The inductive component of the magnetospheric electric field, which is associated with the temporal change of magnetic field, provides an additional means of local plasma energization and transport in addition to the electrostatic counterpart. This study examines the detailed response of the inner magnetosphere to inductive electric fields and the associated electric-driven convection corresponding to different solar wind conditions. A novel modeling capability is employed to self-consistently simulate the electromagnetic and plasma environment of the entire magnetospheric cavity. The explicit separation of the electric field by source (inductive vs. electrostatic) and subsequent implementation of inductive effects in the ring current model allow us to investigate, for the first time, the effect of the inductive electric field on the kinetics and evolution of the ring current system. The simulation results presented in this study demonstrate that the inductive component of the electric field is capable of providing an additional source for long-lasting plasma drifts, which in turn significantly alter the trajectories of both thermal and energetic particles. Such changes in the plasma drift, which arise due to the inductive electric fields, further reshape the storm-time ring current morphology and alter the degree of the ring current asymmetry, as well as the timing and the peak of the ion pressure. The total ion energy is increasing at a faster rate than the supply of energetic ions to the ring current, suggesting that the inductive electric field provides effective and accumulative local energization for the trapped ring current population without confining additional particles.