Market Forecast By Motor Type (Alternate Current (AC) Motor, Direct Current (DC) Motor, Hermetic Motor), By Voltage Range (9 V & Below, 10-20 V, 21-60 V, 60 V & Above), By Application (Industrial machinery, Motor vehicles, Heating, ventilating, and cooling (HVAC) equipment, Aerospace & transportation, Household appliances, Other), By Speed (RPM) (Low-Speed Electric Motors (Less Than 1,000 RPM), Medium-Speed Electric Motors (1,001-25,000 RPM), High-Speed Electric Motors (25,001-75,000 RPM), Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM)) And Competitive Landscape
Product Code: ETC041082 | Publication Date: Dec 2023 | Updated Date: May 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
USA Electric Motor market currently, in 2023, has witnessed an HHI of 2046, Which has decreased slightly as compared to the HHI of 2202 in 2017. The market is moving towards moderately competitive. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.
United States (US) Electric Motor Market report thoroughly covers the market by motor type, by voltage range, by application, and by speed. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
United States (US) Electric Motor Market has been growing at a significant rate owing to the benefits they offer, such as high energy efficiency, durability, and low maintenance cost. Today, electric motors have become an essential component in various industries, including automotive, food and beverage, mining, and chemical manufacturing. The rising demand for electric vehicles, increasing industrialization, and the need for efficient machinery are some of the key drivers of the United States (US) Electric Motor Market Growth.
According to 6Wresearch, the United States (US) Electric Motor Market size has been expanding with expected CAGR of 7.5% during the forecast period of 2024-2030. The rising demand for electric vehicles is one of the primary factors propelling the growth of the United States electric motor market. With the increasing concern over greenhouse gas emissions and global warming, consumers are increasingly shifting towards using eco-friendly vehicles that require electric motors. The government's incentives to promote the use of electric vehicles are also driving the market expansion. Another critical driver of the electric motor market is the increasing industrialization in the United States. Industries such as food and beverage, chemical manufacturing, and mining require efficient machinery that can handle heavy loads and operate with minimal noise pollution. Electric motors offer high energy efficiency, low maintenance cost, and high durability, making them an essential component in these industries. Apart from this, the growing trend towards automation and the Internet of Things (IoT) is creating significant opportunities in the electric motor market. With the increasing demand for industrial automation, electric motors are being integrated with smart sensors and cloud computing systems to improve machinery performance, reduce downtime, and enhance quality control. Besides, the integration of electric motors with advanced control systems and software is improving their operational efficiency, making them a cost-effective solution for industries worldwide. The United States electric motor industry also faces some challenges that restrict its growth in the coming years. The shortage of rare earth metals, which is a crucial component in electric motor production, might affect the market's growth. Additionally, the high production cost of electric motors might make them less competitive than conventional motors, particularly in the price-sensitive market.
The United States (US) Electric Motor Market is one of the largest in the world. It is continuously growing and developing through the years, owing to the government's policies and schemes. These policies and schemes aim to promote the market's growth, reduce carbon emissions, and enhance energy efficiency.
Energy Policy and Conservation Act (EPCA)- In 1975, the Energy Policy and Conservation Act (EPCA) was passed, which set new standards for energy efficiency in appliances, including electric motors. The law required manufacturers of electric motors to meet certain standards for efficiency levels, leading to the development of more energy-efficient electric motors.
Energy Independence and Security Act (EISA)- In 2007, the Energy Independence and Security Act (EISA) was enacted to promote energy security and reduce the nation's dependence on foreign oil. EISA established new standards for motors used in commercial and industrial applications, including electric motors, that must meet or exceed specific efficiency levels.
Some of the leading players in the United States (US) Electric Motor Industry include ABB Ltd, Siemens AG, and Toshiba Corporation. ABB Ltd is a Swiss multinational company that offers a wide range of electric motors for various applications, including industrial automation, robotics, and transportation. Siemens AG is a Germany-based multinational corporation that provides electric motors for a wide range of applications, including building automation, water and wastewater treatment, and renewable energy. Toshiba Corporation is a Japanese multinational conglomerate that provides electric motors for various applications, including industrial automation and railway systems.
By Motor Type, the AC motor holds the majority of the market share owing to its high efficiency and wide application in single-phase and three-phase systems. However, the DC motors segment also has significant growth potential, mainly driven by the increasing demand for electric vehicles.
