Global Induction Motors Market

Induction Motors Market Size, Share, Growth Analysis, By Types(Single-phase Induction Motor, and Three-phase Induction Motor), By Application(Residential, Industrial, Commercial, Transportation), By Rotor Type(Inner Rotor, and Outer Rotor), By Efficiency(IE1, IE2, IE3, and IE4SegmentVoltage), By Vertical(1KV, 1-6.6 KV, and above 6.6KV), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10A2031 | Region: Global | Published Date: April, 2024
Pages: 223 |Tables: 145 |Figures: 78

Induction Motors Market Insights

Global Induction Motors Market size was valued at USD 18.35 Billion in 2022 and is poised to grow from USD 20.09 Billion in 2023 to USD 41.52 Billion by 2031, growing at a CAGR of 9.5% in the forecast period (2024-2031).

An induction motor is an AC electric motor in which the torque is generated by the action between the special magnetic field generated in the stator and the current generated in the coils of the rotor. Its exceptional durability makes it an ideal choice for automotive and construction projects, as it requires little maintenance. The ability to operate in different weather conditions is another key factor in its demand.

Increased focus on reducing greenhouse gas emissions and demand for low-energy materials are key drivers for the growth of electric vehicles. According to the International Energy Agency (IEA), global electric vehicles sales are increasing sharply by 2022, with sales of 2 million units in the first quarter exceeding the same period during the year by 75%. The growth of the EV industry is expected to drive demand for induction motors, because these motors are widely used by electric vehicle (EV) manufacturers due to their robustness, reliability and low hence storage facilities.

Market Snapshot - 2024-2031

Global Market Size

USD 18.35 Billion

Largest Segment

Industrial

Fastest Growth

Commercial

Growth Rate

9.5% CAGR

Global Induction Motors Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Induction Motors Market Segmental Analysis

Based on types, the induction motor market can be segmented into single-phase induction motor and three-phase induction motor. Based on the application, the induction motor market is divided into residential, industrial, commercial, transportation, and others. Based on rotor type, the induction motor market can be segmented into inner rotor, outer rotor. Based on type, the induction motor market can be segmented into single phase, three phase. Based on efficiency, the induction motor market can be segmented into IE1, IE2, IE3, IE4. Based on voltage, the induction motor market can be segmented into upto 1KV, 1-6.6 KV, above 6.6KV. Based on vertical, the induction motor market can be segmented into industrial, commercial, residential, agriculture, automotive and others. By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World.

Analysis by Application

Single stage induction motors are a dominating segment in the market and commonly used in residential and small commercial applications due to their simplicity, low cost and easy installation. For example, household appliances such as fans, air conditioners, washing machines and small electrical appliances. Single phase devices are suitable for low voltage applications where power demand is very low. It is generally used in situations where the power requirements do not justify the complexity and cost associated with three-phase devices. Single phase induction motors find applications in some light industrial applications, such as small machines, conveyors and pumps. However, their use in heavy industrial applications is limited by inefficiency and lack of power.

Three-phase motors is expected to grow in the market and can deliver higher power and operate at higher efficiency compared to single-phase motors which makes it suitable for high power demanding applications such as large pumps, compressors and appliances machinery. A three-phase induction motor can be used in variable speed applications using variable frequency drives (VFDs) or other control mechanisms.

Analysis by Product

The industrial segment is dominating the market. Today, a lot of technology uses machines, which are critical to the success of a company. Nowadays, every manufacturing company pursues product quality as a primary goal. Being cost-effective, robust, maintenance-free, and capable of operating under all environmental conditions, induction motors are increasingly being used in mining, cement, automotive, oil and gas, healthcare and construction. Manufacture of pumps, elevators parts, hoists, electric shavers, cranes, crushers, oil extraction equipment, etc. Increased environmental protection awareness in industry also helps the growth of induction motors, as they have lower emissions.

The commercial segment of the global induction motor market covers various applications and industries where induction motors are used for various purposes. These devices are essential to power many commercial tools and systems. Induction motors are widely used to drive fans, blowers and pumps in commercials. HVAC systems play an important role in monitoring ventilation, temperature control and airflow well into commercial buildings with offices, supermarkets, hotels and retail for example, there are walk-in refrigerators, refrigerators and freezer displays. These devices power the compressor and fan, effectively cooling and storing perishables in supermarkets, restaurants and other retail establishments.

Global Induction Motors Market By Product (%), 2023 (%)

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Induction Motors Market Regional Insights

The Asia-Pacific region is expected to dominate the global induction motor market. The tremendous growth in the number of manufacturing and engineering units has led to a high demand for induction motors. Induction motors are used in fans, blowers, mechanical equipment, compressors, pumps, conveyors, bulldozers etc. The development of railways, metros and bullet trains requires induction motors for stable and reliable operation. Rural economies are based on agricultural techniques, especially induction motors for manufacturing. Rapid urbanization has increased the demand for elevators and escalators which in turn has increased the demand for induction motors.

