Electric Motors Market for Household Appliances to rise at CAGR of 5.87% through 2030 – Report by Market Research Future (MRFR)
New York, Nov. 09, 2021 (GLOBE NEWSWIRE) — Electric Motors Market for Household Appliances Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Motors Market for Household Appliances Research Report, Type, Output Power, Application and Region – Forecast till 2030” the market is predicted to grow at a CAGR of 5.87% through forecast period of 2022-2030.
List of the companies profiled in the Electric Motors Market for Household Appliances Industry Research Report are:
- 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)
- Among others.
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Market Research Future’s Review on Electric Motors Market for Household Appliances
The electric motors for household appliances market shares witness a continual rise, witnessing huge demand. The electric motor for household appliances industry perceives growing production and sales of lightweight home appliances. Moreover, the increasing focus on manufacturing highly energy-efficient and compact home appliances drives the market growth.
According to Market Research Future (MRFR), the global electric motors for household appliances market is expected to grow at a colossal CAGR during the assessment period (2022 to 2030). The demand for energy-efficient motors in household HVAC applications, machine tools, and power tools is constantly rising. Besides, the upsurge in environmental awareness increases the electric motors for household appliances market size.
Emerging regions worldwide are expected to present untapped opportunities for electric motors for household appliances market share. Rapidly developing countries with their favorable government policies offer significant opportunities to international players. Industry players try to increase their production capacities with improved cost efficiency supported by new possibilities offered by digitalization.
Despite significant growth prospects, the market witnesses major setbacks such as the lack of awareness of the benefits of electric motors for household appliances and the high costs of these motors. Besides, the high research and development costs are projected to restrict the market growth.
Browse In-depth Market Research Report (188 pages) on Electric Motors Market for Household Appliances
https://www.marketresearchfuture.com/reports/electric-motor-for-household-appliances-market-10690
COVID-19 Impact on the Market
Like many industries, the electric motor for household appliances market was drastically impacted by the COVID-19 pandemic. Lockdowns initiated by governments worldwide disrupted the manufacturing of electric motors, impacting production and sales. Also, disrupted supply chain on a global scale and halted exports of the raw materials required for the production affected the electric motors for household appliances market growth.
Moreover, the change in consumers’ purchasing behavior due to economic uncertainties affected the market demand. However, as various business and industrial activities are rapidly returning to normalcy, the market demand is gradually picking up. The gradual reopening of manufacturing facilities is expected to increase the electric motors for household appliances market value.
Segmentation
The market is segmented into types, voltage, output power, applications, and regions. The type segment is sub-segmented into DC motors and AC motors. The voltage segment is sub-segmented into up to 50 V, 50 V to 120 V, and above 120 V. The output power segment is sub-segmented into up to 500 W and above 500 W. The application segment is sub-segmented into refrigerators, ovens, washing machines, vacuum cleaners, electric fans, dishwashers, range hoods, tumble dryers, wash dryers, freezers, and others.
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Regional Analysis
The Asia Pacific region is consistently dominating the global electric motors for household appliances market. The economic upsurge, large-scale industrialization & commercialization, and advances in electric appliances are recent market trends. Additionally, China, Japan, India, and Southeast Asian countries prominently contribute to regional market growth.
Over the past few years, the APAC region has been witnessing a constant uptick in GDP, residential sectors development. Resultantly, the increase in demand for home appliances is expected to escalate in the next couple of years. Furthermore, this rapid development of residential sectors is expected to increase the market demand for household appliances.
North America holds the second-best position in terms of the electric motors for household appliances market value. Factors such as the high dependability of residential sectors over energy-efficient electrical devices for smooth operational functioning create a huge demand across the region. With its vast adoption of electric motors in various household appliances, the US holds the largest share in the regional market.
Competitive Analysis
The electric motors for household appliances market is experiencing implementations of several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. Top industry players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Oct.29, 2021, GE Appliances announced its plans to invest US$450 million in its sprawling Kentucky operations to boost capacity and launch new products. The company signaled that it’s targeting upgrades that include increased production of clothes washers & refrigerators, the introduction of new refrigerator-freezer models, and a new assembly line to support its kitchen cleaning business.
Segmentation of Market covered in the research:
Electric Motor for Household Appliances Market Research Report: Information by Type(DC Motors and AC Motors), by Voltage (Up to 50V, 50V to 120V, andAbove 120V), Output Power (Up to 500W and Above 500W),by Application (Refrigerator, Ovens, Washing Machine, Vacuum Cleaner, Electric Fan, Dishwasher, Range Hood, Tumble Dryer, Wash Dryer, and Freezer), and byRegion (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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