ASIA-PACIFIC INDUCTION MOTORS MARKET FORECAST 2023-2032

The Asia-Pacific induction motors market growth is assessed through the evaluation of China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific. Electric energy is the key source of power for the propulsion of an electric vehicle. Moreover, since electric motors are utilized for the conversion of electrical energy into mechanical energy, this factor is integral to the increasing demand for induction motors in electric vehicles. As the largest electric vehicle market globally, China framed a proposal to introduce ‘New energy’ vehicle quotas for automotive manufacturers. The initiative is positively influencing the utility of induction motors while generating an increased level of awareness about electric vehicles in the country.

On the other hand, the growing demand for induction motors in India is propelled by the increasing need for consumer electronics products such as air conditioners, fans, and refrigerators. Furthermore, the initiatives taken by the central government for the development of the manufacturing sector in semi-urban and urban provinces play a pivotal role, as well. In this regard, as per the Indian Brand Equity Foundation, manufacturing is emerging as one of the highest growth sectors in India, with wide adoption of induction motors owing to their advantages over other alternatives. These include higher torque and horsepower, less maintenance, cost-effectiveness, and others. Therefore, these factors are set to fuel the Asia-Pacific induction motors market growth during the forecast years.

The Asia-Pacific induction motors market is segmented into type and application. The application segment includes commercial, industrial, and residential. The commercial segment deals with the adoption of induction motors across various commercial applications such as large shredders, computer hard drives, water pumps for large buildings, photocopiers, heating, ventilating and air conditioning (HVAC) equipment, and commercial centrifugal compressors, among others. 

Furthermore, induction motors are also deployed in construction applications on account of the advantages they provide: low cost and minimum maintenance, simple and rugged construction, sufficiently high proficiency, and increased dependability. There have also been various technological innovations in induction motors for commercial applications over recent years. For example, as per the Institute of Electrical and Electronics Engineers (IEEE, United States), the development of the C++-based dynamic model of AC induction motor within the discrete time domain is primarily utilized for industrial as well as commercial applications.

Leading enterprises operating in the Asia-Pacific induction motors market are Johnson Electric Holdings, WEG Electric Corporation, etc. 

Johnson Electric Holdings, headquartered in China, provides control systems, motion products, and flexible interconnects. It caters to a diverse range of industry verticals, such as business machines, automotive, building automation and security, home technologies, heating, ventilation and air conditioning (HVAC), food & beverage, defense & aerospace, personal care, medical devices, industrial equipment, as well as power equipment and power tools. The company operates in Asia, Europe, and the Americas.