Induction motors are also used in everyday applications like water pumps, kitchen appliances, fans, air conditioners, automobiles etc. Increase in the number of electrical appliances has also increased the sales of induction motors. resulting in similar scenarios in America and Africa and because of this the induction motor market will grow rapidly. The global induction motor market in Europe and North America is anticipated to witness steady growth.

Global Induction Motors Market By Geography, 2024-2031
  • Largest
  • Fastest

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Induction Motors Market Dynamics

Drivers

Rise in the Configuration of Motor

  • The robust physical structure of the motor is predicted to be a key driver for the global induction motor market's growth. Induction motors are durable in nature and can be used in any climate. In addition, the lack of slip ring brushes in the motor induction eliminates the possibility of sparks, making operation safer even in the most explosive operating conditions. Besides, the induction motor is cost-effective, highly reliable and minimal maintenance, which Is expected to boost the global induction motor market during the forecast period 2024-2031.

Mass Production of Electric Cars

  • The electric vehicle has been growing at a rapid pace with continuous growth in the automobile industry and favorable government policies and assistance in the form of subsidies and subsidies, tax exemptions. As induction motors, especially three-phase, are widely used in electric vehicles due to their efficiency, better speed management and passenger lessness are analyzed to boost the growth of the market affecting these types of motors as well acts as a substitute for a permanent magnet in an electric vehicle. Thus, the increase in production of electric vehicles is done to enter the market. In 2019, Ford invested $1.45 billion (about $5 per person in the US) to develop electric and autonomous sports cars, at its Detroit plants, US, with the main objective of increasing vehicle production for induction motor the effect of bulk purchases.

Restraints

The Ubiquity of Substandard Motors

  • There are many domestic and international manufacturers in the highly fragmented global induction motor market. The main differentiating factor in this project is the quality. While the unorganized segment of the induction motor market provides inexpensive options to enter the local market, the system primarily targets industrial customers and maintains quality products. Most countries have local induction motor manufacturers focusing on the unorganized segment and competing aggressively with international sellers in their respective markets. Today’s top market players must contend with stiff competition from beleaguered suppliers of cheap and imperfect induction equipment. This poses a major hindrance to the rapid growth of the induction motor market.

Simple Induction Motors are easily available

  • The global induction motor market is fragmented, with many domestic and international manufacturers. Product quality is the key differentiator in this market. Organized sector in the market mainly holds good product quality targeting industrial buyers, while unorganized sector offers low-cost options to tap local market Local manufacturers of induction motors in most countries target unorganized sector and they compete fiercely with global suppliers in respective markets. This poses a serious challenge to the growth of the market.

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Induction Motors Market Competitive Landscape

The competitive environment of the Global Induction Motors Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options.

Top Player’s Company Profiles

  • Nidec Corporation
  • Siemens AG
  • Robert Bosch GmbH
  • Denso Corporation
  • Mitsubishi Electric Corporation
  • Johnson Electric Holdings Limited
  • Valeo S.A.
  • BorgWarner Inc.
  • Mahle GmbH
  • Hitachi Automotive Systems, Ltd.
  • Continental AG
  • Magna International Inc.
  • Aisin Seiki Co., Ltd.
  • WEG Industries
  • Hella GmbH & Co. KGaA
  • Mitsuba Corporation
  • ABB Ltd.
  • Brose Fahrzeugteile GmbH & Co. KG
  • Shanghai Electric Group Co., Ltd.
  • Rheinmetall Automotive AG

Recent Developments

  • June 2022 - Nidec Corporation launches SynRA (Synchronous Reluctance Motor with Aluminum Cage Rotor), an aluminum cage-equipped, high-performance synchronous reluctance (SR) motor for the US that combines an SR motor with the basic principle of cage-type induction vehicle for purchase. The Nidec SynRA rotates as an induction motor when activated, resulting in lower losses and more efficiency than cage-type induction motors.
  • March 2022 - Havells India launches energy efficient ECOACTIV fans and launches 19 new models under pedestal, ceiling, wall, ventilator fan category The new range of fans comes equipped with ECOACTIV super-efficient BLDC and induction motor.
  • September 2021 - GM unveils three new motors designed to power its Altium-based EVs. A 255-kW rear front drive motor, a 180-kW front drive motor, and a 62-kW all-wheel-drive auxiliary motor are part of the Altium drive package, which features a 62-kW unit.

