New York, US, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Electric Motors for Household Appliances Market Research Report: Information by Type, by Voltage, by Output Power, by Application and by Region - Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 9893.90 million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 4.88% during the assessment timeframe.
Electric Motors for Household Appliances Market Overview:
The electric motors for household appliances market witnesses rapid revenue growth. Factors such as augmenting demand for energy-efficient home appliances and growing technological developments & household appliance use drive market growth. Besides, the rise in the adoption of the latest technologies across the globe boosts the market size.
Players leading the global electric motors for household appliances 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 (Luxemburg)
- Newmotech Co., Ltd (South Korea)
- Elica S.p.A. (Italy)
- Diehl Stiftung & Co. KG (Germany)
- CG Power and Industrial Solutions Limited (India)
- Dumore Motors (US)
- MinebeaMitsumi (US)
- Keli Motor Group Co., Ltd (China)
- Panasonic Corporation (Japan)
- SanhuaAweco (Germany)
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With the growing demand for electric motors for household appliances market, the market is estimated to generate a substantial revenue pocket in the future. Conversely, high research and development investments required to develop electric motors are key factors that restrict the market growth. Also, the recent shortage of electrical components hampers the market progress, creating a considerable gap in the demand-supply ratio. Nevertheless, the constantly rising demand for energy-efficient motors in household HVAC applications, machine tools, and power tools would aid the market growth throughout the review period.
Electric Motors for Household Appliances Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 9893.90 Million |
| Growth Rate | CAGR of 4.88% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Increase in demand for household appliances |
| Key Market Drivers | Increasing demand for HVAC in the residential sector |
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Industry Trends
The electric motors for household appliances market witness a continual rise due to huge demand. The industry is growing with the increasing production and sales of lightweight yet sturdy home appliances. Moreover, the growing focus on manufacturing highly energy-efficient and compact home appliances drives market growth.
The increasing integration of energy-efficient motors in household HVAC applications, machine tools, and power tools is constantly rising, boosting the market shares. Besides, the upsurge in the awareness of environmental concerns increases shares of electric motors in household appliances market.
Emerging regions worldwide present untapped opportunities for electric motors for the household appliances market. With their favorable government policies, rapidly developing countries offer significant opportunities to international players looking to increase their production capacities & global footprints and improve cost efficiency supported by new possibilities that digitalization offers.
Despite significant growth prospects, the market still witnesses major setbacks due to the lack of awareness of the electric motor's benefits for household appliances and the prohibitive costs of these motors. Also, the high research and development investments required for product development and improvements are projected to restrict the market growth.
Electric Motors for Household Appliances Market Segments
This market is segmented into type, voltage, output power, application, and regions. The type segment is bifurcated into DC motors and AC motors. The voltage segment is bifurcated into up to 50 V, 50 V-120 V, and above 120 V. The output power segment is bifurcated into up to 500 W and above 500 W.
The application segment is bifurcated into ovens, refrigerators, washing machines, electric fans, vacuum cleaners, dishwashers, tumble dryers, wash dryers, range hoods, freezers, and others. The region segment is sub-segmented into North America, Europe, APAC, and the rest of the world.
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Electric Motors for Household Appliances Market Regional Analysis
APAC dominates the global electric motor for household appliances market, heading with the home appliance manufacturing industries in the region. The constant setting up and upgrades of the manufacturing sector and the increasing emphasis on adopting energy-efficient home appliances in the region contribute to market revenues.
The region witnesses an increasing focus on new product development and geographical expansion initiatives from the governments. This, as a result, would intensify the competition among motor manufacturers, allowing the development of new products and relentless innovations.
North America is another lucrative market for electric motors for household appliances. The rising demand from residential sectors and reliance on energy-efficient electrical devices for smooth operational functioning create a huge demand across the region. Moreover, the vast adoption of electric motors in various household appliances boosts market revenues. The US is the largest electric motor for household appliances market.
Electric Motors for Household Appliances Market Competitive Analysis
The highly competitive electric motor for household appliances depends on the sales of home appliances. The market appears fragmented due to several large and small key players accounting for a substantial market share. Well-established players incorporate acquisitions, collaborations, expansions, and product & technology launches to gain a competitive advantage and maintain their market position.
Industry players make substantial investments in boosting production capacity and launching new products. These factors indicate target upgrades that include increased production and the introduction of clothes washers & refrigerators, new refrigerator-cum-freezer models, and a new assembly line that can support its kitchen cleaning business.
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For instance, recently, on Jan.26, 2022, Nidec Corp (Japan), a leading global manufacturer of precision electric motors, announced its foray into the robot business as it plans to dramatically expand businesses involved in the electric motor for household appliances market. The company is mulling in-house chip production amid a supply crunch and has added robots to its core products and electric vehicle motors.
The move comes as Nidec makes efforts to produce key components internally amid disruptions to the global supply chain brought on by the pandemic. The move followed Nidec's acquisition of two machine tool-makers, OKK and Mitsubishi Heavy Industries Machine Tool, last year. Those acquisitions allowed Nidec to supply key robot components, including gears, and transmission & torque sensors.
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