The global electric motors household appliances market is expected to grow from USD 11.47 billion in 2023 to USD 17.3 billion by 2032, at a CAGR of 5.27% during the forecast period.
Electric motors are an essential component of many household appliances, including refrigerators, ovens, washing machines, vacuum cleaners, electric fans, dishwashers, and freezers. They convert electrical energy into mechanical energy, which powers the appliance.
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.
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
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 Household electric motors 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.
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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