The latest report by IMARC Group, titled “India Induction Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the India induction motor market size reached a value of US$ 606.2 Million in 2021. Induction motors are asynchronous motors that are used to carry smaller loads. The torque in the motor is produced by the reaction between the varying magnetic field generated in the stator and the current induced in the coils of the rotors. Induction motors are powerful and eco-friendly compared to conventional motors. They have the ability to operate in most environmental conditions and help save a substantial amount of energy. As a result, they are replacing DC motors which are used across various industries. For instance, induction motors find applications in compressors, fans, and other components in the manufacturing, aerospace and defense, and automotive industries. On account of these factors, the market is expected to reach a value of US$ 1,062.2 Billion by 2027, exhibiting a CAGR of 9.6% during the forecast period (2022-2027).
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India Induction Motor Market Trends:
The market is primarily driven by the increasing need for consumer electronics across the country. The rising population in India, coupled with rapid urbanization, is propelling the demand for appliances like air conditioners, dishwashers, hairdryers, and washing machines, thereby fueling the growth of the market. Besides this, the Government of India is implementing initiatives like “Make in India” to encourage automated processes in various manufacturing sectors. They are also imposing stringent policies to reduce the emission of greenhouse gases, which, in turn, is supporting the sales of induction motors as they consume lesser energy compared to conventional motors. Furthermore, advancements in the area of direct torque control (DTC), such as the introduction of intelligent controllers with artificial neural networks (ANN), have significantly influenced the performance of these 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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