United States Electric Motors Market Size, Share & Industry Analysis | 2032

U.S. Electric Motors Market Growth, Demand, Key Players, Report and Forecast

georgebuttler2 days ago

3 5 minutes read

Table of Contents

United States Electric Motors Market Outlook

According to the report by Expert Market Research (EMR), the United States electric motors market size attained a value of USD 26.26 billion in 2023. Aided by the increasing adoption of electric vehicles (EVs), the ongoing shift toward renewable energy, and the expanding applications of electric motors across various industries, the market is projected to grow at a CAGR of 5.1% between 2024 and 2032, reaching a value of USD 41.36 billion by 2032.

Electric motors, which convert electrical energy into mechanical motion, are essential components in a wide array of industries, including automotive, manufacturing, HVAC (heating, ventilation, and air conditioning), and aerospace. In the automotive sector, electric motors are pivotal in the propulsion systems of EVs, contributing to the global transition towards cleaner and more efficient transportation systems. Beyond automotive, electric motors are integral to industrial machinery, household appliances, and energy systems, including wind turbines and solar energy storage.

Key Market Drivers

One of the primary drivers of the United States electric motors market is the rising demand for electric vehicles. The transition towards EVs is being accelerated by government policies aimed at reducing greenhouse gas emissions, coupled with growing consumer demand for sustainable and cost-efficient transportation. Electric motors are key components in EVs, and their increasing adoption has fueled the demand for efficient and durable electric motors, further propelling the market’s growth. The U.S. government’s incentives for both consumers and manufacturers, such as tax rebates and subsidies, have also played a significant role in boosting the demand for EVs, thereby supporting the electric motors market.

Another significant driver is the ongoing push toward renewable energy and energy efficiency. Electric motors are critical in renewable energy applications, including wind turbines and solar power generation systems, where they are used to convert wind or solar energy into usable electrical energy. The expansion of renewable energy infrastructure in the United States, particularly in solar and wind energy sectors, has spurred the need for high-efficiency electric motors. The U.S. government’s focus on renewable energy as part of its climate goals, including the commitment to reach net-zero emissions by 2050, is expected to further drive the demand for electric motors in the coming years.

In addition to automotive and energy, the industrial sector is a key contributor to the growth of the electric motors market. Manufacturing plants, particularly those employing automation and robotics, rely heavily on electric motors for various applications such as conveyor systems, pumps, and compressors. As the U.S. continues to embrace automation and advanced manufacturing technologies, the demand for electric motors that can provide precision control and energy efficiency will continue to grow.

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Impact of Electric Vehicles on the Market

The rising adoption of electric vehicles is one of the most significant trends shaping the United States electric motors market. Electric motors are essential for the operation of EVs, providing propulsion and controlling vehicle functions such as steering and braking. The growing emphasis on reducing carbon emissions and reliance on fossil fuels has led to a significant shift towards EVs, supported by both federal and state-level initiatives. With major automakers, including Tesla, Ford, and General Motors, expanding their EV portfolios, the demand for advanced electric motors with improved performance and efficiency is expected to rise.

The U.S. government’s initiatives to promote electric vehicles, including the recently enacted Inflation Reduction Act (IRA), are also expected to boost the market for electric motors. The IRA provides tax incentives for EV manufacturers and consumers, helping to drive the adoption of EVs across the country. In addition, investments in EV charging infrastructure will further support the growth of the electric motors market, as more efficient and reliable motors are needed for fast-charging stations.

Moreover, advancements in electric motor technology for EVs, such as the development of permanent magnet motors and axial flux motors, are expected to enhance the performance of electric vehicles. These innovations are aimed at improving motor efficiency, reducing energy consumption, and extending the range of EVs, all of which are critical factors for increasing consumer acceptance of electric vehicles.

Technological Advancements and Innovation

Technological advancements in electric motor design and materials are playing a key role in driving the United States electric motors market. Innovations in motor efficiency, size reduction, and energy optimization are crucial for meeting the growing demand for electric motors across various industries. The development of high-efficiency motors, including those that use rare-earth magnets or advanced composite materials, is improving motor performance while reducing energy consumption and operational costs.

In particular, the shift towards smart motors that integrate digital technologies, such as sensors and control systems, is transforming the way electric motors are used in industrial applications. Smart motors can provide real-time data on performance metrics such as temperature, vibration, and energy consumption, allowing for predictive maintenance and optimization of operations. This trend toward digitalization in the industrial sector is expected to drive demand for motors that offer advanced control features and connectivity.

Moreover, advancements in materials science are enabling the development of motors that are both lightweight and highly durable, suitable for applications in aerospace and defense industries. The use of advanced materials such as carbon composites and nanomaterials is improving the power-to-weight ratio of electric motors, which is particularly important for industries where weight reduction is critical.

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United States Electric Motors Market Segmentation

The market can be divided based on by Type, by Voltage, by Power Output, by Application and Region.

Market Breakup by Type

Market Breakup by Voltage

Less Than 1 kV
Between 1kV-6kV
Higher Than 6 kV

Market Breakup by Power Output

Up to 1 HP
More Than 1 HP

Market Breakup by Application

Residential
Commercial
Industrial
Transportation
Agriculture

Market Breakup by Region

New England
Mideast
Great Lakes
Plains
Southeast
Southwest
Rocky Mountain
Far West

Competitive Landscape

Some of the major players explored in the report by Expert Market Research are as follows:

ABB Ltd.
Robert Bosch GmbH
Hitachi Ltd.
Johnson Electric Holdings Limited
AMETEK.Inc.
Siemens AG
Toshiba International Corporation
TECO-Westinghouse Motor Company
Maxon international ltd.
Warfield Electric Company
Others

Challenges Facing the Market

Despite the positive outlook, the United States electric motors market faces several challenges that may impact its growth. One of the primary challenges is the fluctuating cost and availability of raw materials, particularly rare-earth elements, which are essential for the production of high-efficiency electric motors. The supply chain for rare-earth materials is vulnerable to geopolitical tensions and trade restrictions, which could result in higher prices and supply shortages, thereby affecting the production of electric motors.

Another challenge is the competition from foreign manufacturers, particularly from countries like China, which dominate the global electric motor market. U.S. manufacturers face pressure to remain competitive in terms of pricing and innovation, particularly as Chinese companies continue to invest in electric motor technologies and manufacturing capabilities.

In addition, the United States electric motors market faces increasing regulatory pressure to comply with stringent energy efficiency standards. While these regulations are aimed at reducing energy consumption and emissions, they may require significant investment in research and development to design motors that meet higher efficiency benchmarks.

Market Forecast

Looking ahead, the United States electric motors market is expected to continue its growth trajectory, driven by the increasing adoption of electric vehicles, advancements in renewable energy, and the expansion of industrial automation. The integration of smart technologies into electric motors will further enhance their performance and efficiency, opening new opportunities for innovation in various industries.

The market is also expected to benefit from continued investments in infrastructure development, particularly in renewable energy projects such as wind and solar power. As the U.S. government continues to prioritize clean energy and sustainability, the demand for electric motors in energy-efficient systems will rise.

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United States Electric Motors Market Size, Share & Industry Analysis | 2032

U.S. Electric Motors Market Growth, Demand, Key Players, Report and Forecast