Global Induction Motor Market is Growing at a CAGR of 11.76% by 2019-2027
KEY FINDINGS The induction motor is manufactured without any electrical connections to the rotors. The induction motor can have two types of rotors that include wound type or squirrel-cage type. The induction motors are widely used across various applications that include commercial, residential and industrial. Based on the type , the global induction motor market covers a single phase induction motor and three phase induction motor. The global induction motor market is growing at a CAGR of 11.76% in forecast period 2019-2027, owing to the increase in demand for electric vehicles coupled with rising urbanization which is driving the market towards growth. MARKET INSIGHTS The ease of use of induction motor coupled with the economical nature of the motor is one of the major reason for the high adoption rate of the motor globally. The induction motor is asynchronous are in nature due to which it is easily attached to the industrial and commercial appliances thereby boos...