North America Electric Motors Market Size, Growth, Share, Trends, Demand, Revenue, CAGR Status, Challenges, Future Strategies and Forecast 2033: SPER Market Research
An apparatus that converts electrical energy into mechanical energy is an electric motor. It’s a device that uses electromagnetic force to produce rotational motion. The stator, rotor, and commutator are the three main parts of an electric motor. The stationary part is a wire-coil-based stator. Wire coils are also used to create the rotor, the moving component. A switch called a commutator changes the direction of the electrical current passing through the wire coils of the rotor. A magnetic field is produced by the stator’s wire coils conducting electric current. The rotor rotates as a result of the magnetic field’s interaction with its own.
According to SPER Market Research, ‘North America Electric Motors Market Size- By Motor Type, By Voltage Type, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the North America Electric Motors Market is estimated to reach USD 37.47 billion by 2033 with a CAGR of 2.65%.
Drivers: The market is being substantially boosted by the increased demand for electric cars, appliances, and other goods employing electric motors. Because electric motors are less expensive than conventional combustion engines, their growing use in various industries, including industrial machinery, automotive, and aerospace, is also having an effect on the market. The regulations that various governments in the area are enacting to reduce greenhouse gas emissions and encourage the use of electric vehicles are also having a favourable effect on the market. The development of more powerful and efficient electric motors for a wider range of applications, such as heavy-duty machinery and long-distance cars, is also creating positive market outlooks.
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Restraints:
Expansion of the Market Impeded by High Maintenance Costs:
The primary obstacle that may restrain the expansion of this significant industry is the high cost of motor maintenance. In certain situations, if the operational costs are also high, customers can be less inclined to accept it. For example, using a high-horsepower motor with a poor load factor results in a noticeable increase in the operation’s hourly cost. Nonetheless, some motors—such as induction motors—do not have a torque that allows for self-starting. Moreover, single-phase motors may also require auxiliaries in order to start. Therefore, these elements can prevent the market from growing.
The COVID-19 epidemic significantly affected the electric motor sector. The market for electric motors decreased as businesses and manufacturing were compelled to close or scale back operations as governments throughout the region shut down and implemented social distancing measures. In addition, delays and shortages were brought on by manufacturers’ struggles to obtain the parts needed to make electric motors, which upset supply chains. In addition, a decrease in demand for non-essential items like electric motors was caused by the epidemic forcing many enterprises to refocus on critical products and services. This resulted to income losses and job losses for certain electric motor manufacturers, who were forced to reduce or even cease production.
Key Players:
The electric motor market in North America is dominated by the US. The need for electric motors is fuelled by the presence of significant manufacturing sectors, auto factories, and renewable energy projects in these regions. Major players in the market are Robert Bosch GmbH, General Electric Company, ABB Ltd, Mitsubishi Heavy Industries Ltd, Siemens AG, and Others.
North America Electric Motors Market Segmentation:
By Motor Type: Based on the Motor Type, North America Electric Motors Market is segmented as; DC and AC.
By Voltage Type: Based on the Voltage Type, North America Electric Motors Market is segmented as; Less Than 1 KV, Between 1 KV – 6 KV, and Higher Than 6 KV.
By Application: Based on the Application, North America Electric Motors Market is segmented as; Residential, Commercial, Industrial, and Automotive.
By Region: This research also includes data for Canada, Mexico United States, Cuba, Panama, Greenland, Rest of North America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
North America Electric Motors Market Revenue
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