 

Major players in the Induction Motors Market, such as Schneider Electric SE Marathon Electric, Kirloskar Electric Company Siemens AG, and Baldor Electric Company, among others, are seeking to enhance market demand by investing in research and development operations.

The General Motors Company (GM) is an American multinational automobile manufacturer headquartered in Detroit, Michigan. It was the largest carmaker in the United States by sales in 2022, and the largest in the world for 77 years before relinquishing the top rank to Toyota in 2008. General Motors has manufacturing units in eight different nations. Chevrolet, Buick, GMC, and Cadillac are its four primary automotive brands. 

It also has a stake in the Chinese brands Baojun and Wuling through SAIC-GM-Wuling Automobile. In September 2021, The General Motors Company announced three new motors meant to power its Ultium-based EVs. The Ultium Drive package includes a 255-kW rear- and front-drive motor, a 180-kW front-drive motor, and a 62-kW all-wheel drive assist motor, with the latter being an induction motor.

Havells India Limited is a Indian electrical equipment business headquartered in Noida. It was started by Haveli Ram Gandhi and then sold to his distributor, Qimat Rai Gupta. Home appliances, lighting for domestic, commercial, and industrial applications, LED lighting, fans, water heaters, industrial and domestic circuit protection switchgear, modular switches and wiring accessories, industrial and domestic cables and wires, induction motors, and capacitors are some of the products manufactured by the company. 

Havells owns the Havells, Lloyd, Crabtree, Standard Electric, Reo, and Promptec brands. In March 2022,  Havells India has introduced 19 new energy-efficient ECOACTIV fans in the pedestal, ceiling, wall, and ventilation fan categories. The redesigned fan component includes an ECOACTIV extremely efficient BLDC and induction motor.