North America Electric Motors Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Electric Motors Market Analysis
The North American electric motors market is projected to grow by registering a CAGR of 5.2% during the forecast period. The market for electric motors is anticipated to be driven by rising household electric motor usage, EV adoption, and industrial process automation.
- Various factors are currently driving the North American electric motor industry, which includes the growing adoption of automation and mechanization across several industries.
- The electric motor market will benefit significantly from the increased demand for robotics and autonomous robot technologies. Additionally, growing technological developments have resulted in the introduction of home appliances powered by electric motors, favorably impacting the market growth.
- According to the United Nations Industrial Development Organization, electric motor systems account for 60% of industrial electricity consumption, so reducing the electricity consumption and investments to overcome these barriers supported the growth of energy-efficient motors.
- Further, the government's regulations regarding the use of low-power-consuming motors encourage the replacement of the old ones. For instance, the US government commenced the regulation of electric motor efficiency back in 1992 via the "Energy Efficiency Provision" of the Energy Policy Act (EPAct). Then, in 1997, it established minimum energy performance standards (MEPS) for electric motors.
- Companies are offering these motors for different purposes. For instance, Regal Beloit Corporation, the manufacturer of single and three-phase AC motors in NEMA and IEC enclosures and variable-speed control solutions, offers a broad range of electric motors that can provide high-quality and energy-efficient solutions for industries globally, such as HVAC, pumping, fans and blowers, compressors, and industrial machinery.
- The COVID-19 pandemic led to global changes on a large scale. One of the areas that have been most impacted is transportation. In general, macroeconomic factors significantly impact the global auto market. This is particularly true of electric motors, on which EVs continue to be heavily dependent due to their rapid expansion. Travel limitations, unemployment, and low oil prices as a result of COVID-19 have all had a substantial impact on the market for electric motors in the EV business. However, as the economies recovered from the pandemic, the industry witnessed considerable growth due to increased demand for various electric and automotive products.
North America Electric Motors Market Trends
Industrial Sector to Hold Significant Market Share
- In the industrial sector, electric motors are used in pumping systems, compressors, and other turbomachinery equipment for the manufacturing and processing products in various industries, such as chemicals, oil, and gas production, refining, mining, and food and beverage.
- The use of electric motors in numerous industrial applications is no longer limited to automobiles. The introduction of electric motors has made it possible to drive electric motorcycles with an increasing number of professional features, motorbikes with extraordinary performances, such as CRP or Harley Davidson, navigate with Riva boats, and compete with electric single-seaters.
- Further, the industrial manufacturing world is also progressively catching up with it. This includes packaging, food processing equipment, machine tools, and all other industries where the internal motion of the machine itself must perform operations.
- Natural gas production has significantly increased due to the application of technologies like horizontal directional drilling and hydraulic fracturing (fracking). Natural gas usage has increased due to its affordability and environmental advantages, and similar trends are anticipated in the near future. This will probably lead to more infrastructure projects using natural gas, raising the demand for electric motors globally.
- Moreover, the chemical injection pump used in the chemical industry is powered by DC motors. Industry insiders believe electric motors to be more economical than prime movers powered by engines. Installation and upkeep costs of DC electric motors are lower compared to other kinds of motors. Additionally, no external expenditures are associated with fuel or emissions compliance when using electric motors. This will probably lead to a rise in chemical injection pump applications in many other industries, including agriculture, oil/gas, and water/wastewater treatment. This will probably lead to increased demand for electric motors globally.
Adoption of Electric Motors in Automotive Industry is Expected to Grow
- With the growing advancements in electric car technology, the automobile industry is shifting toward electric mobility across the globe, and the North American region is no exception. The aggressive steps taken in the United States to decarbonize society encourage greater uptake of electric vehicles with electric motors.
- The companies in the region are constantly focusing on the advancements in battery technologies that will reduce battery costs and improve their charging speed, as well as increasing government support in various forms, such as tax exemptions and incentives to promote environmentally friendly electric vehicles that use electric motors. These factors are significant drivers for the growth of the electric motor market.
- The demand for AC synchronous motors is now the largest in North America. This motor in this region is utilized nearly solely in automotive and industrial processes due to its durability, simplicity, lifespan, and lack of need for exotic materials.
- The growing penetration rate of electric vehicles in the region also augments the market expansion. According to the Bank of America, the projected all-electric vehicle penetration rate in the region is expected to reach 10% by 2025 and 30% by 2030.
