Consumer Electronics Electric Motors Market size to surpass $28.5 Bn by 2032

Consumer Electronics Electric Motors Market size is estimated to exceed USD 28.5 billion by 2032, according to a new research report by Global Market Insights Inc.
 

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.
 

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.
 

Surging need for temperature control to augment refrigerator segment revenues

Consumer electronics electric motors market 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.
 

Browse key industry insights spread across 354 pages with 343 market data tables and 35 figures & charts from the report, “Consumer Electronics Electric Motor Market - By Type (Alternate Current (AC) Motor, Direct Current (DC) Motor, and Universal Motor), By Electric Motor (Computer, Mobile Phone, Appliances {Refrigerators, Washing Machine, Vacuum Cleaner, Microwave Oven, Mixer, Grinders, Juicers}, Fans) & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/consumer-electronics-electric-motor-market
 

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.
 

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.