Summary
The report covers the market share of Induction Motor Market in India. Additionally, it provides market size, share, forecasts, trends, drivers and challenges for the Indian Induction Motor Market in value (USD Mn).
Market Overview
India Induction Motor Market Overview
The India induction motor market was valued at USD 739.8 million in 2023, up from USD 442.2 million in 2017, reflecting a CAGR of 9.0% during 2017–2023. The market remains highly competitive due to the presence of well-established players such as ABB, Siemens, Havells, Kirloskar Electric, Bharat Bijlee, and Nidec, supported by relatively low entry barriers and easy access to raw materials. Looking ahead, the market is projected to reach USD 1,279.7 million by 2029, expanding at a CAGR of 9.6% during 2023–2029. This growth is expected to be driven by the increasing integration of smart features such as sensors for improved efficiency, along with India’s transition toward next-generation, high-efficiency motors with lower energy consumption.
Taxonomy
India Induction Motor Market Ecosystem
India Induction Motor Market Size (USD Mn), 2017-2023
The Indian induction motor market has grown from USD 442.2 million in 2017 to USD 739.8 million in 2023, driven by rising demand for both single-phase and three-phase induction motors across the country. Single-phase induction motors are widely used in household appliances such as refrigerators, washing machines, air conditioners, televisions, and lighting systems, as well as in smaller commercial establishments including shops, restaurants, and small offices. In contrast, three-phase induction motors, which offer higher power capacity and better efficiency, are primarily deployed in manufacturing plants, large machinery, and heavy-duty equipment, with significant usage across hospitals, shopping malls, and data centers. However, during 2020–2021, the market witnessed a temporary slowdown as stringent lockdowns and restrictions disrupted production, supply chains, and end-user industries. International trade disruptions further added to the challenge by creating difficulties in sourcing raw materials and finished motors, leading to a slight decline in demand during that period.
Industrial Analysis of India Induction Motor Market
India Induction Motor Market Segmentations, 2023
India Induction Motor Market Segmentation by Product Type (in revenue %), 2023
The three-phase induction motor segment dominates the Indian induction motor market, accounting for 70% of the total market share and generating revenue of USD 517.8 million in 2023. Its strong position is supported by rising demand across commercial and industrial applications such as lifts, cranes, hoists, and other heavy-duty systems. Three-phase motors continue to be the preferred choice for most industrial uses because of their superior starting torque, higher efficiency, and stronger power output capabilities. In comparison, single-phase induction motors account for the remaining 30% share, equivalent to USD 221.9 million in 2023. Demand for this segment is primarily driven by smaller equipment and machines requiring lower horsepower, including pumps, refrigerators, fans, compressors, and portable drills.
India Induction Motor Market Segmentation by End-User (in revenue %), 2023
The industrial segment dominates the Indian induction motor market, accounting for 50% of the total market share and generating revenue of USD 369.9 million in 2023. Strong demand from India’s expanding manufacturing base continues to support this segment, as a wide range of industries require high-performance motors for machinery and equipment. Sectors such as power generation, oil and gas, construction, and manufacturing rely heavily on induction motors, which explains the segment’s leading share. The commercial sector holds a 30% market share, valued at USD 221.9 million in 2023, with demand largely driven by HVAC applications including air conditioners, fans, and ventilation systems. Meanwhile, the residential segment accounts for the remaining 20% share, equivalent to USD 147.9 million, supported by the use of motors in household applications such as fans, air conditioners, washing machines, pumps, and similar equipment.
India Induction Motor Future Market Size
The Indian induction motor market is projected to reach an all-time high of USD 1,279.7 million by 2029, expanding at a CAGR of 9.6%. This growth is expected to be supported by India’s continued emphasis on manufacturing expansion, infrastructure development, and renewable energy adoption, all of which are increasing demand for a wide range of motor types. Induction motors will continue to play a critical role across manufacturing facilities, particularly in applications such as HVAC systems, where they are used to power fans, pumps, and compressors that help maintain temperature and humidity control.
India Induction Motor Market Company Profiles
| Company Name | Establishment year | Description |
|---|---|---|
ABB Ltd. | 1988 | A global leader in power and automation technologies, ABB India offers a wide range of industrial motors, drives, and automation solutions. ABB Serves diverse industries like power generation, transmission, and distribution, oil & gas, mining, metals, cement, pulp & paper, and textiles. |
Siemens | 1847 | A subsidiary of the global technology giant Siemens AG, Siemens India offers a diverse portfolio of industrial products and solutions. Siemens caters to various sectors like power generation, transmission, and distribution, process industries, manufacturing, transportation, and healthcare. Within the motor segment, they offer a wide range of AC and DC motors, including low, medium, and high-voltage options. |
Havells | 1988 | A major Indian electrical equipment manufacturer, Havells offers a range of industrial motors, fans, and lighting solutions. Havells caters to diverse sectors like construction, infrastructure, power plants, manufacturing, and commercial buildings |
Bharat Bijlee | 1946 | An Indian multinational company that manufactures and sells electrical equipment, including motors, generators, and transformers. The company caters to various industries like power generation, transmission, and distribution, railways, infrastructure, oil & gas, and agriculture. |
Nidec | 1973 | A Japanese multinational company that manufactures and sells a wide range of electric motors, including small precision motors, industrial motors, and automotive motors. Nidec caters to diverse industries like automotive, home appliances, industrial automation, and robotics. |
Kirloskar Electric | 1946 | An Indian multinational company that manufactures and sells a wide range of electrical equipment, including motors, generators, and pumps. The company caters to various industries like power generation, transmission, and distribution, railways, infrastructure, oil & gas, and agriculture. |
India Induction Motor Market Macro-Economic Indicators
The India’s GDP stands at 3.7 trillion USD as per 2023 and has grown from 1.8 USD Tn in 2013. A higher GDP indicates growth in various sectors like manufacturing, infrastructure, and energy, driving demand for motors in diverse applications. The inflation rate has reduced to 5.4% in 2023 as compared to a high 6.6% in 2022. A high inflation can lead to increased production costs for motor manufacturers due to higher raw material and labor costs, potentially impacting profitability.
Industry contributes to 25.6% in the GDP of India: Overall Gross Value Added (GVA) by the Industrial Sector (for the first half of FY 22-23) rose 3.7 per cent, which is higher than the average growth of 2.8 per cent achieved in the first half of the last decade. Induction motors are the workhorses of industrial production lines, powering various equipment and machinery such as: Conveyor belts, Machine tools, Textile machinery and others. Agriculture contributes to 16.7% to the GDP of India: Institutional Credit to the Agricultural Sector continued to grow to 18.6 lakh crore in 2021-22. As the demand for efficient and sustainable irrigation practices grows, the need for reliable and efficient motors increases.
The Indian rupee has weakened from 1 USD= 64.9 INR in 2017 to 1USD=81.6 INR in 2023 because of the external factors like the war between Russia and Ukraine, rising crude oil prices, and tightening global financial conditions are just a few of the major global causes that have contributed to the Indian rupee's decline against the dollar. Many components and raw materials used in the manufacture of induction motors, such as copper, special steel laminations, and certain electronic components, are often imported. A weaker rupee makes these imports more expensive, increasing production costs for domestic manufacturers.
Frequently Asked Questions
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