Dublin, June 18, 2024 (GLOBE NEWSWIRE) -- The "North America Electric Motor Market Report by Type, Voltage, Speed, Applications, and Country 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The North America electric motor market has experienced a substantial size of US$ 29.4 Billion in 2023. With the trajectory set towards sustainability and energy efficiency, the industry is projected to expand to a market value of US$ 36.5 Billion by 2032, growing at a CAGR of 2.4% from 2023 to 2032. This market evolution is underpinned by the rising costs of fossil fuels and a burgeoning awareness of the environmental and practical benefits of electric motor systems.
A technological revolution is sweeping the North American automobile sector, pivoting from conventional combustion-engine vehicles to electric variants. Regulations aimed at curbing greenhouse gas emissions synergize with this change, thereby stimulating the electric motor market. The deployment of electric vehicles represents a cornerstone for a sustainable future, and the electric motor, with its high efficiency and reliability, plays a critical role in this transition.
Market Trends and Insights
Cost-efficiency and reduced environmental impact are at the forefront of the North America electric motor market growth. Demand for these motors is ascendant in the face of increasing electric vehicle adoption, powered by their greater energy efficiency and lower long-term energy costs. The industry is also riding a wave of heightened adoption across sectors, from automotive to aerospace and industrial machinery. Segmentation Analysis
The market analysis delves into subdivisions by type, voltage, speed, and applications, with AC motors, especially low voltage variants, spearheading market dominance. High-speed motors are seeing rapid growth, further bolstered by the electric vehicle sector’s upswing. The domain of industrial machinery prevails in application-based analysis due to electric motors’ amplified efficiency and the accelerating automation trend. Regional Highlights
Geographically, the United States holds the premier position in the North America electric motor market, fuelled by burgeoning sectors such as HVAC, electric vehicles, consumer appliances, and consistent industrial demand. Canada also exhibits robust market dynamics, contributing significantly to the overall market expansion.
Competitive Landscape and Outlook
An extensive examination of the competitive milieu spotlights the fragmented nature of the market, with a plethora of players demonstrating the accessibility and investment allure of the industry. While the market braves new entrants, leading companies continue to innovate and bolster their position within the region's electric motor arena.
Key Market Questions
The report anchors key industry questions, addressing the market scope from 2023, growth rate expectations, driving factors, COVID-19 impact, segmental breakdowns, and extending through to regional analyses to present an overarching perspective of the North America electric motor sector's path forward.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 123 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $29.4 Billion |
| Forecasted Market Value (USD) by 2032 | $36.5 Billion |
| Compound Annual Growth Rate | 2.4% |
| Regions Covered | North America |
For more information about this report visit https://www.researchandmarkets.com/r/5iq2bw
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