NA Electric Motors Market Size (2024 - 2029)

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 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.