The adoption of electric vehicles has been increasing rapidly across the globe. As the awareness regarding negative impact of conventional ICE-based vehicles is increasing, people are widely opting for electric vehicles. Unlike ICE vehicles, electric vehicles run on electricity and therefore doesn’t cause as much harm to the environment. Due to surging levels of pollution all over the globe, the need for curbing greenhouse gas emissions is increasing by every passing day. 

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Electric vehicles can be of great help in this regard, which is why their adoption is increasing. A major component of an electric vehicle is an electric motor, therefore, their demand is also increasing with the rising adoption of electric vehicles. The global electric motor market is projected to attain a revenue of $195.2 billion in 2030, increasing from $118.2 billion in 2019, progressing at a 4.8% CAGR during the forecast period (2020–2030), according to a research conducted by P&S Intelligence. 

Electric motors are of 3 types, namely AC, DC, and hermetic motor. Among these, the demand for AC motors has been the highest in the past, and the situation is likely to remain the same in the years to come as well. AC motors have higher speed and torque as compared to other variants and they are able to function at higher voltages. In addition this, AC motors are easier to maintain than DC and hermetic motors. 

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AC motors are further of two types, namely synchronous and induction, between which, a larger demand was created for induction AC motors in the past. Three-phase induction motors are highly popular in a number of industrial applications. Single-phase induction motors are utilized commonly in household applications, including grinders, pumps, mixers, fans, and washing machines. It is owing to such wide range of applications of induction motors that their demand is rising at a rapid pace