The induction motor market is expected to grow at a CAGR of 12% by 2024

   October 1, 2019
According to a market report by Lucintel, the future of the induction motor market looks promising with opportunities in the residential, industrial, and commercial sectors. The induction motor market is expected to grow with a CAGR of 12% from 2019 to 2024. The major drivers for this market are economical cost and low maintenance of the induction motors. Induction motors are economical and maintenance free due to the absence of brushes, commutators, and slip rings.

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IE1, IE2, IE3, and IE4 motors are the major efficiency class type of the induction motor market. Within the induction motor market, residential, industrial, and commercial are the major end use industries.

Nidec Motor Corporation, ABB, Siemens, WEG Electric Corp, Emerson Electric Co., Ametek, Baldor Electric, Brook Crompton, Johnson Electric Holdings and Regal Beloit and others are among the major induction motor manufacturers in this market.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the induction motor market by supply phase, end use industry, efficiency class, and region. Lucintel has prepared a comprehensive research report entitled “Induction Motor Market 2019-2024: Trends, Forecast, and Opportunity Analysis”. This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the induction motor market by supply phase, end use industry, efficiency class, and region as follows:

By Supply Phase [$M shipment analysis for 2013 – 2024]:

  • Single Phase Induction Motor

  • Three Phase Induction Motor

By End Use Industry [$M shipment analysis for 2013 – 2024]:

  • Residential

  • Industrial

  • Commercial

By Efficiency Class [$M shipment analysis for 2013 – 2024]:

  • IE1

  • IE2

  • IE3

  • IE4

By Region [$M shipment analysis for 2013 – 2024]:

  • North America

    • United States

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Rest of the World

This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link or

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