November 9, 2021 07:33 EST | Source: Market Research Future Market Research Future
New York, November 9, 2021 (GLOBE NEWSWIRE) - Overview of the Home Appliance Motor Market: According to the Comprehensive Research Report of Market Research Future (MRFR), "Home Appliance Motor Market Research Report, Type, Output Power, Application and Region-Forecast By 2030", it is estimated that the market will grow at a compound annual growth rate of 5.87% between 2022 and 2030.
The list of companies introduced in the "Research Report on Household Appliances Industry" is:
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Market Research Review of the Home Appliance Motor Market in the Future
The market share of home appliance motors continues to rise, and the demand is strong. Electric motors in the household appliance industry are aware of the growth in the production and sales of lightweight household appliances. In addition, increasing attention to the manufacture of energy-efficient and compact household appliances is driving market growth.
According to the Market Research Future (MRFR), it is expected that during the evaluation period (2022 to 2030), the electric motors in the global home appliance market will grow at a huge compound annual growth rate. The demand for energy-saving motors for household HVAC applications, machine tools, and power tools continues to increase. In addition, the rising awareness of environmental protection has increased the market size of electric motors for household appliances.
It is expected that the emerging regions of the world will provide untapped opportunities for electric motors in the market share of household appliances. Fast-developing countries with favorable government policies provide important opportunities for international participants. Supported by the new possibilities provided by digitization, industry players are trying to increase production capacity by improving cost efficiency.
Despite the significant growth prospects, the market still faces major setbacks, such as a lack of awareness of the benefits of motors for household appliances and the high cost of these motors. In addition, high R&D costs are expected to limit market growth.
Browse the in-depth market research report (188 pages) of the home appliance motor market
https://www.marketresearchfuture.com/reports/electric-motor-for-household-appliances-market-10690
The impact of COVID-19 on the market
Like many industries, electric motors in the home appliance market have been severely affected by the COVID-19 pandemic. The blockade initiated by governments around the world interrupted the manufacture of electric motors and affected production and sales. In addition, the global supply chain disruption and the cessation of the export of raw materials required for production have affected the growth of electric motors in the home appliance market.
In addition, due to economic uncertainty, changes in consumer buying behavior have affected market demand. However, as various industrial and commercial activities quickly returned to normal, market demand gradually picked up. The gradual reopening of production facilities is expected to increase the market value of electric motors for household appliances.
The market is divided into type, voltage, output power, application and region. The types are subdivided into DC motors and AC motors. The voltage segment is subdivided into up to 50 V, 50 V to 120 V, and above 120 V. The output power segment is subdivided into the highest 500 W and above 500 W. The application segment is subdivided into refrigerators, ovens, washing machines, vacuum cleaners, electric fans, dishwashers, range hoods, tumble dryers, washer dryers, freezers, etc.
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The Asia-Pacific region has always dominated the electric motors in the global home appliance market. The economic boom, large-scale industrialization and commercialization, and advancements in electrical appliances are recent market trends. In addition, China, Japan, India and Southeast Asian countries have made outstanding contributions to the growth of the regional market.
In the past few years, the GDP and the development of the housing industry in the Asia-Pacific region have been on the rise. Therefore, the demand for household appliances is expected to increase in the next few years. In addition, the rapid development of the residential industry is expected to increase the market demand for home appliances.
North America ranks second in the value of electric motors in the home appliance market. Factors such as the high reliability of energy-saving electrical equipment in the residential sector have created huge demand throughout the region. The United States widely uses electric motors in various household appliances, so it has the largest market share in this region.
Electric motors in the home appliance market are undergoing multiple strategic approaches, such as cooperation, mergers and acquisitions, expansion, and product launches. Top industry players are making strategic investments in R&D activities and formulating their expansion plans.
For example, recently, on October 29, 2021, GE Appliances announced plans to invest USD 450 million in its huge state of Kentucky to increase production capacity and launch new products. The company stated that its goals are to upgrade, including increasing production of washing machines and refrigerators, introducing new refrigerator-freezer models, and a new assembly line to support its kitchen cleaning business.
Market segments covered by the research:
Home appliance motor market research report: by type (DC motor and AC motor), voltage (up to 50V, 50V to 120V and more than 120V), output power (up to 500W and more than 500W), information by application (refrigerator), oven, Washing machines, vacuum cleaners, electric fans, dishwashers, range hoods, tumble dryers, washer dryers and freezers), and by region (North America, Europe, Asia Pacific, Middle East and Africa, and South America)-forecast to 2030 year
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