Electric Motors Market in North America, Forecast to 2024

Growing Need for Higher Efficiency Motors, Trend of Electrification and Growth in Factory Automation are the Top Market Drivers

This research presents the forecast scenario in the North American electric motors market from 2020 to 2024 – including sales by geographic regions, motor technologies, motor power ratings and major end-user industries.

Geographic segments included are the United States and Canada.

Motor technologies included are AC Induction/Asynchronous motor; AC Synchronous, which includes Permanent Magnet AC (PMAC) motor, reluctance motor and other synchronous motors; Brushed DC motor; brushless DC motor or electronically commutated motor; and servo & stepper motor.

End-user segments include metals & mining, oil & gas, electric power generation, chemicals and petrochemicals, water and wastewater treatment, food & beverage, other process industries, discrete industries, medical devices and building automation, marine, heating, ventilation and air conditioning (HVAC), lawn and gardening equipment, and traction.

In addition, this study discusses the competitive revenues and market shares in 2019 and the technology and business trends that are expected to impact the market from 2019 to 2024.

The adoption of permanent magnet (PM) alternative current (AC) motors increased in 2019 due to their advantages such as space savings and higher energy efficiency.

The sale of electronically commutated (EC) motors (also known as brushless direct current (DC) motors) is likely to remain higher than the market average growth in 2018. The increasing percentage of fans, blowers, water pumps, industrial robots and medical devices fitted with these motors will drive the market in 2019.

Revenue growth for the market is being enabled by the long-term trends of increasing electrification trend and end-users' willingness to invest in higher energy-efficient technologies in order to reduce their operating cost and also their carbon footprint (in order to market themselves as green companies.

Constant investments into segments such as oil & gas, water & wastewater treatment enabled by growing demand for natural gas liquefaction and transportation are likely to be instrumental in boosting the revenue growth for electric motors from 2020 to 2024.

Expected increase in the uptake of electric vehicles (EVs) and hybrid electric vehicles (HEVs) will lead to an increase in the demand for traction motors used in these vehicles.

Market revenue in $ million has been provided for 2 countries, 7 product segments by motor technology, 3 product segments by motor power and voltage rating and 13 end-user segments.

The research estimates the motors market size from 2016 to 2019 and provides a forecast for the market for the period from 2020 to 2024.