Electric Motors for Household Appliances Market Overview:
The Global Electric Motor for Household Appliances Market size is projected to be worth USD 9893.90 million by 2030, registering a CAGR of 4.88% during the forecast period (2022–2030).
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.
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Report Attribute/Metric
Details
Market Size
2030: USD 9893.90 Million
CAGR
~4.88%
Base Year
2021
Forecast Period
2022-2030
Historical Data
2019 & 2020
Forecast Units
Value (USD millions)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Voltage type, Power Output, and Application
Geographies Covered
North America, Europe, Asia-Pacific, Middle East and Africa and South America
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:
Players leading the global electric motor 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), and SanhuaAweco (Germany), among others.
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.
