According to the latest report by IMARC Group, titled “Indian Induction Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The India induction motor market size reached a value of US$ 606.2 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1062.2 Million by 2027, exhibiting at a CAGR of 9.6% during 2022-2027. An induction motor, also known as asynchronous motor, is a type of AC electric motor that utilizes a stator winding’s magnetic field to induce electric current rotors. The most common types of induction motor include single-phase and three-phase induction motors. The single-phase induction motor does not include a self-starting function, whereas the three-phase induction motor offers self-start features. In India, induction motors are widely adopted across diverse industries, such as automotive, oil and gas, manufacturing, etc.
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Market Trends:
The rising demand for consumer electronics, such as air conditioners, washing machines, dishwashers, etc., is currently driving the market for induction motors in India. Furthermore, the growing awareness towards several benefits associated with induction motor, such as ease of operation in adverse working conditions, high starting torque, speed variation, and enhanced durability, is also bolstering the market growth. Moreover, the introduction of numerous government initiatives, like the “Make in India” campaign, has expanded the manufacturing sector of the country. As a result, the increasing penetration of automated solutions to enhance industrial equipment mechanisms is also augmenting the market for induction motors in India. Furthermore, the implementation of stringent policies by the Indian government for reducing carbon footprints will continue to drive the demand for induction motors as they consume significantly lesser energy than conventional motors.
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Key Market Segmentation:
Breakup by Product Type:
- Three Phase Induction Motor
- Single Phase Induction Motor
Breakup by End Use Sector:
- Industrial
- Commercial
- Residential
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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