North America Electric Motors Market Trends, Share, Size, Demand, Revenue and Future Outlook
North America Electric Motors Market Growth, Size, Trends Analysis- By Motor Type, By Voltage Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Oct-2024 | Report ID: POAE2487 | Pages: 1 - 159 | Formats*: |
| Category : Power & Energy | |||
North America Electric Motors Market Introduction and Overview
According to SPER Market Research, the North America Electric Motors Market is estimated to reach USD 37.47 billion by 2033 with a CAGR of 2.65%.
The report includes an in-depth analysis of the North America Electric Motors Market, including market size and trends, product mix, applications, and supplier analysis. An electric motor is a device that uses electricity to convert electrical energy into mechanical energy. The majority of contemporary electrical motors operate by combining the motor's magnetic field with electric current passing through a wire winding to produce torque on the motor shaft. The industrial, agricultural, and automotive sectors are the greatest places to use these motors. But as technology develops and cities get denser, motors become more and more necessary for both household and business applications. Moreover, the heating and air conditioning (HVAC) business is the one with the quickest rate of growth for motor deployment.
- May 2022 - An electric motor (e-motor) for the Lilium Jet was co-developed by globally recognised aerospace company Honeywell and mobility provider DENSO Corporation. This device represents DENSO's first foray into the aerospace industry and is the first product that Honeywell and DENSO have developed together since formally forming their alliance.
- The acquisition of Bison Gear & Engineering Corp. (Bison), a top producer of highly designed motion control solutions covering a variety of markets and applications, was announced by AMETEK, Inc. in May 2023. For use in difficult and precise applications in the automation, power, food & beverage, and transportation sectors, Bison develops and produces specialised motion control solutions.
Market Opportunities and Challenges
Opportunities- The electric motor market in North America is now being driven by a number of factors, including the increasing use of automation and mechanisation in a number of industries. The market for electric motors stands to gain a great deal from the growing interest in robotics and autonomous robot technology. Furthermore, the introduction of household appliances with electric motors has been facilitated by ongoing technological advancements, which has positively impacted market growth. The development of energy-efficient motors was aided by efforts to reduce electricity use and remove obstacles, as electric motor systems are responsible for 60% of industrial electricity consumption, according to the United Nations Industrial Development Organisation.
Challenges-
High Maintenance Costs Impede Market Expansion- The high cost of motor maintenance is the main factor that can limit the growth of this important sector. Customers may be less likely to embrace it if the operating costs are likewise quite expensive in specific circumstances. For instance, the cost of the operation per hour rises noticeably when a high-horsepower motor is utilised in conjunction with a low load factor. Some motors, like induction motors, do not, however, have a self-starting torque. Furthermore, auxiliaries may also be necessary to start single-phase motors. As a result, these factors may hinder the market's expansion.
Market Competitive Landscape
The electric motors market in North America is characterised by fragmentation and features multiple prominent competitors, including ABB Ltd, Mitsubishi Heavy Industries, and General Electric Company. To maintain their position in the industry, major players are concentrating on various expansion tactics.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Motor Type, By Voltage Type, By Application. |
| Regions covered | Canada, Mexico United States, Cuba, Panama, Greenland, Rest of North America. |
| Companies Covered | Robert Bosch GmbH, General Electric Company, ABB Ltd, Mitsubishi Heavy Industries Ltd, Siemens AG, Hitachi, Ltd, Emerson Electric Co, Denso Corporation, Toshibha Corporation, Brook Corporation. |
COVID-19 Impact on North America Electric Motors Market
The COVID-19 pandemic had a major impact on the electric motor industry. As governments throughout the area shut down and adopted social distancing measures, demand for electric motors fell as firms and manufacturers were forced to close or decrease operations. Furthermore, supply chains were disrupted as manufacturers struggled to obtain the components required to create electric motors, causing delays and shortages. Furthermore, the pandemic prompted many businesses to shift their focus to vital goods and services, resulting in lower demand for non-essential products like electric motors. As a result, some electric motor manufacturers were compelled to slow or even stop manufacturing entirely, resulting in revenue losses and job cutbacks.
