Future Horizons Emerging Technologies and Market Dynamics in Electric Motors for Household Appliances
The market size for electric motors and household appliances was estimated at USD 10.9 billion in 2022. The industry for electric motors and household appliances is expected to grow at a compound annual growth rate (CAGR) of 5.27% from USD 11.47 billion in 2023 to USD 17.3 billion by 2032.
Increasing demand for energy-efficient home appliances provides
impetus to the market growth of electric motors for household appliances
worldwide. Along with technology development, the consumption of household
appliances is expected to increase in the next few years.
Considering the rise of EV vehicles initiatives across the globe
and the rapid adoption of the latest technology & innovations, there is an
increase in demand for motors used in household appliances and the automation
market. On the other hand, high research and development costs are key factors
projected to restrict market growth.
Also, the recent electrical components shortage is creating
considerable volatility in the market demand, preventing optimal use of
production capacity. Nevertheless, 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.
Global Electric Motor for Household Appliances Market – Segments
The market can be 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 to 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, range hoods,
tumble dryers, wash dryers, freezers, and others. By regions, the market is
sub-segmented into North America, Europe, APAC, and the rest of the world.
Electric Motor for Household Appliances Market – Regional Analysis
Asia Pacific 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.
Electric Motor for Household Appliances Market – Competitive
Analysis
Highly competitive, the electric motor for household appliances
market is dependent on 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 in this market and maintain their market position.
These players focus on new product development and geographical
expansion initiatives. The market is anticipated to witness relentless
innovations and the development of new products, eventually resulting in
intense competition among the motor manufacturers.
Major Players:
·
Johnson Electric Holdings Limited
· EBM-PAPST
· Nichibo
DC Motor
· Sunonwealth
Electric Machine Industry
· Nidec
Motor Corporation
· Cebi
Group
· Elica
S.p.A.
· Newmotech
Co.Ltd
· Diehl
Stiftung & Co. KG
· Dumore
Motors
· CG
Power and Industrial Solutions Limited
· NMB
· Panasonic
Corporation
Industry/ Innovation/ Related News:
Oct. 26, 2021 ---Nidec
Corp. (Japan), a leading precision electric motor maker, announced that its
full-year earnings outlook is increased by 6%, as the company benefited from
increased demand from home appliance makers, auto companies, and others.
Also, the company is investing Yen 200 BN to expand production
capacity and build a European production hub in Serbia. The addition would
enable Nidec to make motors for household appliances.
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