According to our latest market study on "Electric DC Motors Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Speed, and Application," the market is expected to grow from US$ 12,968.5 million in 2021 to US$ 23,639.4 million by 2028; it is estimated to grow at a CAGR of 9.0% from 2021 to 2028Investments in residential and commercial constructions have increased in developing countries like China and India in recent years. In 2018, the United Nations Industrial Development Organization (UNIDO) collaborated with the Chinese Academy of International Trade and Economic Cooperation (CAITEC) to promote the development of industrial parks. This collaboration aimed to leverage China's experiences and practices in industrial park development to generate sustainable pathways towards industrialization. These factors are contributing to the growing demand for HVAC systems worldwide, which is driving the need for electric DC motors.
The imposition of lockdowns severely disrupted the supply chain in the European automotive industry, resulting in a decline of more than 20% in overall production. This had a negative impact on the demand for electric DC motors used in various automotive applications, including electric vehicles, passenger, and commercial vehicles. Similarly, the emergence of the COVID-19 pandemic adversely affected the consumer electronics and home appliances sectors. With reduced income levels, buyers preferred purchasing necessities such as household goods and groceries over nonessential and expensive items, including home theatres and LCD TVs. In response to the unexpected disruptions caused by the pandemic, manufacturers were compelled to streamline their production processes and address challenges, including physical distancing. However, with the increased vaccination drives, the demand for electric DC motors has been rising since Q3 of 2020, and companies are investing in making their operations efficient and productive.
The electric DC motors market is segmented on the basis of type, speed, application, and geography. Based on type, the market is bifurcated into brushed DC motors and brushless DC motors. Based on speed, the electric DC motors market is segmented into low (less than 1,000 rpm), medium (1,001-25,000 rpm), and high (above 25,000). By application, the market is segmented into industrial machinery, automotive and transportation, HVAC equipment, aerospace & defense, household appliances, and others. Based on geography, the electric DC motors market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.
Key Findings of Study:
The demand for DC electric motors is witnessing a rapid surge across multiple industries, including home appliances, aviation, transportation, infrastructure machinery, automotive, and HVAC equipment worldwide. Electric DC motors are being increasingly used in various applications such as driving constant speed line shafts, vacuum cleaners, lathes, laundry washing machines, wood-working machines, conveyors, elevators, small printing presses, and grinders. Additionally, the growth of the electric DC motors market in North America and Europe is further being propelled by increasing manufacturing activities and the rapidly expanding packaging industry.
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