Electric Motors Market: 2021 COVID-19 Impact In-Depth Analysis & Global Forecast to 2023

 

Market Overview


In the research report, Market Research Future (MRFR), emphasizes that the global electric motors market 2020 is expected to grow exponentially, securing a significant market valuation and a healthy CAGR over the review period.


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Drivers and Restraints


The aspects fueling the growth of the market for household appliances for electric motors are rising demand for HVAC in the residential sector and growing household appliances' affordability. HVAC systems improve both safety and comfort in residences. The increased demand for HVAC systems in home appliances is projected to raise demand for electric motors in residential-sector HVAC systems. Nevertheless, the selling of electric motors is growing year-on-year with home appliance demand rising. Household appliance demand is expected to lead to appliance industry growth. Companies concentrate on innovations to deliver better low-price products, resulting in aggressive competition among household appliance manufacturers to gain an advantage over their peers.


Segmental Analysis


The global electric motors market for household appliances is analyzed based on voltage, type, application, output power, and region.


The world market is segmented by form into AC engines and DC motors. Through voltage, the global market is segmented into up to 50 V, 50 V – 120 V and above 120 V. Based on their size, the 50 V – 120 V segment contains a wide variety of engines including shaded pole motors and brushless motors. During the forecast era, the segment is likely to experience high growth, mainly due to growing brushless motor applications in home appliances due to their long service life.


The global market was segmented into up to 500 W and above 500 W depending on the output power. The segment is expected to witness substantial growth over the forecast period, primarily due to increased demand for products with up to 500 W of output power in Asia-Pacific and Middle East & Africa's emerging economies.



The global electric motors market for household appliances was segmented by application into refrigerator, ovens, washing machine, electric fan, vacuum cleaner, range hood, dishwasher, tumble dryer, laundry dryer, and freezer.





Regional Analysis


The geographical synopsis of the global market has been conducted in four major regions, comprising Europe, the Asia Pacific, North America, and the rest of the world.


Due to the growth of residential sectors, the increase in GDP per capita, and the rise in demand for household appliances, Asia-Pacific is expected to hold a majority of the market share during the forecast period. The rapid growth of the residential sector is expected to raise energy demand in China's household appliances. Since electric motors are important components of household appliances, the demand for electric motors in China will increase with these developments. Residential sector growth, per capita GDP increase and household appliance demand increase are expected to drive the market for household appliances in the electric motors sector in the region. The increase in demand for refrigerators is expected to increase demand for electric motors which in household appliances are an essential component of the refrigerators. Such factors are poised to drive the growth of the Asia-Pacific household appliance market for electric motors over the forecast period.


Competitive Synopsis


The major market players operating in the global electric motor market as identified by MRFR are Johnson Electric Holdings Limited (Hong Kong), Nichibo DC Motor (China), EBM-PAPST (Germany), Sunonwealth Electric Machine Industry Co., Ltd. (Taiwan), Nidec Motor Corporation (Japan),  Elica S.p.A. (Italy), Newmotech Co., Ltd (South Korea), Diehl Stiftung & Co. KG (Germany), Cebi Group (Luxembourg), Dumore Motors (US), NMB (US), CG Power and Industrial Solutions Limited (India),  Panasonic Corporation (Japan), Keli Motor Group Co., Ltd. (China), and Sanhua Aweco (Germany).

 

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About Market Research Future:

Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.

Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.

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