- Induction motors, known for their reliability, efficiency, and low maintenance, are critical components in various industrial and commercial applications, including pumps, fans, compressors, and conveyor systems
- The surge in demand for induction motors is fueled by rapid industrialization, growing adoption of electric vehicles, and increasing investments in renewable energy projects
- North America dominated the induction motors market with the largest revenue share of 38.5% in 2024, driven by advanced manufacturing infrastructure, high adoption of automation technologies, and the presence of major industry players
- Asia-Pacific is expected to be the fastest-growing region during the forecast period, propelled by rapid urbanization, increasing industrial output, and rising investments in infrastructure development in countries such as China and India
- The three-phase induction motors segment dominated the largest market revenue share of 68.5% in 2024, driven by their widespread use in industrial applications due to high efficiency, robustness, and low maintenance requirements
