The Europe induction motor market size reached US$ 3,468.6 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 4,647.0 Million by 2032, exhibiting a growth rate (CAGR) of 3.2% during 2024-2032.
Report Attribute
|
Key Statistics
|
---|---|
Base Year
|
2023
|
Forecast Years
|
2024-2032
|
Historical Years
|
2018-2023
|
Market Size in 2023
|
US$ 3,468.6 Million |
Market Forecast in 2032
|
US$ 4,647.0 Million |
Market Growth Rate 2024-2032 | 3.2% |
An induction motor, or an asynchronous motor, refers to an AC electric motor that can be prepared without electrical connections to the rotor. It works under varying climatic conditions and is safe to be used in heavily polluted and explosive conditions. Due to its robustness, affordability, durability, easy-functioning, and maintenance, the induction motor finds extensive applications in pumps, small fans, electric shavers, cranes, crushers, and oil extracting mills.
Europe represents the third largest market for induction motors across the globe. The market is primarily driven by the rapid development of electric vehicles (EVs) across the region. Induction motors are considered suitable for different driving cycles, high power density, varied operating speed, high starting torque and improved power factor necessary for the proper functioning of EVs. Apart from this, countries in Europe have begun following the standards set by organizations, such as IEC and NEMA, to reduce greenhouse gas emissions. As a result, there has been a rise in the demand for induction motors that consume less energy and are better for the environment. Furthermore, various technological advancements in power electronics, supported by the digitalization of smart homes, also provide a positive impact on the industry.
IMARC Group provides an analysis of the key trends in each sub-segment of the Europe induction motor market report, along with forecasts at the regional and country level from 2024-2032. Our report has categorized the market based on product type and end use sector.
Breakup by Product Type:
Breakup by End Use Sector:
Breakup by Country:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Report Features | Details |
---|---|
Base Year of the Analysis | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Units | US$ Million |
Segment Coverage | Product Type, End Use Sector, Country |
Countries Covered | Germany, France, United Kingdom, Italy, Spain, Others |
Customization Scope | 10% Free Customization |
Report Price and Purchase Option | Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699 |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |