Market Size of Asia-Pacific Induction Motor Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 4.20 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Induction Motor Market Analysis
The Asia Pacific induction motor market is expected to register a CAGR of 4.2% over the forecast period (2022-2027). Induction motors are mostly used in machinery, as they are beneficial and powerful compared to conventional motors. Unique robustness makes it a suitable choice for automotive and manufacturing applications, as it requires less maintenance. The ability of these motors to work under varying climatic conditions is another factor driving their demand.
- The increasing demand for electrical energy to sustain global development requires consistent heavy investments in power supply generation that have driven the application of induction motors in the electricity sector.
- Moreover, the growing urbanization in emerging economies such as India and China has increased the demand for washing machine, refrigerator, HVAC, pumps, and other applications in which induction motor has a key role in their functioning. For instance, Japanese major player Daikin has announced that it has finished the purchase agreement for a 75-acre plant at Sri City (Andhra Pradesh) with an investment of 1,000 Crore to set up a large air-conditioner manufacturing plant, which will come up in phases.
- The industrial sector in Asia-Pacific is likely to grow as a result of several initiatives by the government, such as 'Make in China 2025' and 'Make in India,' which will boost the demand for induction motors, thereby driving the growth in the region.
- The growth in industrialization and commercialization creates more automation opportunities across the region. Also, households have grown exponentially over the last two decades. The United Nations expects that urbanization in Asia will reach 64.1% by 2050. Such factors are further expected to drive demand in several sectors like manufacturing, and power generation, where induction motor finds its application on a large scale. However, introducing alternatives for induction motors is the major restraining factor for the market's growth.
- Several leading fast-moving electrical goods (FMEG) companies are introducing new products that use induction motors for the product's function. For instance, in March 2022, Havells India Limited announced the launch of a new range of technologically advanced fans equipped with ECOACTIV super-efficient BLDC and induction motors.
- The Covid-19 pandemic has negatively impacted the region's market growth due to the stoppage of manufacturing industry operations. On the demand side, containment measures and economic disruptions related to covid-19 have led down production and mobility in the region, producing a significant drop in demand for induction motors.
Asia Pacific Induction Motor Industry Segmentation
Induction motors are the AC electric motor in which the rotor needed to produce torque is obtained by electromagnetic induction from the rotating magnetic field of the stator winding. These motors are used in various end-use industries with several advantages such as reliability and reducing loads. Also, its lightweight has been making it quite popular and giving it an edge over other motor. The Asia-Pacific Induction Motor Market is segmented By Type, End-user, and Country.
Asia-Pacific Induction Motor Market Size Summary
The Asia Pacific induction motor market is poised for growth, driven by the increasing demand for efficient and robust motors in various industrial and household applications. Induction motors are favored for their durability, low maintenance requirements, and ability to operate under diverse climatic conditions, making them ideal for sectors such as automotive, manufacturing, and power generation. The surge in urbanization, particularly in emerging economies like India and China, has further fueled the demand for induction motors, as these motors play a crucial role in the functioning of appliances such as washing machines, refrigerators, and HVAC systems. Government initiatives like 'Make in China 2025' and 'Make in India' are expected to bolster industrial growth, thereby enhancing the demand for induction motors across the region. However, the market faces challenges from the introduction of alternative motor technologies, which could potentially restrain its growth.
The market landscape is characterized by a mix of local and international players, with key vendors actively engaging in mergers, acquisitions, and product launches to strengthen their market presence. The industrial sector's expansion, particularly in China and Japan, is anticipated to be a significant driver for the induction motor market, supported by investments in advanced manufacturing processes and energy-efficient systems. The COVID-19 pandemic had a temporary negative impact on market growth due to disruptions in manufacturing operations, but the market is expected to recover as economic activities resume. Additionally, the focus on renewable energy and energy efficiency in countries like India and China is likely to contribute to the increased adoption of induction motors, aligning with global sustainability goals.
Asia-Pacific Induction Motor Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porters Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers/Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Assessment of Impact of COVID-19 on the Market
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Asia-Pacific Induction Motor Market Size FAQs
What is the current Asia-Pacific Induction Motor Market size?
The Asia-Pacific Induction Motor Market is projected to register a CAGR of 4.20% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Induction Motor Market?
Nidec Corporation, Regal Rexnord Corporation, Siemens AG, TMEIC and ABB Ltd are the major companies operating in the Asia-Pacific Induction Motor Market.