The induction motor is manufactured without any electrical connections to the rotors. The induction motor can have two types of rotors that include wound type or squirrel-cage type. The induction motors are widely used across various applications that include commercial, residential and industrial. Based on the type, the global induction motor market covers a single phase induction motor and three phase induction motor.
The global induction motor market is growing at a CAGR of 11.76% in forecast period 2019-2027, owing to the increase in demand for electric vehicles coupled with rising urbanization which is driving the market towards growth.
The ease of use of induction motor coupled with the economical nature of the motor is one of the major reason for the high adoption rate of the motor globally. The induction motor is asynchronous are in nature due to which it is easily attached to the industrial and commercial appliances thereby boosting the market growth.
The induction motors are highly durable, making them as an ideal machine for many applications, causing the motor to run with low cost and maintenance requirement. In addition, features such as efficiency and power factor are the major factors owing to the high adoption of induction motors in the global market
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Although, the availability coupled with price fluctuations of raw materials is expected to hamper the production of induction motor parts. This relative price volatility can impact the demand for induction motor parts from manufacturers.
The global induction motor market has been geographically segmented by three major regions, which are North America, Europe, and Asia-Pacific.
The global induction motor market in India is the fastest growing with a CAGR of xx%. India’s induction motor is largely driven by the increasing consumer electronics market coupled with increasing automation As per India Brand Equity Foundation, India is one of largest appliance and consumer electronics market with a value of $xx billion in 2017.
Weg Electric Corporation, Nidec Motor Corporation, Fuji Electric Co., Ltd., Danaher Corporation., Kirloskar Electric Co. Ltd., Rockwell Automation, Inc., Brook Crompton Company, Johnson Electric, General Electric Company, ABB Ltd. (Asea Brown Boveri), Ametek Advanced Motion Solutions, MMC Electric Company Pvt. Ltd. (Dynaflux), Regal Beloit Corporation, Siemens AG , and Oriental Motor Corporation are the major companies mentioned in the report.