Two-level voltage source inverters (2L-VSIs) are widely used in industrial motor drives due to their simplicity and cost-effectiveness. However, their pulsating output voltages introduce common-mode voltage (CMV) issues, leading to challenges such as electromagnetic interference (EMI), winding insulation stress, and bearing currents. While adopting an advanced topology or employing common-mode filters can mitigate CMV-based problems, these solutions often increase system complexity and cost. Alternatively, modulation-based techniques offer a simpler, hardware-free approach to reduce CMV. This paper proposes a modulation-based technique that introduces an adaptive carrier phase shift for sinusoidal pulse width modulation (SPWM) to address CMV issues in 2L-VSIs. Unlike conventional methods that rely on fixed carrier phase shifts (e.g., interleaved 0°, 120°, and 240°), the proposed approach dynamically adjusts the phase shift within each switching interval to effectively suppress CMV. The proposed technique was validated through both experimental testing and analytical modeling to demonstrate CMV reduction. This approach offers a practical and scalable solution for industrial motor drives, still having the inherent simplicity and cost-effectiveness of two-level VSIs.