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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
North America Induction AC Electric Motor Market Analysis by Region
United States and Canada have substantial market shares due to rapidly expanding industries
The market is dominated by the United States and Canada due to the rising demand for electric vehicles in these countries. As per industry reports, in 2022, the US saw nearly 1 million EV units sold, with Tesla accounting for over 56% of those sales. California is the leading state for EV adoption, making up 35% of all EV registrations in 2023, with Los Angeles and San Francisco being the top markets. Overall, there are currently around 2.44 million EVs registered in the US.
Moreover, North America induction AC electric motor market share is also growing in US and Canada due to recent developments, such as the introduction of the AMI 5800 NEMA modular induction motor by ABB in June 2023, designed for use in demanding applications. In 2022, the U.S. Department of Energy (DOE) announced new energy efficiency standards for electric motors, which are expected to drive the adoption of high-efficiency induction AC motors. Additionally, in 2021, the Canadian government announced a plan to invest CAD 1.5 billion in clean energy projects, including the development of energy-efficient electric motors.
North America Induction AC Electric Motor Market Report Snapshots
North America Induction AC Electric Motor Market Size
North America Induction AC Electric Motor Market Growth
North America Induction AC Electric Motor Market Trends
North America Induction AC Electric Motor Market Share
North America Induction AC Electric Motor Companies
North America Induction AC Electric Motor Market Regional Analysis
*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 attained a value of USD 5.34 billion.
The induction AC electric motor market in North America is expected to grow at a CAGR of 12.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 15.68 billion by 2032.
Characteristics such as healthy lifespan, adaptability, flexibility, and low noise output, among others are augmenting the applications of induction AC electric motors in several commercial and industrial uses, which is driving the market’s growth.
Key trends include the use of induction AC electric motors in heating, ventilation, and air conditioning (HVAC) equipment to save energy and reduce carbon dioxide emissions along with rising focus on energy efficiency.
Countries considered in the market are United States and Canada.
The different types of induction AC electric motors in the market are < 1 kV, 1 kV – 6 kV, and > 6 kV.
The market, based on efficiency ratings, can be classified into IE1, IE2, IE3, and IE4.
The significant applications of induction AC electric motor are industrial, motor vehicle, HVAC, and household, among others.
Key players in the market are ABB Ltd., Rockwell Automation, Inc., Siemens AG, ARC Systems, Inc., and Emerson Electric Co., among others.
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