How big is the Induction Motor Market?

The Induction Motor Market size is expected to reach USD 20.83 billion in 2024 and grow at a CAGR of 6.12% to reach USD 28.04 billion by 2029. Read More

What is the current Induction Motor Market size?

In 2024, the Induction Motor Market size is expected to reach USD 20.83 billion. Read More

Who are the key players in Induction Motor Market?

ABB Ltd, Siemens AG, WEG Electric Corp., Rockwell Automation Inc. and Nidec Motor Corporation are the major companies operating in the Induction Motor Market. Read More

Which is the fastest growing region in Induction Motor Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Induction Motor Market?

In 2024, the North America accounts for the largest market share in Induction Motor Market. Read More

What years does this Induction Motor Market cover, and what was the market size in 2023?

In 2023, the Induction Motor Market size was estimated at USD 19.63 billion. The report covers the Induction Motor Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Induction Motor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Induction Motor Market - Size, Growth & Analysis

Induction Motor Industry Overview

The induction motor market is competitive and dominated by a few major players, like Rockwell Automation Inc., ABB Ltd, Siemens AG, WEG Electric Corporation, and Nidec Motor Corporation. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies leverage strategic collaborative initiatives to increase their market shares and profitability. However, with technological advancements and product innovations, mid-size to smaller companies are growing their market presence by securing new contracts and tapping new markets.

June 2022 - Nidec Corporation launched SynRA (Synchronous Reluctance Motor with Aluminum Cage Rotor), an aluminum cage-equipped, high-efficiency synchronous reluctance (SR) motor that combines an SR motor with the cage-type induction motor's basic principles, for the US market. Nidec's SynRA rotates as an induction motor when activated, produces less loss, and achieves higher efficiency than the cage-type induction motor.
March 2022 - Havells India unveiled its range of energy-efficient ECOACTIV fans by launching 19 new models under the pedestal, ceiling, wall, and ventilator fan category. The new content of fans comes equipped with ECOACTIV super efficient BLDC and induction motor.