Induction Motors Key Market Trends

  • Rising Electric Vehicle Production Augurs Well for Induction Motor Market: With the continuous growth in the automobile industry, and the support of good government regulations, subsidies and tax breaks. The global induction motor market has grown rapidly Induction motors, especially three-phase, are widely used in electric vehicles due to that it works well, good speed regulations and lack of commuters, which are thought to be driving the expansion of the global induction motor market in addition to the use of these devices as permanent magnet alternatives in electric vehicles around. Thus, increasing production of electric vehicles is predicted to boost the market. Moreover, many state governments have invested heavily in upgrading electric vehicles.

Induction Motors Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

The Indian induction motor market is mainly driven by the growing demand for consumer electronics, such as air conditioners, washing machines, dishwashers, hair dryers etc. Moreover, induction motors offer various advantages such as ease of operation under environmental conditions, high starting torque, different speeds and durability. These positive attributes also drive the growth of the market. Moreover, government initiatives like “Make in India” are encouraging manufacturers to automate various industries and focus on improving industrial equipment. The government has also implemented aggressive policies to reduce carbon footprints, which has boosted sales of induction motors as they represent a better alternative and consume far less energy than conventional motors.

Report Metric Details
Market size value in 2023 USD 18.35 Billion
Market size value in 2031 USD 41.52 Billion
Growth Rate 9.5%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Types
    • Single-phase Induction Motor, and Three-phase Induction Motor
  • Application
    • Residential, Industrial, Commercial, Transportation, and Others
  • Rotor Type
    • Inner Rotor, and Outer Rotor
  • Efficiency
    • IE1, IE2, IE3, and IE4SegmentVoltage
  • Vertical
    • 1KV, 1-6.6 KV, and above 6.6KV
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Nidec Corporation
  • Siemens AG
  • Robert Bosch GmbH
  • Denso Corporation
  • Mitsubishi Electric Corporation
  • Johnson Electric Holdings Limited
  • Valeo S.A.
  • BorgWarner Inc.
  • Mahle GmbH
  • Hitachi Automotive Systems, Ltd.
  • Continental AG
  • Magna International Inc.
  • Aisin Seiki Co., Ltd.
  • WEG Industries
  • Hella GmbH & Co. KGaA
  • Mitsuba Corporation
  • ABB Ltd.
  • Brose Fahrzeugteile GmbH & Co. KG
  • Shanghai Electric Group Co., Ltd.
  • Rheinmetall Automotive AG
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Induction Motors Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Induction Motors Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Induction Motors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Induction Motors Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Induction Motors Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Induction Motors Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Induction Motors Market size was valued at USD 18.35 Billion in 2022 and is poised to grow from USD 20.09 Billion in 2023 to USD 41.52 Billion by 2031, growing at a CAGR of 9.5% in the forecast period (2024-2031).

The competitive environment of the Induction Motors Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options. 'Nidec Corporation', 'Siemens AG', 'Robert Bosch GmbH', 'Denso Corporation', 'Mitsubishi Electric Corporation', 'Johnson Electric Holdings Limited', 'Valeo S.A.', 'BorgWarner Inc.', 'Mahle GmbH', 'Hitachi Automotive Systems, Ltd.', 'Continental AG', 'Magna International Inc.', 'Aisin Seiki Co., Ltd.', 'WEG Industries', 'Hella GmbH & Co. KGaA', 'Mitsuba Corporation', 'ABB Ltd.', 'Brose Fahrzeugteile GmbH & Co. KG', 'Shanghai Electric Group Co., Ltd.', 'Rheinmetall Automotive AG'

The robust physical structure of the motor is predicted to be a key driver for the induction motor market's growth. Induction motors are durable in nature and can be used in any climate. In addition, the lack of slip ring brushes in the motor induction eliminates the possibility of sparks, making operation safer even in the most explosive operating conditions. Besides, the induction motor is cost-effective, highly reliable and minimal maintenance, which Is expected to boost the induction motor market during the forecast period 2024-2031.

Rising Electric Vehicle Production Augurs Well for Induction Motor Market: With the continuous growth in the automobile industry, and the support of good government regulations, subsidies and tax breaks. The induction motor market has grown rapidly Induction motors, especially three-phase, are widely used in electric vehicles due to that it works well, good speed regulations and lack of commuters, which are thought to be driving the expansion of the induction motor market in addition to the use of these devices as permanent magnet alternatives in electric vehicles around. Thus, increasing production of electric vehicles is predicted to boost the market. Moreover, many state governments have invested heavily in upgrading electric vehicles.

The Asia-Pacific region is expected to dominate the induction motor market. The tremendous growth in the number of manufacturing and engineering units has led to a high demand for induction motors. Induction motors are used in fans, blowers, mechanical equipment, compressors, pumps, conveyors, bulldozers etc. The development of railways, metros and bullet trains requires induction motors for stable and reliable operation. Rural economies are based on agricultural techniques, especially induction motors for manufacturing. Rapid urbanization has increased the demand for elevators and escalators which in turn has increased the demand for induction motors.

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