Electric Motor for Household Appliances Market

Electric Motor for Household Appliances Market Size

Electric Motor for Household Appliances Market is expected to grow at a CAGR of 6.7% in the forecast period (2023-2032), with the market size valued at USD 128.95 billion in 2021 and projected to reach USD 262.1 billion by 2032.

Electric motor for household appliances is an efficient equipment designed to power a range of commonly used electronic devices and machines. These motors are known for their energy efficiency and provide smooth functioning of multiple household appliances such as refrigerators, washing machines, vacuum cleaners, and more. Electric motors convert electrical energy into mechanical motion using electromagnetic principles. This provides the necessary force and velocity required to run the household machines. Electric motors come in multiple sizes and provides features like increased durability and noise reduction. Additionally, they have evolved into essential parts of modern home appliances.

Market Highlights

Electric Motor for Household Appliances Market is anticipated to exhibit a CAGR of 6.7% during the forecast period

Electric motor for household appliances market is expected to reach USD 262.1 billion, growing at a CAGR of 6.7% during the forecast period, owing to an increasing emphasis on energy efficiency and environmental sustainability. Electric motors are preferred by consumers and manufacturers due to their lower energy consumption and carbon footprint. Additionally, the growing number of smart electronic devices has increased the need for efficient electric motors. Technological advancements such as durable and silent motor designs have significantly contributed to the market's expansion. Furthermore, the industry has grown as a result of rising urbanization and greater financial independence.

Source: Fatpos Global

Electric Motor for Household Appliances Market Segmentation

AC Motor segment to grow rapidly for its higher efficiency and lighter weight

Based on the Type, the market is divided into AC and DC motors. The AC motors segment is expected to maintain its market dominance due to the unique functionality of its alternating electromagnetic coil pairs, which are activated by AC power supplies to produce rotational motion. Consequently, AC motors are widely used as they are significantly lighter than other electric motors. This contributes to its high demand, highlighting its essential function in supplying power to multiple domestic appliances and strengthening their market share in the electric motor for household appliances market.

Electric motors up to 50V are projected to see growth in the market due to their widespread use

By Voltage, the Electric Motor for Household Appliances Market is typically segmented into Up to 50V, 50V-120V, and Above 120V. The 50V segment is anticipated to expand rapidly as it is commonly used in powering a wide range of household appliances such as fans, washer dryers, and more. There is an increasing demand for smaller, more energy-efficient appliances where 50V motors find extensive application. Additionally, developments in motor technology have allowed manufacturers to design more efficient, compact, and cost-effective motors within the 50V range. This has contributed to their wider acceptance across various household appliances, driving the quick expansion of 50V segment.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Affordability of Household Appliances is Driving the Market Growth

Increased usage of household appliance has highlighted the need for electric motors which are essential for powering multiple household equipment like refrigerators, washing machines, vacuum cleaners, and more. Electric motors are important for the smooth operation of these appliances since they enhance the automation, safety, and efficiency. Additionally, the demand for electronics and household gadgets is expected to increase significantly with improved standard of living, especially in developing countries, which present tremendous growth potential. Consequently, the rising affordability of household appliances is expected to propel the electric motor industry during the forecasted period.

Rising Demand for HVAC Systems to Boosts the Electric Motor Market

HVAC (Heating, Ventilation, and Air Conditioning) systems play an essential role in maintaining indoor air quality and regulating temperatures for ideal comfort and safety in both residential and commercial spaces. The growing adoption of HVAC systems is expected to increase the demand for electric motors designed for HVAC applications. These motors power critical components such as blowers and compressors, which are required for air circulation and temperature control in HVAC systems. Additionally, wireless DC motors with integrated controls are commonly used in HVAC applications, offering efficiency and precise control. This adaptability of HVAC systems highlights their multiple advantages and simultaneously contribute to the growth of the electric motor market.

Restraints

Growing emphasis on environmental sustainability and energy efficiency

Increasing focus on environmental sustainability and energy efficiency poses a challenge for manufacturers as they aim to develop efficient motors with minimal energy consumption and low environmental impact. Meeting these guidelines can be difficult and require significant R&D expenditures which raises the cost of production. Additionally, following these regulations may limit the manufacturer’s flexibility to design which can potentially reduce the range of options available in the market. The pressure of meeting strict efficiency demands along with the regulatory requirements presents a significant challenge for manufacturers within the electric motor industry.

Recent Developments

• Siemens revealed that the Simotics SD motor series variants will now be developed to provide Super Premium Efficiency (IE4) category output in order to comply with the European ErP Directive 2019/1781. The company also indicated that its electric motors will be offered in the IE4 spectrum, with power ratings ranging from roughly 3 HP to over 1,300 HP and varied pole designs.
• LG Electronics introduced the new lineup of 2022 Smart Home Appliances in April 2022. LG's latest products were created with elegant designs for a premium lifestyle in mind. InstaView Door-in-DoorTM and Frost-Free Refrigerators, AI Direct Drive Washing Machines, PuricareTM Wearable Air Purifier, VIRAAT Air Conditioners, UV+UF Wt.

Electric Motor for Household Appliances Market

Key Players:

• Siemens AG
• ABB Ltd
• Nidec Corporation
• Toshiba Corporation
• WEG Electric Corporation
• Johnson Electric Holdings Limited
• LG Electronics Inc.
• Emerson Electric Co.
• Whirlpool Corporation
• Panasonic Corporation
• Midea Group Co., Ltd.
• Regal Beloit Corporation
• Bosch Group
• Danfoss Group
• Franklin Electric Co., Inc.
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Electric Motor for Household Appliances Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The North American electric motor market for home appliances is expected to experience substantial growth, influenced by two key factors. Firstly, the increasing demand for electric automobiles is set to propel the need for electric motors. Secondly, the implementation of strict renewable energy regulations and policies will stimulate further demand for electric motors, particularly those designed for energy-efficient applications. The Asia-Pacific region is expected to exhibit fastest CAGR, owing to the escalating demands in industrial, automotive, and electricity sectors within this region, highlighting the substantial opportunities for electric motor market expansion.

 Source: Fatpos Global

Impact of Covid-19 on Electric Motor for Household Appliances Market

The COVID-19 pandemic had caused an economic downturn. The electric motor market for household appliances saw significant disruptions during the epidemic. Global lockdowns disrupted manufacturing, supply networks, and raw material exports which caused disruptions in production and sales across the electric motor market. Additionally, changes in the purchasing behavior of consumers, due to the pandemic, further impacted market demand. However, there is a noticeable rebound in market demand as industrial activities gradually return to pre-pandemic levels. The gradual reopening of factories revived the market for electric motors used in household appliances, promoting a positive outlook for the growth and recovery of industry.

Electric Motor for Household Appliances Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Electric Motor for Household Appliances Market Scope and Segments:

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