Global Electric Motor for Household Appliances Industry Grows Steadily at a CAGR of 4.95%

Introduction

Home appliances like refrigerators, ovens, washing machines, vacuum cleaners, electric fans, dishwashers, and freezers are the ones that use electric motors the most frequently. Electric fans and vacuum cleaners are two different common uses. The study examined alternating (AC) and direct (DC) motors, two common types of electric motors used in home appliances. Several factors influence the rapidly increasing demand for electric motors for home appliances. The need for HVAC applications in the residential sector and the increased affordability of home appliances are two of these critical factors.

Market Dynamics

HVAC Demand in the Residential Sector Drives the Global Market

The HVAC system is used in residential and commercial buildings to maintain the occupants' comfort and safety. The HVAC system is used to enhance the air quality inside the building and reduce heat and cold. Residential HVAC systems improve well-being and comfort. With the rising need for HVAC systems in household appliances, it is projected that the demand for electric motors for HVAC systems in the residential sector will increase. The electric motor, the main component of the HVAC system, powers the blower that moves air. The compressors are powered by the engine, which pumps water for chilled and hot water applications while compressing the refrigerant.

Furthermore, brushless DC motors with built-in drives and controllers are commonly used in HVAC applications. According to the U.S. Department of Energy, HVAC applications accounted for 63% of motor-driven energy use in the residential sector. The Japan Refrigeration and Air Conditioning Association Report 2019 states that China contributed 42.150 million room air conditioner systems in 2018, which is close to 45% of the global market. There are several advantages and applications for HVAC in household settings.

High-Performance and Advanced Household Appliances Creates Tremendous Opportunities

The World Bank estimates that the global economy expanded by roughly 4% in 2019 compared to 2018 and will grow by 4.6% between 2020 and 21. People now have more money to spend thanks to the economy's rise. People prefer smart home devices now that they have more purchasing power. Due to the growing demand for smart home appliances, manufacturers are competing to provide extremely contemporary and high-performing household goods. For instance, Johnson Electric (Hong Kong) announced brand-new BLDC motors with advanced ERP ratings and full compliance with legal requirements for ventilation applications in June 2019. These motors give designers more options for the final product's design.

Modern home appliances improve home care while saving time and effort. Additionally, these gadgets help reduce users' electricity expenditures. Modern HVAC systems cut electricity consumption by 20% to 30%. Also predicted is a change in their application and implications due to the introduction of IoT (Internet of Things) equipped home products. For example, the Internet of Things (IoT)-based home automation system will enable users to manage and use domestic appliances like fans, lighting, and HVAC systems.

Regional Analysis 

Asia-Pacific contributes the most to global revenue and is anticipated to grow at a CAGR of 5.50% over the projection period. Asia-Pacific is expected to be one of the world's most important markets for electric motors for appliances due to the expansion of the residential sector, increased per capita GDP, and a rise in demand for home appliances. The rapid development of the residential sector in China is expected to increase the demand for energy in household appliances. China will require more electric motors due to these advancements being essential components of home appliances.

Europe is anticipated to grow at a CAGR of 5.10% during the forecast period. One of the primary regional markets for these goods is Europe, where the demand for electric motors for home appliances is booming. This is brought on by the increasing demand for equipment in the area and the low cost of that equipment. A few companies are competing in the market for electric motors for home appliances, including Cebi Group and Nidec Motor Corporation (Japan) (Luxembourg). In April 2017, Nidec Motor Corporation acquired Secop Group (Germany), enabling them to dominate the European household refrigeration compressor industry. Such upgrades emphasize the necessity for updated household furnishings in the area. These devices consequently require additional electric motors.

Key Highlights

• The global electric motor for household appliances market was valued at USD 6,695.60 million in 2022. It is projected to reach USD 10,342.64 million by 2031, growing at a CAGR of 4.95% during the forecast period (2023-2031).
• Based on type, the global electric motor for household appliances market is bifurcated into AC motors and DC motors. The AC motor segment is the major contributor to the market and is estimated to exhibit a CAGR of 5.10% during the forecast period.
• Based on voltage, the global electric motor for household appliances market is bifurcated into Up to 50 V, Above 120 V, and 50 V-120V. The Up to 50 V segment is the major contributor to the market and is estimated to exhibit a CAGR of 4.30% during the forecast period.
• Based on application, the global electric motor for household appliances market is bifurcated into the refrigerator, oven, washing machine, vacuum cleaner, electric fan, dishwasher, range hood, tumble dryer, wash dryer, and freezer. The refrigerator segment is the major contributor to the market and is estimated to grow at a CAGR of 5.70% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to exhibit a CAGR of 5.50% during the forecast period.

Competitive Players

1. Nidec Motor Corporation
2. Johnson Electric Holdings Limited
3. Sunonwealth Electric Machine Industry Co. Ltd
4. Nichibo DC Motor
5. Cebi Group
6. Elica S.p.A
7. Newmotech Co. Ltd
8. Diehl Stiftung and Co. KG
9. Dumore Motors.

Recent Developments

• January 2024 - Samsung Electronics and Hyundai Motor Group announced a partnership to enable linked cars, including electric vehicles (EVs), on the SmartThings platform. The firms announced their intention to develop solutions for future lifestyles that fully integrate connected cars and smart homes after signing a Memorandum of Understanding (MOU) on January 3.
• December 2023 - Leading provider of cutting-edge semiconductor solutions, Renesas Electronics Corporation (TSE:6723), unveiled a line of motor driver integrated circuits (ICs) today for brushless DC (BLDC) motor applications. The devices use innovative, patent-pending technologies from Renesas that allow motors without sensors to provide maximum torque at zero speed—an industry first.

Segmentation

1. By Type
   1. AC Motors
   2. DC Motors
2. By Voltage
   1. Up to 50 V
   2. Above 120 V
   3. 50 V-120V
3. By Applications
   1. Refrigerator
   2. Oven
   3. Washing Machine
   4. Vacuum Cleaner
   5. Electric Fan
   6. Dishwasher
   7. Range Hood
   8. Tumble Dryer
   9. Wash Dryer
   10. Freezer