The North America Electric Motor Market would witness market growth of 6.8% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 46,699.5 thousand units, showcasing a growth of 7.3% (2019-2022).
The market is closely tied to the growing e-mobility revolution. As electric vehicles gain popularity, advancements in motor technology, including higher power density and lighter materials, are crucial for extending vehicle range and reducing charging times. Sustainable practices and recycling in the market are gaining traction. Motor manufacturers increasingly focus on reducing waste, using environmentally friendly materials, and improving motor recycling processes. The demand for smaller, lighter, and more compact electric motors is rising. Miniaturization is essential for various applications, including portable electronics, medical devices, and robotics.
With the expansion of renewable energy sources, power relies heavily on these motors. Wind turbines and solar tracking systems use these motors for power generation and precise control. As renewable energy installations increase, so does the demand for them in this sector. As sustainability becomes more important, their recycling is gaining traction. The recovery of valuable materials from discarded motors is contributing to the circular economy and reducing waste, further promoting the use of these motors. They are used in an increasingly diverse range of applications, from industrial machinery and automotive to household appliances and consumer electronics. Their adaptability and versatility make them relevant in various sectors, driving market growth.
According to the National Institutes of Standards and Technology, in 2021, manufacturing contributed $2.3 trillion to US GDP, amounting to 12.0 % of total US GDP. Including direct and indirect (i.e., purchases from other industries) value-added, manufacturing contributed an estimated 24 % of GDP. The manufacturing industry increasingly relies on industrial automation to improve efficiency and productivity. They are used to power conveyors, driving the demand for motors with varying specifications. These aspects will boost the market growth in the coming years.
The US market dominated the North America Electric Motor Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $37,435.3 million by 2030. The Canada market is registering a CAGR of 9.2% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 8.2% during (2023 - 2030).
Based on Output Power, the market is segmented into Fractional Horsepower (FHP), and Integral Horsepower (IHP). Based on Type, the market is segmented into AC Motor (Induction, Synchronous), DC Motor (Brushless, Brushed), and Hermetic Motor. Based on End User, the market is segmented into Motor Vehicles, Industrial Machinery, HVAC Equipment, Household Appliances, Aerospace & Transportation, Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Electric Motor Market is Predict to reach $236.3 Billion by 2030, at a CAGR of 7.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, General Electric Company, Siemens AG, Hitachi, Ltd., Mitsubishi Electric Corporation, ABB Group, Denso Corporation, Magna International, Inc., Toshiba Corporation, Emerson Electric Co.
By Output Power (Volume, Thousand Units, USD Billion, 2019-2030)
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
By End User (Volume, Thousand Units, USD Billion, 2019-2030)
By Country (Volume, Thousand Units, USD Billion, 2019-2030)
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