Portland,OR, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Consumer Electronics Electric Motor Market by Motor Type (AC Motor and DC Motor), Application (Refrigerator, Vacuum Cleaner, Mixer/Grinder, Washing Machine, and Others), and Voltage (Up to 50V, 50- 120V, and Above 120V): Global Opportunity Analysis and Industry Forecast, 2023–2032.” According to the report, the global consumer electronics electric motor industry was valued at $12,449.8 million in 2022 and is projected to reach $23,479.2 million by 2032, registering a CAGR of 6.5% from 2023 to 2032.
An electric motor is a type of electrical device used to power numerous appliances and consumer devices by turning electrical energy into mechanical motion or performing specific tasks. Electric motors are commonly used in handheld devices, electric shavers, electric toothbrushes, vehicle cleaning attachments, and other equipment. Electric motors have many advantages, including high efficiency, fast torque, small size, and availability in both brushed and brushless technologies. The global industrial and manufacturing sectors' increasing need for electric motors is fueling the growth of the market.
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Prime Determinants of Growth:
The global consumer electronics electric motor market growth is attributed to factors such as the increase in demand for energy-efficient electric motors, and a rise in awareness about electric and green vehicles among customers. On the other hand, the high initial cost and maintenance of electric motors restrain the market growth to some extent. Moreover, improvements in design methods to reduce carbon emissions are expected to provide ample growth opportunities throughout the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $12,449.8 Million |
| Market Size in 2032 | $23,479.2 Million |
| CAGR | 6.5% |
| No. of Pages in Report | 210 |
Segments covered | Motor Type, Voltage, Application, and Regions |
| Drivers | Increase in demand for energy-efficient electric motors |
| Rise in awareness about electric and green vehicles among customers | |
| Opportunities | Improvement in design methods to reduce carbon emissions |
| Restraints | High initial cost and maintenance of electric motors |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the global consumer electronics electric motor market. Due to the subsequent global lockdowns, the consumer electronics electric motor market faced a downturn.
- However, the situation had recovered and the demand for consumer electronics electric motors was restored. This, in turn, presented various growth opportunities for companies operating in the consumer electronics electric motor market.
The DC motor segment to maintain its leadership status throughout the forecast period-
Based on type, the DC motors segment held the highest market share in 2022, accounting for nearly two-thirds of the global consumer electronics electric motor market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to an increase in the adoption of brushed DC motors as compared to other motors, owing to the brushed construction geometry. However, the AC motors segment is projected to manifest the highest CAGR of 8.1% from 2023 to 2032. This is because it offers better efficiency as compared to induction motors and is used in applications operating at constant speed.
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The up to 50V type segment to maintains its lead position throughout the forecast period-
Based on voltage, the up to 50V segment held the highest market share in 2022, contributing to more than half of the global consumer electronics electric motor market revenue, and is expected to maintain its lead position throughout the forecast period. The increase in the adoption of compact and more portable consumer electronic devices such as smartphones, telephones, and wearable technology continues to create opportunities for electric motor manufacturers. However, the above 120V is projected to manifest the highest CAGR of 7.2% from 2023 to 2032. The growth is attributed to various factors, including technological advancement, economic conditions, and industry-specific trends.
The refrigerator segment to maintain its leadership status throughout the forecast period-
Based on application, the refrigerator segment held the highest market share in 2022, accounting for more than two-fifths of the global consumer electronics electric motor market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to the growth in rapid urbanization, rise in number of nuclear families, increase in household income, improvement in living standards, and environmental changes. However, the mixer grinder segment is projected to manifest the highest CAGR of 9.0% from 2023 to 2032, Mixer grinders are multifunctional kitchen tools that are frequently used in food preparation. These are the basic kitchen appliances found in both homes and restaurants.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in 2022, accounting for nearly half of the global consumer electronics electric motor market revenue, and is expected to maintain its dominance during the forecast period. Owing to the features such as high speed, friction-free motors, high torque, and robustness. Asia-Pacific is considered one of the leading markets, owing to the presence of numerous tool manufacturers for automotive industries in Japan and China. However, the LAMEA region is expected to witness the fastest CAGR of 8.9% from 2023 to 2032. This is due to rapid urbanization in developing countries such as Brazil and Argentina driving the demand for home appliances, which, in turn, is expected to fuel the growth of the market in the LAMEA region.
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Leading Market Players: -
- Johnson Electric Holdings Limited
- Nidec Motor Corporation
- Panasonic Corporation
- Nichibo DC Motor
- Dumore Motors
- FAULHABER GROUP
- Allied Motion Technologies Inc.
- MABUCHI MOTOR CO., LTD.
- Maxon ORIENTAL MOTOR (INDIA) PVT. LTD.
The report provides a detailed analysis of these key players in the global consumer electronics electric motor market. These players have adopted different strategies such as new product launches, business expansion, acquisition, collaboration, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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