Key Target Audience:
- Electric Motor Manufacturers
- Automotive Manufacturers
- Industrial Machinery Manufacturers
- HVAC System Manufacturers
- Aerospace and Defense Companies
- Electric Vehicle (EV) Manufacturers
- Renewable Energy Companies
- Construction Equipment Manufacturers
- Government Regulatory Bodies
- Electrical Distributors and Suppliers
- Research and Development Institutions
- Industrial Automation Companies
- Marine Equipment Manufacturers
Our in-depth analysis of the North America Electric Motors Market includes the following segments:
| By Motor Type: | |
| By Voltage Type: | |
| By Application: |
Key Topics Covered in the Report:
- North America Electric Motors Market Size (FY’2024-FY’2033)
- Overview of North America Electric Motors Market
- Segmentation of North America Electric Motors Market by Motor Type (DC and AC)
- Segmentation of North America Electric Motors Market by Voltage Type (Less Than 1 KV, Between 1 KV - 6 KV, and Higher Than 6 KV)
- Segmentation of North America Electric Motors Market by Application (Residential, Commercial, Industrial, and Automotive)
- Statistical Snap of North America Electric Motors Market
- Expansion Analysis of North America Electric Motors Market
- Problems and Obstacles in North America Electric Motors Market
- Competitive Landscape in the North America Electric Motors Market
- Impact of COVID-19 and Demonetization on North America Electric Motors Market
- Details on Current Investment in North America Electric Motors Market
- Competitive Analysis of North America Electric Motors Market
- Prominent Players in the North America Electric Motors Market
- SWOT Analysis of North America Electric Motors Market
- North America Electric Motors Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the North America Electric Motors Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. North America Electric Motors Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in North America Electric Motors Market
7. North America Electric Motors Market, By Motor Type (USD Million) 2020-2033
7.1. North America Electric Motors Market Size, Share and Forecast, By Motor Type, 2020-20267.2. North America Electric Motors Market Size, Share and Forecast, By Motor Type, 2027-20337.3. DC Motor7.4. AC Motor
8. North America Electric Motors Market, By Voltage Type (USD Million) 2020-2033
8.1. North America Electric Motors Market Size, Share and Forecast, By Voltage Type, 2020-20268.2. North America Electric Motors Market Size, Share and Forecast, By Voltage Type, 2027-20338.3. Less Than 1 KV8.4. Between 1 KV - 6 KV8.5. Higher Than 6 KV
9. North America Electric Motors Market, By Application (USD Million) 2020-2033
9.1. North America Electric Motors Market Size, Share and Forecast, By Application, 2020-20269.2. North America Electric Motors Market Size, Share and Forecast, By Application, 2027-20339.3. Residential9.4. Commercial9.5. Industrial9.6. Automotive
10. North America Electric Motors Market Forecast, 2020-2033 (USD Million)
10.1. North America Electric Motors Market Size and Market Share
11. North America Electric Motors Market, By Region, 2020-2033 (USD Million)
11.1. North America Electric Motors Market Size and Market Share By Region (2020-2026)11.2. North America Electric Motors Market Size and Market Share By Region (2027-2033)11.3. North America
11.3.1. Canada11.3.2. Mexico11.3.3. United States11.3.4. Cuba11.3.5. Panama11.3.6. Greenland11.3.7. Rest of North America
12. Company Profile
12.1. Robert Bosch GmbH
12.1.1. Company details12.1.2. Financial outlook12.1.3. Product summary12.1.4. Recent developments
12.2. General Electric Company
12.2.1. Company details12.2.2. Financial outlook12.2.3. Product summary12.2.4. Recent developments
12.3. ABB Ltd
12.3.1. Company details12.3.2. Financial outlook12.3.3. Product summary12.3.4. Recent developments
12.4. Mitsubishi Heavy Industries Ltd
12.4.1. Company details12.4.2. Financial outlook12.4.3. Product summary12.4.4. Recent developments
12.5. Siemens AG
12.5.1. Company details12.5.2. Financial outlook12.5.3. Product summary12.5.4. Recent developments
12.6. Hitachi, Ltd
12.6.1. Company details12.6.2. Financial outlook12.6.3. Product summary12.6.4. Recent developments
12.7. Emerson Electric Co
12.7.1. Company details12.7.2. Financial outlook12.7.3. Product summary12.7.4. Recent developments
12.8. Denso Corporation
12.8.1. Company details12.8.2. Financial outlook12.8.3. Product summary12.8.4. Recent developments
12.9. Toshibha Corporation
12.9.1. Company details12.9.2. Financial outlook12.9.3. Product summary12.9.4. Recent developments
12.10. Brook Corporation
12.10.1. Company details12.10.2. Financial outlook12.10.3. Product summary12.10.4. Recent developments
12.11. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
North America Electric Motors Market is projected to reach USD 37.47 billion by 2033, growing at a CAGR of 2.65% during the forecast period.
North America Electric Motors Market grew in Market size from 2024. The Market is expected to reach USD 37.47 billion by 2033, at a CAGR of 2.65% during the forecast period.
North America Electric Motors Market CAGR of 2.65% during the forecast period.
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North America Electric Motors Market size is USD 37.47 billion from 2024 to 2033.
North America Electric Motors Market is covered By Motor Type, By Voltage Type, By Application.
The North America is anticipated to have the highest Market share in the North America Electric Motors Market.
The key players in the Market include Companies Covered Robert Bosch GmbH, General Electric Company, ABB Ltd, Mitsubishi Heavy Industries Ltd, Siemens AG, Hitachi, Ltd, Emerson Electric Co, Denso Corporation, Toshibha Corporation, Brook Corporation.
An electric motor is a device that uses electricity to convert electrical energy into mechanical energy. The majority of contemporary electrical motors operate by combining the motor's magnetic field with electric current passing through a wire winding to produce torque on the motor shaft.
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