In terms of Application, the industrial machinery segment is forecast to dominate the United States (US) Electric Motor Market Share due to the high use of electric motors in various industries for different applications such as pumps, compressors, and conveyors. However, the motor vehicles segment is expected to grow at the highest CAGR during the forecast period, mainly due to the shift towards EVs and the use of electric motors in hybrid vehicles.
According to Kapil, Senior Research Analyst, at 6Wresearch, the 21-60V segment holds the largest market share due to its widespread use in industrial machinery, household appliances, and HVAC equipment.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 US Electric Motor Market Overview |
3.1 US Country Macro Economic Indicators |
3.2 US Electric Motor Market Revenues & Volume, 2020 & 2030F |
3.3 US Electric Motor Market - Industry Life Cycle |
3.4 US Electric Motor Market - Porter's Five Forces |
3.5 US Electric Motor Market Revenues & Volume Share, By Motor Type, 2020 & 2030F |
3.6 US Electric Motor Market Revenues & Volume Share, By Output Power, 2020 & 2030F |
3.7 US Electric Motor Market Revenues & Volume Share, By Voltage Range, 2020 & 2030F |
3.8 US Electric Motor Market Revenues & Volume Share, By Application, 2020 & 2030F |
3.9 US Electric Motor Market Revenues & Volume Share, By Speed (RPM), 2020 & 2030F |
4 US Electric Motor Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 US Electric Motor Market Trends |
6 US Electric Motor Market, By Types |
6.1 US Electric Motor Market, By Motor Type |
6.1.1 Overview and Analysis |
6.1.2 US Electric Motor Market Revenues & Volume, By Motor Type, 2020 - 2030F |
6.1.3 US Electric Motor Market Revenues & Volume, By Alternate Current (AC) Motor, 2020 - 2030F |
6.1.4 US Electric Motor Market Revenues & Volume, By Direct Current (DC) Motor, 2020 - 2030F |
6.1.5 US Electric Motor Market Revenues & Volume, By Hermetic Motor, 2020 - 2030F |
6.2 US Electric Motor Market, By Output Power |
6.2.1 Overview and Analysis |
6.3 US Electric Motor Market, By Voltage Range |
6.3.1 Overview and Analysis |
6.3.2 US Electric Motor Market Revenues & Volume, By 9 V & Below, 2020 - 2030F |
6.3.3 US Electric Motor Market Revenues & Volume, By 10-20 V, 2020 - 2030F |
6.3.4 US Electric Motor Market Revenues & Volume, By 21-60 V, 2020 - 2030F |
6.3.5 US Electric Motor Market Revenues & Volume, By 60 V & Above, 2020 - 2030F |
6.4 US Electric Motor Market, By Application |
6.4.1 Overview and Analysis |
6.4.2 US Electric Motor Market Revenues & Volume, By Industrial machinery, 2020 - 2030F |
6.4.3 US Electric Motor Market Revenues & Volume, By Motor vehicles, 2020 - 2030F |
6.4.4 US Electric Motor Market Revenues & Volume, By Heating, ventilating, and cooling (HVAC) equipment, 2020 - 2030F |
6.4.5 US Electric Motor Market Revenues & Volume, By Aerospace & transportation, 2020 - 2030F |
6.4.6 US Electric Motor Market Revenues & Volume, By Household appliances, 2020 - 2030F |
6.4.7 US Electric Motor Market Revenues & Volume, By Other, 2020 - 2030F |
6.5 US Electric Motor Market, By Speed (RPM) |
6.5.1 Overview and Analysis |
6.5.2 US Electric Motor Market Revenues & Volume, By Low-Speed Electric Motors (Less Than 1,000 RPM), 2020 - 2030F |
6.5.3 US Electric Motor Market Revenues & Volume, By Medium-Speed Electric Motors (1,001-25,000 RPM), 2020 - 2030F |
6.5.4 US Electric Motor Market Revenues & Volume, By High-Speed Electric Motors (25,001-75,000 RPM), 2020 - 2030F |
6.5.5 US Electric Motor Market Revenues & Volume, By Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM), 2020 - 2030F |
7 US Electric Motor Market Import-Export Trade Statistics |
7.1 US Electric Motor Market Export to Major Countries |
7.2 US Electric Motor Market Imports from Major Countries |
8 US Electric Motor Market Key Performance Indicators |
9 US Electric Motor Market - Opportunity Assessment |
9.1 US Electric Motor Market Opportunity Assessment, By Motor Type, 2020 & 2030F |
9.2 US Electric Motor Market Opportunity Assessment, By Output Power, 2020 & 2030F |
9.3 US Electric Motor Market Opportunity Assessment, By Voltage Range, 2020 & 2030F |
9.4 US Electric Motor Market Opportunity Assessment, By Application, 2020 & 2030F |
9.5 US Electric Motor Market Opportunity Assessment, By Speed (RPM), 2020 & 2030F |
10 US Electric Motor Market - Competitive Landscape |
10.1 US Electric Motor Market Revenue Share, By Companies, 2023 |
10.2 US Electric Motor Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |
Market Forecast By Motor Type (Alternate Current (AC) Motor, Direct Current (DC) Motor, Hermetic Motor), By Voltage Range (9 V & Below, 10-20 V, 21-60 V, 60 V & Above), By Application (Industrial machinery, Motor vehicles, Heating, ventilating, and cooling (HVAC) equipment, Aerospace & transportation, Household appliances, Other), By Speed (RPM) (Low-Speed Electric Motors (Less Than 1,000 RPM), Medium-Speed Electric Motors (1,001-25,000 RPM), High-Speed Electric Motors (25,001-75,000 RPM), Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM)) And Competitive Landscape