North America Electric Motors Industry Overview
The North American electric motors market is fragmented and accommodates several key players such as General Electric Company, Mitsubishi Heavy Industries, and ABB Ltd. Key companies operating in the market are focusing on different growth strategies to stabilize their position in the market.
- September 2022 - Mitsubishi Electric Corporation, together with Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), announced the development of an electrical motor-design support system that incorporates Mitsubishi Electric's Maisart AI technology to reduce the time required for producing electrical motor designs that achieve performance similar to the conventional design methods manually deployed by engineers.
- August 2022 - ABB announced signing an agreement with Siemens to purchase its low-voltage NEMA motor business. This acquisition provides a well-regarded product portfolio, an experienced operations, sales, and management team, and a longstanding North American customer base. The business employs around 600 people. It generated revenues of approximately USD 63 million in 2021.
North America Electric Motors Market Leaders
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Siemens AG
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Mitsubishi Heavy Industries, Ltd.
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ABB Ltd
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Robert Bosch GmbH
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General Electric Company
*Disclaimer: Major Players sorted in no particular order
North America Electric Motors Market News
- May 2022 - DENSO Corporation, a global mobility supplier, and Honeywell, one of the aerospace leaders, co-developed an electric motor (e-motor) for the Lilium Jet. This is the first product developed by Honeywell and DENSO since formalizing their alliance, and it marks DENSO's entry into the aerospace market.
- April 2022 - To speed the adoption of electric vehicles, ZEVx Inc. and Rockwell Automation Inc., a global corporation focused on industrial automation and digital transformation, have established a three-year strategic partnership. ZEVx will be able to put together bespoke kits for their clients' fleets to speed up the conversion process, increasing the demand for electric motors. This will be accomplished by utilizing Rockwell Automation's technologies and a network of legacy automotive service partners.
North America Electric Motors Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Assessment of COVID-19 Impact on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increased Demand for Electric Motors by Robotics and Autonomous Robot Technologies
5.1.2 Rise in Adoption of Electric Vehicles
5.2 Market Challenges
5.2.1 Fluctuating Raw Material Prices may Hamper Market Growth
6. MARKET SEGMENTATION
6.1 By Motor Type
6.1.1 DC Motor
6.1.2 AC Motor
6.2 By Voltage Type
6.2.1 Less Than 1 KV
6.2.2 Between 1 KV - 6 KV
6.2.3 Higher Than 6 KV
6.3 By Application
6.3.1 Residential
6.3.2 Commercial
6.3.3 Industrial
6.3.4 Automotive
6.4 By Country
6.4.1 United States
6.4.2 Canada
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Robert Bosch GmbH
7.1.2 General Electric Company
7.1.3 ABB Ltd
7.1.4 Mitsubishi Heavy Industries Ltd
7.1.5 Siemens AG
7.1.6 Hitachi, Ltd.
7.1.7 Emerson Electric Co
7.1.8 Denso Corporation
7.1.9 Toshibha Corporation
7.1.10 Brook Corporation
7.1.11 Rockwell Automation
7.1.12 Nidec Corporation
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
North America Electric Motors Industry Segmentation
An electric motor converts electrical energy into mechanical energy. Most of these motors operate through the interaction between the electric current in a wire winding and the magnetic field of the motor.
The North American electric motors market is segmented by AC and DC motor types offered by the companies across various voltage ranges that include less than 1 KV, between 1 and 6 KV, and higher than 6 KV. Moreover, the study analyzes the market based on applications of these motors across residential, commercial, industrial, and automotive markets. The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Motor Type | |
| DC Motor | |
| AC Motor |
| By Voltage Type | |
| Less Than 1 KV | |
| Between 1 KV - 6 KV | |
| Higher Than 6 KV |
| By Application | |
| Residential | |
| Commercial | |
| Industrial | |
| Automotive |
| By Country | |
| United States | |
| Canada |
North America Electric Motors Market Research FAQs
What is the current NA Electric Motors Market size?
The NA Electric Motors Market is projected to register a CAGR of 5.20% during the forecast period (2024-2029)
Who are the key players in NA Electric Motors Market?
Siemens AG, Mitsubishi Heavy Industries, Ltd., ABB Ltd, Robert Bosch GmbH and General Electric Company are the major companies operating in the NA Electric Motors Market.
What years does this NA Electric Motors Market cover?
The report covers the NA Electric Motors Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the NA Electric Motors Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
NA Electric Motors Industry Report
Statistics for the 2024 NA Electric Motors market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. NA Electric Motors analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
NA Electric Motors Market Report Snapshots
