North America Electric Motor Market Growth 2024, Industry Trends, Demand and Analysis Report By 2032

The latest report by IMARC Group, titled “North America Electric Motor Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,“ offers a comprehensive analysis of the industry, which comprises insights into the North America electric motor market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The North America electric motor market size reached US$ 29.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 36.5 Billion by 2032, exhibiting a growth rate (CAGR) of 2.4% during 2024-2032.

North America Electric Motor Market Overview:

An electric motor is a device that converts electrical energy into mechanical energy through the interaction of electric currents and magnetic fields. It operates on the fundamental principle of electromagnetism, where a current-carrying conductor within a magnetic field experiences a force, resulting in rotational motion. Electric motors are integral components in various applications, from household appliances and industrial machinery to electric vehicles. They come in different types, such as DC (direct current) and AC (alternating current) motors, each suited to specific applications. Electric motors are known for their efficiency, reliability, and versatility, playing a pivotal role in modern technological advancements and contributing significantly to the development of electric transportation and sustainable energy systems.

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North America Electric Motor Market Trends:

The market in North America is majorly driven by the increasing push towards electrification in transportation. The rise of electric vehicles (EVs) relies heavily on advanced electric motor technology for propulsion, fostering the growth of the electric motor market. Besides, the escalating adoption of electric motors in industrial applications contributes to market expansion. Industries seek energy-efficient solutions for machinery and automation systems, driving the demand for electric motors known for their high efficiency and precise control. Moreover, the renewable energy sector plays a pivotal role.

Wind turbines, which are integral components of wind energy systems, heavily rely on electric motors for power generation. As the world increasingly embraces renewable energy sources, the demand for electric motors in wind energy applications continues to grow. Additionally, the development of smart and connected technologies contributes to market growth. Electric motors equipped with sensors and advanced control systems enhance performance, efficiency, and maintenance, meeting the requirements of the evolving industrial landscape. Furthermore, stringent environmental regulations and sustainability goals drive industries to adopt electric motors as part of their green initiatives. Governments and organizations worldwide promote energy-efficient solutions to reduce carbon footprints, propelling the electric motor market forward.

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North America Electric Motor Market Segmentation:

Type Insights:

• AC Motor

• Induction AC Motor
• Synchronous AC Motor

• DC Motor

• Brushed DC Motor
• Brushless DC Motor

• Others

Voltage Insights:

• Low Voltage Electric Motors
• Medium Voltage Electric Motors
• High Voltage Electric Motors

Speed Insights:

• Ultra-High-Speed Motors
• High-Speed Motors
• Medium Speed Motors
• Low Speed Motors

Applications Insights:

• Industrial Machinery
• HVAC
• Transportation
• Household Appliances
• Motor Vehicles
• Others

Country Insights:

• United States
• Canada

Competitive Landscape:

The report has provided a comprehensive analysis of the competitive landscape in the market.

Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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