New York, Nov. 09, 2021 (GLOBE NEWSWIRE) — Electric Motors for Household Appliances Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric motors for household appliances market Research Report, Type, Power Output, Application and Region – Forecast to 2030 » the market is expected to grow at a CAGR of 5.87% during the forecast period 2022-2030.
The list of companies profiled in the Electric Motors for Household Appliances Market industry research report are as follows:
- 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)
- Among others.
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Market Research Future’s Review on Electric Motors for Home Appliances Market
The market shares of electric motors for household appliances are continuously rising, witnessing huge demand. The household appliance electric motor industry is seeing growing production and sales of light household appliances. Additionally, the growing emphasis on manufacturing compact and energy-efficient home appliances is driving the growth of the market.
According to Market Research Future (MRFR), the global electric motors for household appliances market is predicted to grow at a colossal CAGR over the assessment period (2022 to 2030). The demand for energy efficient motors in household HVAC applications, machine tools and power tools is constantly increasing. In addition, rising environmental awareness is increasing the market size of electric motors for home appliances.
Emerging regions across the globe are anticipated to present untapped opportunities for Electric Motors for Home Appliances Market share. Rapidly developing countries with their supportive government policies provide significant opportunities for international players. Industry players are trying to increase their production capacities with better profitability supported by the new possibilities offered by digitalization.
Despite significant growth prospects, the market is witnessing major setbacks such as the lack of awareness about the benefits of electric motors for home appliances and the high costs of these motors. Additionally, high research and development costs are expected to limit the market growth.
Browse In-Depth Market Research Report (188 Pages) Electric Motors for Home Appliances Market
Impact of COVID-19 on the market
Like many industries, the home appliance electric motor market has been heavily impacted by the COVID-19 pandemic. Lockdowns initiated by governments around the world have disrupted electric motor manufacturing, impacting production and sales. Additionally, the disrupted supply chain globally and halt in the export of raw materials required for production has affected the growth of the electric motors for home appliances market.
Additionally, the change in consumer buying behavior due to economic uncertainties has affected market demand. However, as various commercial and industrial activities quickly return to normal, market demand is gradually picking up. The gradual reopening of manufacturing plants is expected to increase the market value of electric motors for home appliances.
The market is segmented into types, voltage, power output, applications, and regions. The type segment is sub-segmented into DC motors and AC motors. The voltage segment is under-segmented up to 50 V, 50 V to 120 V and above 120 V. The output power segment is under-segmented up to 500 W and above 500 W. The application segment is sub-segmented into refrigerators, ovens, washing machines, vacuum cleaners, electric fans, dishwashers, range hoods, clothes dryers, washing machines, freezers and others.
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The Asia-Pacific region consistently dominates the global market for electric motors for home appliances. Economic boom, large-scale industrialization and commercialization, and advancements in electrical appliances are recent market trends. Additionally, China, Japan, India, and Southeast Asian countries are major contributors to the growth of the regional market.
Over the past few years, the APAC region has seen a steady increase in GDP and development of residential sectors. As a result, the increase in demand for home appliances is expected to intensify over the next couple of years. Moreover, this rapid development of residential sectors is expected to increase the market demand for home appliances.
North America holds the second best position in terms of market value of electric motors for home appliances. Factors such as the high reliability of the residential sectors in terms of energy-efficient electrical appliances for smooth operational functioning are creating a huge demand in the region. With its wide adoption of electric motors in various home appliances, the United States holds the largest regional market share.
The home appliance electric motor market is witnessing the implementation of several strategic approaches, such as collaboration, mergers and acquisitions, expansion, and product launches. Major industry players are making strategic investments in research and development activities and driving their expansion plans.
For example, recently, on October 29, 2021, GE Appliances announced plans to invest US$450 million in its sprawling Kentucky operations to increase capacity and launch new products. The company said it is targeting upgrades that include increased production of washing machines and fridges, the introduction of new fridge-freezer models and a new assembly line to support its kitchen cleaning business.
Market Segmentation Covered by Research:
Electric Motors for Home Appliances Market Research Report: Insights by Type (DC Motors and AC Motors), by Voltage (Up to 50V, 50V to 120V and Above 120V) ), output power (up to 500 W and above 500 W), by application (refrigerator, ovens, washing machine, vacuum cleaner, electric fan, dishwasher, extractor hood, dryer, washing machine and freezer) and by region (North America, Europe, Asia-Pacific, Middle East and Africa and South America): forecasts until 2030
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