Report Overview
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The global asynchronous motor market size was USD 20.2462 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the asynchronous motor market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 40.638 billion in 2027, exhibiting a CAGR of 12.31 % during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
An asynchronous motor also called an induction motor, is an AC electric motor in which the electric current in the rotor needed to produce torque is obtained by electromagnetic induction from the magnetic field of the stator winding. An asynchronous motor, therefore, does not require mechanical commutation, separate excitation, or self-excitation for all or part of the energy transferred from the stator to the rotor. An asynchronous motor’s rotor can be either wound type or squirrel-cage type.
This motor is a type of electric motor that can be synchronized with the frequency of the alternating current (AC) power supply. The asynchronous motor is a type of electric motor that lacks this synchronization and has the rotor spinning at an independent speed. The squirrel-cage-type motor is a popular choice for industrial drives due to its affordability, reliability, and ruggedness. Whereas fans and small appliances such as household appliances are commonly driven by asynchronous motors in a single phase.
In this motor, Lenz's law applies, which states that when a magnetic field is changed, current in a conductor will flow in a direction opposing that of the current being induced. Three-phase or split-phase currents are applied to stator windings to create a changing magnetic field and since this changing magnetic field cuts the rotor's conductors, an induced current is produced in the rotor, opposing the stator's changing magnetic field. As a result, a rotating motion is created.
COVID-19 Impact: Lockdown Restriction Hinder the Demand & Supply During the Pandemic
The COVID-19 pandemic has impacted the asynchronous motors market negatively. The lockdown restrictions have compelled several industries to shut-down down, including manufacturing, automotive, chemical, construction industry, service sector, and many more. Consequently, the demand and supply for asynchronous motors have fell-down in numerous industries which affected the market growth during the lockdown period. However, as the industry has revived, it is expected that it will overcome the market loss steadily over the forecast period.
Latest Trends
"Low Prices of Raw Materials Encourage Opportunities for Manufacturers to Produce in Bulk"
The latest trend in the asynchronous motor market is towards hybridization where asynchronous motors are combined with synchronous motors or induction motors in order to achieve better performance. the asynchronous motor market has experienced significant growth in the past few years. It is estimated to grow at a steady pace for the next five years and then maintain a successful course in the next few years. The factors that are driving this market are the high demand for motors in developing countries and low prices of raw materials which have encouraged manufacturers to produce more. Applications of asynchronous motors include robotic applications: asynchronous motors are perfect for use in robotic applications as they provide high levels of speed and torque.
Segmentation
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- By Type Analysis
According to type, the market can be segmented into Three-phase Asynchronous Motor Single-phase Asynchronous Motor
- By Application Analysis
Based on application, the market can be divided into Automotive, Residential, and Commercial
Driving Factors
"Asynchronous Motor’s Utilization in Wide Range of the Application Accelerate Market Growth "
The main driving factors of the asynchronous motor market are the rising adoption of electric vehicles in the automotive industry all over the world, as well as the use of electric appliances in a variety of applications. The asynchronous motors are highly in demand in residential and commercial sectors which will facilitate the asynchronous motors market growth rate in the coming years.
"Several Advantages of the Motor Force the Market Growth"
The market is driven by the significant advantages of asynchronous motors, for instance, the cost is very less, easy to maintain, and efficiency is high in partial-load operation. Also, this motor is suitable for high revolving speeds which permit high o/ps to be attained along with a vector power inverter. Besides, the main feature of this motor is the fixed speed that cannot vary, and the asynchronous motors are available with a self-started feature and are excellent for speeds above 600 rpm. This motor is largely used in most of the rotating or moving machines, such as lifts, grinders, and fans which is the immense market that will anticipate augmenting the market growth.
Restraining Factors
"Operational Challenges of the Motor Might Impede the Growth of the Market"
The market has various growth factors; however, the market has some drawbacks as well such as operational challenges faced by induction motors and the speed of this motor which gets reduced with the increase in the load is the constraints that can hinder the asynchronous motor market growth during the forecast period.
Regional Insights
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"High Demand and the Rising Automotive Industry Will Propel the Growth of the Market in the Asia Pacific"
As per the forecast, Asia Pacific will be the prominent region with a significant growth rate in the asynchronous motor market. Around half of the market, revenue is projected to come from the Asia Pacific region due to the wide range of application segmentation which increases the market opportunities for the vendors in the region. In addition, the existence of the developing countries, their rapid industrialization, development, and adoption of electric vehicles are anticipated to propel market growth in the region. Furthermore, North America is estimated to grow at a steady pace due to the high demand for the asynchronous motor in automotive and commercial sectors, and the presence of the leading vendors in the region.
Key Industry Players
"Key Players Enhance Capital Investment to Improve the Product Quality and Competitive Strength"
The key players of the market lead the market based on their competitive strategies, marketing tactics, product quality, advanced technological products, and position in the market. Besides this, the key players of the industry invest more and more in research & development, acquisition, mergers, and product portfolio to acquire the largest shares of the market. Among the major players, Dazhong, Hitachi, Brook Crompton, Cummins, Emerson, NORD, GE, ABB, XEMC, Regal-Beloit, Huali Group, Nidec, Landert, VEM, JLEM, Ydmotor, Bosch Rexroth, WNM, Toshiba, Wolong and others are the leading companies of the market and the asynchronous motor market shares are prominently held by these major players of the market.
List of Market Players Profiled
- Dazhong
- Hitachi
- Brook Crompton
- Cummins
- Emerson
- NORD
- GE
- ABB
- XEMC
- Regal-Beloit
- Huali Group
- Nidec
- Landert
- VEM
- JLEM
- Ydmotor
- Bosch Rexroth
- WNM
- Toshiba
- Wolong
- SEW-Eurodrive
- Tatung
- Sterling Electric
- WEG
- YASKAWA
- ABM Greiffenberger
- Jiangte
- Siemens
- TECO
- SPG
Report Coverage
This report concentrates on the asynchronous motor market. It highlights the market value, expected CAGR, and USD value over the forecast period. The COVID-19 impact on the market at the beginning of the pandemic and the post-pandemic effects on international market restrictions and how the industry is going to turn the corner are also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 20.2462 Billion in 2021 |
| Market Size Value By | US$ 40.638 Billion by 2027 |
| Growth Rate | CAGR of 12.31% from 2021 to 2027 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type and Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the global asynchronous motor market expected to touch by 2027?
The global asynchronous motor market is expected to touch USD 40.638 billion by 2027.
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What CAGR is the asynchronous motor market expected to exhibit during 2022-2027?
The asynchronous motor market is expected to exhibit a CAGR of 12.31% over 2022-2027.
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Which are the driving factors of the asynchronous motor market?
Increasing emphasis on automating manufacturing processes, and increasing demand for flexible chip mounters are the driving factors of the asynchronous motor market.
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Which are the top companies operating in the asynchronous motor market?
Dazhong, Hitachi, Brook Crompton, Cummins, Emerson, NORD, GE, ABB, XEMC, Regal-Beloit, Huali Group, Nidec, Landert, VEM, JLEM, Ydmotor, Bosch Rexroth, WNM, Toshiba, Wolong, SEW-Eurodrive, Tatung, Sterling Electric, WEG, YASKAWA, ABM Greiffenberger, Jiangte, Siemens, TECO, and SPG are the top companies operating in the asynchronous motor market.
