North America Electric Motors Market Outlook
According to the report by Expert Market Research (EMR), the North America electric motors market size reached a value of around USD 30.56 billion in 2023. Aided by advancements in technology and increasing applications of electric motors across various sectors, the market is projected to grow at a CAGR of 5.3% between 2024 and 2032 to reach a value of nearly USD 49.06 billion by 2032.
Electric motors are integral components used in a plethora of applications, ranging from industrial machinery to household appliances, and automotive systems. Their ability to convert electrical energy into mechanical energy efficiently makes them a pivotal element in driving the modern industrial framework. The North America electric motors market growth is primarily fuelled by the rising demand for energy-efficient solutions, the electrification of the automotive industry, and the increasing adoption of electric motors in HVAC (heating, ventilation, and air conditioning) applications.
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Stricter energy efficiency standards set by governments and international bodies are significantly driving the demand for high-efficiency electric motors. These regulations aim to reduce energy consumption and carbon footprints, pushing industries towards adopting greener technologies. The U.S. Department of Energy (DOE), for instance, has implemented stringent efficiency standards for electric motors, which encourages the adoption of advanced motor technologies like permanent magnet synchronous motors and brushless DC motors. This is expected to leverage the North America electric motors market expansion.
The shift towards electric vehicles (EVs) is one of the North America electric motors market drivers. With the automotive sector moving away from internal combustion engines, the demand for electric motors is surging, as these motors are essential for powering EVs. Governments are supporting this transition through incentives and subsidies, further boosting the market growth.
Technological advancements in motor design and materials are enhancing the performance and reducing the sizes of electric motors. Innovations such as integrated motor drives and improvements in magnetic materials are making motors more efficient and cost-effective. These advancements are crucial for applications in robotics, drones, and other technologically advanced equipment. This is expected to drive the North America electric motors market development.
The integration of electric motors with IoT (Internet of Things) and other smart technologies is expected to be one of the key North America electric motors market trends. Smart electric motors that can monitor their own performance and maintenance needs in real-time offer significant advantages in terms of efficiency and cost savings. These technologies not only enhance motor lifespan but also optimise energy usage, which is crucial in today’s energy-conscious environment.
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The expansion of the renewable energy sector presents another significant opportunity for the North America electric motors market growth. As wind turbines and other renewable energy technologies rely heavily on electric motors, the increasing investments and installations of renewable energy sources are likely to propel the demand for highly efficient and durable electric motors.
In the realm of HVAC systems, the drive towards more energy-efficient and smarter building solutions continues to spur the demand for advanced electric motors. The North America market is seeing a rise in the adoption of HVAC systems integrated with variable frequency drives (VFDs), which adjust motor speed based on demand, thereby reducing energy consumption significantly. This is expected to accelerate the North America electric motors market development.
Companies in the electric motors market are taking strategic initiatives such as mergers, acquisitions, and partnerships to strengthen their market position and expand their technological capabilities. For example, collaborations between motor manufacturers and technology firms are aiming to produce next-generation motors that are more efficient, smaller, and less costly.
As North America continues to lead in technological innovation and sustainable industrial practices, the market is well-positioned for significant expansion. The increasing demand across various industries, coupled with the push towards greener technologies, sets a dynamic stage for the future of electric motors in the region. With a focus on innovation and sustainability, the market is poised to meet the changing demands of the modern industrial landscape, ensuring a robust growth path in the years to come.
Market Segmentation
The market can be divided based on type, voltage, power output, application, and country.
Market Breakup by Type
- AC
- DC
Market Breakup by Voltage
- Less Than 1 kV
- Between 1kV-6kV
- Higher Than 6 kV
Market Breakup by Power Output
- Up to 1 HP
- More Than 1 HP
Market Breakup by Application
- Residential
- Commercial
- Industrial
- Transportation
- Agriculture
Market Breakup by Country
- United States of America
- Canada
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America electric motors market. Some of the major players explored in the report by Expert Market Research are as follows:
- ABB Ltd.
- Robert Bosch GmbH
- Hitachi Ltd.
- Johnson Electric Holdings Limited
- AMETEK. Inc.
- Siemens AG
- Toshiba International Corporation
- TECO-Westinghouse Motor Company
- Maxon International ltd.
- Warfield Electric Company
- Others
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