New York, United States, Oct. 19, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Electric Motors for Home Appliances Market Research Report: Information by Type, by Voltage, by Power Output, by Application and by Region – Forecast to 2030, the market is expected to acquire a valuation of around USD 9893.90 million by the end of 2030. The reports further predict that the market will thrive at a robust CAGR of over 4.88% during the assessment period.
Electric Motors for Home Appliances Market Insight:
The electric motors for household appliances market is witnessing rapid growth in revenue. Factors such as increasing demand for energy efficient home appliances and growing technological developments and usage of home appliances are driving the growth of the market. Also, increasing adoption of latest technologies across the globe is increasing the size of the market.
Major Players of Global Home Appliance Electric Motors Market include-
- Ebm-Papst (Germany)
- Johnson Electric Holdings Limited (Hong Kong)
- Nichibo DC motor (China)
- Nidec Motor Corporation (Japan)
- Sunonwealth Electric Machine Industry Co., Ltd. (Taiwan)
- CEBI Group (Luxembourg)
- Newmotech Co., Ltd (South Korea)
- Elica SpA (Italy)
- Diehl Stiftung & Co. KG (Germany)
- CG Power and Industrial Solutions Limited (India)
- Dumore Motors (USA)
- Minebea Mitsumi (USA)
- Keli Motor Group Co., Ltd (China)
- Panasonic Corporation (Japan)
- Sanhua Aweco (Germany)
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With the growing demand for electric motors for home appliances market, it is estimated that the market will generate a substantial revenue pocket in the future. Conversely, high R&D investments required for the development of electric motors are key factors that limit the growth of the market. Additionally, the recent shortage of electrical components is hampering the progress of the market, creating a huge gap in the demand-supply ratio. Nevertheless, the ever-increasing demand for energy efficient motors in household HVAC applications, machine tools, and power tools would aid in the growth of the market throughout the considered period.
Electric Motors for Home Appliances Market Report Scope:
|Revenue forecasts in 2030||$9893.90 million|
|Rate of growth||CAGR of 4.88% from 2022 to 2030|
|Year of reference||2021|
|Key market opportunities||Increase in demand for home appliances|
|Key Market Drivers||Increase in demand for HVAC in the residential sector|
Browse the in-depth market research report (100 pages) at Electric Motors for Home Appliances Market:
The market for electric motors for home appliances is witnessing a continuous rise due to huge demand. The industry is growing with the increase in production and sales of lightweight but sturdy household appliances. Additionally, the growing emphasis on manufacturing compact and energy-efficient home appliances is driving the growth of the market.
The growing integration of energy-efficient motors in household HVAC applications, machine tools and power tools is steadily increasing, increasing market share. In addition, the upsurge in the awareness of environmental concerns is increasing the shares of electric motors in the home appliance market.
Emerging regions across the globe present untapped opportunities for electric motors for home appliance market. With their favorable government policies, rapidly developing countries offer significant opportunities for international players seeking to increase their production capacities and global footprint and improve their profitability through the new possibilities offered by digitalization.
Despite significant growth prospects, the market is still witnessing major setbacks due to the lack of knowledge about the benefits of electric motor for household appliances and the prohibitive costs of these motors. Additionally, high R&D investment required for product development and improvement is expected to limit the market growth.
Market Segments of Electric Motors for Home Appliances
This market is segmented into type, voltage, power output, application and regions. The type segment is divided into DC motors and AC motors. The voltage segment is divided into up to 50V, 50V-120V and above 120V. The output power segment is divided into up to 500W and above 500W.
Application segment is divided into ovens, refrigerators, washing machines, electric fans, vacuum cleaners, dishwashers, dryers, washing machines, range hoods, freezers and others. The regional segment is sub-segmented into North America, Europe, APAC and Rest of the World.
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Regional Analysis of Electric Motors for Household Appliances Market
APAC dominates the global home appliance electric motor market, leading the region’s home appliance manufacturing industries. The constant establishment and upgrades in the manufacturing sector and the increasing emphasis on the adoption of energy-efficient household appliances in the region are contributing to the market revenue.
The region is witnessing an increasing focus on new product development and geographic expansion initiatives by governments. This, therefore, would intensify competition among automakers, allowing new product development and unceasing innovation.
North America is another lucrative market for electric motors for home appliances. Growing demand from residential sectors and reliance on energy efficient electrical appliances for smooth operational functioning is creating huge demand across the region. Additionally, the wide adoption of electric motors in various home appliances is increasing the market revenue. The United States is the largest market for electric motors for home appliances.
Competition in the electric motors for household appliances market Analysis
The highly competitive electric motor for home appliances depends on home appliance sales. The market appears fragmented due to several large and small key players accounting for substantial market share. Well-established players incorporate acquisitions, collaborations, expansions, and product and technology launches to gain competitive advantage and maintain market position.
Industry players are making substantial investments in increasing production capacity and launching new products. These factors point to target upgrades that include increased production and the introduction of washing machines and refrigerators, new models of fridge-freezers and a new assembly line that can support its kitchen cleaning business.
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For example, recently on January 26, 2022, Nidec Corp (Japan), one of the world’s leading manufacturers of precision electric motors, announced its foray into the robot business as it plans to significantly expand the business involved. in the market for electric motors for household appliances. . The company is considering producing chips in-house amid supply shortages and has added robots to its core products and electric vehicle motors.
The move comes as Nidec struggles to produce key components in-house amid global supply chain disruptions caused by the pandemic. The move follows Nidec’s acquisition of two machine tool manufacturers, OKK and Mitsubishi Heavy Industries Machine Tool, last year. These acquisitions enabled Nidec to supply key robotic components including gears, transmission and torque sensors.
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