New York, November 09, 2021 (GLOBE NEWSWIRE) – Electric Motors for Home Appliance Market Overview: According to a Comprehensive Research Report from Market Research Future (MRFR), “Electric Motors for Home 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% through the forecast period of 2022-2030.
List of Companies Featured in Electric Motors for Household Appliance Industry Market Research Report are:
- 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 (United States)
- MinebeaMitsumi (United States)
- Keli Motor Group Co. Ltd (China)
- Panasonic Corporation (Japan)
- Sanhua Aweco (Germany)
- Among others.
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Future’s Review Market Research on Electric Motors for Home Appliance Market
The market shares of electric motors for household appliances are growing steadily in the face of strong demand. The electric motor for household appliance industry perceives increasing production and sales of light household appliances. In addition, the growing emphasis on manufacturing compact and energy-efficient household appliances is driving the growth of the market.
According to Market Research Future (MRFR), the global home appliance electric motor market is expected to grow at a colossal CAGR during the assessment period (2022 to 2030). The demand for energy efficient motors in home HVAC applications, machine tools and power tools is constantly increasing. In addition, the rise of environmental awareness is increasing the market size of electric motors for household appliances.
Emerging regions around the world are expected to present untapped opportunities for electric motors for home appliance market share. Rapidly developing countries with their favorable government policies offer significant opportunities to international actors. Industry players are trying to increase their production capacities with better profitability supported by the new possibilities offered by digitization.
Despite significant growth prospects, the market is experiencing major setbacks such as the misunderstanding of the advantages of electric motors for household appliances and the high costs of these motors. In addition, the high research and development costs are expected to restrain the growth of the market.
Browse the in-depth market research report (188 pages) on the Electric Motors for Home Appliance Market
Impact of COVID-19 on the market
Like many industries, the household appliance electric motor market has been heavily impacted by the COVID-19 pandemic. Lockdowns initiated by governments around the world have disrupted the manufacture of electric motors, impacting production and sales. In addition, the globally disrupted supply chain and the stopping of exports of raw materials needed for production have affected the growth of the electric motors for household appliances market.
In addition, the change in consumer purchasing behavior due to economic uncertainties has affected market demand. However, as various business and industrial activities are rapidly returning to normal, market demand is gradually picking up. The gradual reopening of manufacturing facilities is expected to increase the market value of electric motors for household 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 sub-segmented into up to 50 V, 50 V to 120 V and above 120 V. The output power segment is sub-segmented into 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, tumble dryers, freezers and others.
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The Asia-Pacific region consistently dominates the global household appliance electric motor market. The boom in the economy, industrialization and large-scale commercialization and advancements in electrical appliances are recent market trends. In addition, China, Japan, India, and Southeast Asian countries are major contributors to the growth of the regional market.
In recent years, the APAC region has seen a steady increase in GDP and development of residential sectors. Therefore, the increase in demand for home appliances is expected to intensify over the next two years. In addition, this rapid development of residential sectors is expected to increase the market demand for home appliances.
North America ranks second in terms of market value of electric motors for household appliances. Factors such as the high reliability of the residential areas in relation to the energy efficient electrical devices for proper operational functioning create huge demand across the region. With its wide adoption of electric motors in various household appliances, the United States holds the largest share of the regional market.
The electric motors for household appliances market is experiencing the implementation of several strategic approaches, such as collaboration, mergers and acquisitions, expansion and product launches. The main players in the industry make strategic investments in research and development activities and promote 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 was aiming for improvements that include increased production of washing machines and refrigerators, the introduction of new models of refrigerator-freezers and a new assembly line to support its kitchen cleaning business.
Market segmentation covered by research:
Household Appliance Electric Motors Market Research Report: Information By Type (DC Motors & AC Motors), By Voltage (Up to 50V, 50V to 120V and Above 120V ), output power (up to 500 W and above 500 W), per application (refrigerator, ovens, washing machine, vacuum cleaner, electric fan, dishwasher, range hood, tumble dryer, washing machine clothes dryer and Freezer) and by region (North America, Europe, Asia-Pacific, Middle East and Africa and South America) – Forecast to 2030
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