Product Code: ETC041082 | Publication Date: Jan 2021 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 |
In the year 2021, Mexico was the largest exporter in terms of value, followed by China. It has registered a growth of 24.6% over the previous year. While China registered a growth of 6.01% as compared to the previous year. In the year 2017, Mexico was the largest exporter followed by China. In terms of the Herfindahl Index, which measures the competitiveness of countries exporting, the USA has a Herfindahl index of 2202 in 2017 which signifies moderately concentrated also in 2021 it registered a Herfindahl index of 1905 which signifies moderately concentrated in the market.
The United States (US) Electric Motor Market report thoroughly covers the market by motor type, voltage, application, and speed. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
United States (US) Electric Motor Market is projected to grow over the coming year. The United States (US) Electric Motor Market report is a part of our periodical regional publication North America Electric Motor Market outlook report. 6W tracks electric motor market for over 60 countries with individual country-wise market opportunity assessment and publishes with the report titled Global Electric Motor Market outlook report annually.
Growing adoption of electric vehicles, rising demand for electric motors from different industries, technological advancements, renewable energy integration, and support from the government are some of the emerging trends of the United States (US) Electric Motor Market. The emergence in popularity of electric vehicles is driving the demand for electric motors. As industries in the country are growing, it is fueling the demand for electric motors. The market is seeing advancements in the design, control systems, and materials of these motors and this development leads to high power densities, enhanced efficiency, and enhanced performance. The government is implementing incentives and policies in order to promote the usage of electric motors and electric vehicles and these are grants, tax credits, and funding for research and development. The United States Electric Motor Market Share is expanding owing to these trends.
The United States Electric Motor Market is expected to register growth during the upcoming period on account of increasing manufacturing processes. The electric motor is widely used for converting electric energy to mechanical energy further boosting the growth of the market.
According to 6Wresearch, the United States (US) Electric Motor Market size is projected to register growth during 2020-2026. The growing construction sector beholds the deployment of electric motors. Increasing adoption of electric vehicles in order to alleviate the usage of fossil fuels adds to the growth of the Electric Motors Market in the United States. increasing urbanization and rapid development of infrastructure trigger the potential growth of the electric motor market in the US. The rising residential and commercial sector is also responsible for the increasing growth of the market. The country’s government is taking numerous initiatives to encourage renewable energy sources which is fueling the United States Electric Motor Market Growth. Government initiatives help the sector to grow faster and in an efficient manner. Smart technologies also play an essential role in market growth since the market is becoming efficient by adopting advanced technologies. Huge initial and maintenance cost is a restraining factors in the development of the electric motor market in the US.
The market suffered a major setback due to the outbreak of COVID-19. The nationwide lockdown hampered the market growth by causing disruption in the supply chain of electric motors. The disruptions to the supply chain affected the availability of components and raw materials essential for the manufacturing of these motors. Factory closures decreased production capacities and international trade. One of the major consumers of electric motors which is the automotive industry faced challenges that affected the sales of electric motors since the market had to shut down and there was a significant decline in the demand for these motors as people avoided spending on luxury items.
Some prominent market players that have been boosting the growth of this industry are:
According to Gyan, Senior Research Analyst, 6Wresearch, on the basis of application Heating, Ventilating, And Cooling (HVAC) Equipment segment is dominating the sector and is projected to dominate it in the future.
The report provides a detailed analysis of the following market segments: