ID: MRFR/E&P/6942-CR | 165 Pages | Published By Priya Nagrale on October 2019
Electric Motors Market is expected to reach a final market value worth USD 15.2 billion during the historic forecast period
The market for electric motors for household appliances is likely to grow at a reasonable and substantial rate after suffering the pandemic's impact in 2022-2030. As a result, the global market size was valued at a global market sum of UD 9.6 billion during the historic forecast period in 2021. For the ongoing forecast period ending in 2030, the market is expected to reach a final market value worth USD 15.2 billion. The market is predicted to attain a global CAGR of 5.27% by industry experts and market leaders during the period.
During the historic forecast period that ended in 2019, the market was functional to its full potential, and hence, the profit margins and the CAGR growth were promising. However, for the market study conducted for the ongoing forecast period of 2022-2030, the pandemic year of 2020 was the base. However, the advent of the pandemic has not brought anything good for the market functioning or global growth. Due to the pandemic, the health and life of the global market audience are at stake. Hence, they are on the way to altering their way of living and introducing ways that will help them introduce possible changes to their life, especially in the ongoing forecast period that will end in 2030. Also, the market is on the way to searching for alternates that will help them function during the period and hence, increase the chances of the market to grow at a reasonable scale during the forecast period that will be ending in 2030.
The electric motors for household appliances market governments and the prominent players of the market understand the rising need of the market to move to new products and services that will help enhance the needs of the target audience. Also, the rising investment is likely to help the market meet its sustainability and preferential goals for the future.
The electric motors for household appliances market demand for electric vehicles is on the rise in the global market scenario, which will give rise to significant growth opportunities for the global market to dwell upon during the forecast period ending in 2030. Also, the manufacturers are making excellent use of resources to enhance the number of manufactured vehicles that will impact the growth scale of the market positively. Furthermore, automotive is undergoing on a large scale in countries belonging to the APAC region, and the rising demand for consumer electronics in the millennial population of these regions will enhance both the regional and international market for the forecast period between 2022 to 2030.
Also, strict manufacturing & designing standards for increasing their efficiency further require manufacturers to improve effective products. Unfortunately, though, a lack of awareness about their benefits & high initial purchase cost keeps the market from understanding its revolutionary potential. Electric motors present conservation benefits are improving their implementation in E.V.s. These machines support enhancing the efficiency of a device & saving costs connected to the energy consumed.
Electronic knowledge and mechanical expertise are essential requirements for the smooth running of the market, followed by an enhanced electric motor for household appliances market revenue. However, the lack of skilled professionals to make optimal use of resources and effort is likely to keep the market from growing, as predicted during the forecast period ending in 2030.
The increased technological advancements and the increasing industrial appliances of these motors are likely to enhance the market chances of growth based on the expert predictions during the forecast period that will be ending in 2030. There has been a surge in the adoption of electric motors for household appliances in HVAC, along with other industries like automotive and appliances regarding consumer electronics. Consumer electronics experience a massive surge in demand due to the lockdown and convenient and entertaining means, especially during the forecast period ending in 2030.
The electric motors for household appliances market report aims to help the market investors and buyers with a deep and qualitative market analysis that is likely to impact their understanding and investment abilities. The report discusses various market factors that will give rise to prominent market dynamics that can make a difference to the electric motors for household appliances market statistics during the forecast period ending in 2030.
The electric motors for household appliances market report also discusses the basis on which the global market has been segmented and the ability held by the market segments to meet the rising needs of the target audience and raise the bar of revenue by the end of the forecast period. The report aims to help understand the foundation and basis of the market.
The electric motors for household appliances market report draws a competitive analysis in the form of a graph amongst the efforts put in by the global market players to help the market reach a considerable global value and compete with the predictions laid by the industry experts and leaders. The report also discusses the doings of the market players in the form of mergers, acquisitions, product line launches, joint ventures, and collaborations on an international scale.
