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Report Overview
The North America electric motors market was valued at USD 30.56 Billion in 2023. The market is expected to grow at a CAGR of 5.30% during the forecast period of 2024-2032 to attain a value of USD 48.64 Billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- The North America electric motors market expansion is driven by factors such as rising government programs to promote emission-free vehicles, increasing demand for HVAC systems in commercial and residential sectors, and the growth of the automotive industry.
- The demand for AC synchronous motors is the largest in North America, primarily used in automotive and industrial processes.
- As per industry reports, the market is dominated by a few major players, including ABB, Siemens, Wolong Electric, NIDEC Corporation, and WEG S.A.
Competitive Landscape
Market players are focused on product development based on R&D in electric motor manufacturing to gain maximum revenue benefits. The companies are heavily investing in producing electric motors for industrial applications, including power generation, oil and gas, and transportation which can boost the demand of North America electric motors market. Their motors are designed for durability and energy efficiency, especially in high-demand environments. Some companies are also offering automation and smart manufacturing solutions.
Key Industry Players
ABB Ltd.
This company is a key player in North America electric motors market, focusing on both low- and high-voltage motors for industries like automotive, energy, and industrial automation.
Robert Bosch GmbH
Bosch is a German multinational engineering and technology company that operates across a wide range of sectors such as automotive, industrial technology, consumer goods, and energy and building technology.
Hitachi Ltd.
It is a Japanese multinational corporation which is involved in the production of motors for electric vehicles, as well as high-efficiency industrial motors. The company has been a key player in developing electric powertrains for EVs and hybrid vehicles, focusing on energy-efficient solutions to meet the growing demand for green technologies.
Other major North America electric motors market players are Johnson Electric Holdings Limited, AMETEK. Inc., Siemens AG, Toshiba International Corporation, TECO-Westinghouse Motor Company, Maxon International ltd., and Warfield Electric Company, among others.
North America Electric Motors Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 30.56 Billion.
The North America electric motors market is assessed to grow at a CAGR of 5.30% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 48.64 Billion by 2032.
The market is driven by factors such as the rise in government initiatives to encourage the use of electric bikes, consumer inclination towards electric bikes, and the expansion of the tourism sector.
Key trends aiding the market expansion include the development of lightweight electrical energy storage systems and the trend towards connected e-bikes.
Countries considered in the market are United States of America and Canada.
Based on application, the market segmentations include residential, commercial, industrial, transportation, and agriculture.
AC and DC motors are considered in the report.
Key players in the market are 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., and Warfield Electric Company, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124