Selbyville, Delaware, May 02, 2023 (GLOBE NEWSWIRE) — As per the report published by Global Market Insights Inc., the Global Consumer Electronics Electric Motors Market was estimated at USD 15.67 billion in 2022 and is expected to surpass a valuation of $ 28.91 billion by 2032, progressing at a CAGR of 6.3% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
The growing electric household appliances market across the world backed by the prevalent economic development is accelerating product adoption. Major equipment such as refrigerators, air conditioners, and washing machines are being used increasingly in developing nations. Consumers have been utilizing modernized devices and embracing innovations to enhance their homes. As per the U.S. Energy Information Administration, energy consumption in households has declined with time in American households even with the increasing number of consumer electronics due to improved building insulation, efficient HVAC, water heaters, refrigerators, and appliances, which use minimal energy to operate.
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Compatibility with variable frequency drives to push alternate current motors demand
The report further cites heavy demand for alternate current (AC) motors. The consumer electronics electric motors market share from the AC motor segment is anticipated to be valued at more than USD 3.5 billion by the end of 2032. Factors such as higher energy efficiency, reliability, longevity, and low maintenance requirement in contrast to direct current (DC) motors are stimulating segment expansion. Moreover, they are proven more compatible with Variable Frequency Drives (VFDs), further increasing AC motor appeals. A 2022 study used VFD for an alternating current three-wave motor and concluded that a slight speed reduction served better energy output.
Key reasons for Consumer electronics electric motors market growth:
- Increasing demand for consumer electronics
- The growing electric household appliances market
Surging need for temperature control to augment refrigerator segment revenues
Consumer electronics electric motors industry size from the refrigerator application segment is foreseen to reach more than USD 23 billion by 2032. Smart motors and sensors are increasingly utilized by manufacturers of refrigerators, which is set to foster the segment outlook. For instance, certain refrigerators use sensors to determine when the door is opened and modify the cooling system accordingly to use less energy. Similarly, other refrigerators employ intelligent motors that may change their speed in response to the refrigerator’s cooling requirements, significantly lowering energy usage.
Growing environment consciousness to push North America industry expansion
North America consumer electronics electric motors market is projected to showcase significant growth at over 6% CAGR between 2023 and 2032 owing to the increasing demand for energy-efficient electric motors. As consumers are becoming more environmentally conscious and opting for products that consume less energy and have a small carbon footprint, the product demand is likely to increase drastically. As a result, the regional government invests in clean energy programs such as Vehicle-to-Everything, which focuses on clean energy sources for electric vehicles.
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Expansion of sales network to remain a key growth strategy
Some of the key players profiled in the consumer electronics electric motors market report include Allied Motion Technologies Inc., Industrial Equipment Systems Co., Ltd., FAULHABER GROUP, and more. These companies are majorly engaging in a series of strategic production capacity expansion and acquisition tactics to elevate their market position. For instance, in July 2022, Maxon Motor, a Swiss motor systems manufacturer, opened a sales office in Mexico to provide customer service and boost its presence and sales network in the area. The new office was built to expand the company’s customer base in Latin America.
Partial chapters of report table of contents (TOC):
Chapter 3 Global consumer electronics electric motor market Insights
3.1 COVID-19 impact on the global economy.
3.2 Industry ecosystem analysis
3.3 Regulatory landscape
3.4 Innovation & sustainability
3.5 Industry impact forces
3.6 Growth potential analysis
3.7 Porter’s analysis
3.8 PESTEL analysis
3.9 Impact of COVID-19 on the industry
3.10 Impact of Russia-Ukraine war
Chapter 4 Competitive Landscape, 2021
4.1 Introduction
4.2 Company market share, 2022
4.3 Company market share by region
4.4 Competitive Analysis of major market players
4.5 Competitive Positioning matrix
4.6 Strategic Outlook Matrix
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.