The rising electric motors for household appliances market share is a result of the propelling functions undertaken by the market segments present in mushrooming regions across the globe during the forecast period. Hence, the market segments have a significant role in enhancing the productive degree of the market, followed by its revenue collection potential during the period. The market segmentation is as follows:
Global Electric Motors for Household Appliances Market, by Type
Global Electric Motors for Household Appliances Market, by Voltage
Global Electric Motors for Household Appliances Marke, by Application
Global Electric Motors for Household Appliances Market, by Region
Owing to the development of the electric motors for household appliances market trends, the market is functional mainly in 4 major regions, namely North America, the APAC region, the European countries, along the rest of the world (RoW). In addition, the 5th region is LAMEA, which is also showing signs of market development. However, the industry analysts predict that the APAC region will likely attain the highest market CAGR and global market value by the end of the forecast period in 2030.
The electric motors for household appliances market revenue will grow as per the predictions as the market players invest in time, effort, and money. The key market players are as follows:
Increasing responsiveness towards environmental changes & the greenhouse effect is expected to shift customers' focus towards electric type, which is expected to bolster the demand during the forecast period.
The Asia Pacific held a significant revenue share in 2019. It is expected to exhibit a maximum CAGR of 9.54 % over the forecast period. This development is attributed to improvements in the agriculture sector and considerable investments in industrialization in countries such as China, India, South Korea, & Australia.
The European & the North American region are witnessing a growing preference for the product. North America commanded approximately 17.75% of the total revenue in 2019. North America is the largest market for premium efficiency motors used in HVAC & industrial applications & electric cars. Development opportunities for the market in Latin America & the MEA & Africa are expected to increase in the forecast period thanks to growing government funding. Increasing demand from the oil & gas industry, rapid expansion in the mining industry, & primary demand for cement through the construction industry are helping the market in these regions.
The electric motors for household appliances market report cover a qualitative market study that will help the market investors and buyers make better decisions for the forecast period. The market report covers the potential of the market segments and the rising competition in regional and international markets. The report also discusses the impact of the pandemic and the dynamics on which the market will propel during the forecast period. The report discusses the performance of the prominent market players, too.
|Market Size||USD 15.2 billion|
|CAGR||CAGR of 5.27%|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Output Power, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Johnson Electric Holdings Limited (Hong Kong), EBM-PAPST (Germany), Nichibo DC Motor (China), Sunonwealth Electric Machine Industry Co., Ltd. (Taiwan), Nidec Motor Corporation (Japan), Cebi Group (Luxembourg), Elica S.p.A. (Italy), Newmotech Co., Ltd (South Korea), Diehl Stiftung & Co. KG (Germany), Dumore Motors (US), CG Power and Industrial Solutions Limited (India), NMB (US), Panasonic Corporation (Japan), Keli Motor Group Co., Ltd. (China), and Sanhua Aweco (Germany)|
|Key Market Opportunities||Increase in demand for household appliances|
|Key Market Drivers||
The market can grow at a rate of 5.27% in the near future.
Newmotech Co., Ltd (South Korea), Nichibo DC Motor (China), Keli Motor Group Co., Ltd. (China), Johnson Electric Holdings Limited (Hong Kong), Diehl Stiftung & Co. KG (Germany), Elica S.p.A. (Italy), Nidec Motor Corporation (Japan), EBM-PAPST (Germany), Dumore Motors (US), Cebi Group (Luxembourg), CG Power and Industrial Solutions Limited (India), Panasonic Corporation (Japan), NMB (US), Sunonwealth Electric Machine Industry Co., Ltd. (Taiwan), Sanhua Aweco (Germany), are the main players in the market.
APAC is anticipated to hold the largest share in the global market.
The types of electric motors in the market are AC and DC.
The market is slated to grow in Europe, North America, Asia Pacific, South America and Middle East & Africa during the review period.
Tumble Dryer, Dishwasher, Vacuum Cleaner, Wash Dryer and Freezer, Electric Fan, Ovens, Refrigerator, Range Hood, Washing Machine, are the applications of electric motors for household appliances.
The market growth is being induced by the mounting demand for HVAC within the residential sector coupled with the rising affordability of household appliances.