Market Overview: The global HVAC motors market demonstrated significant strength in 2020 and is expected to maintain a steady revenue compound annual growth rate (CAGR) throughout the forecast period. Key factors driving the growth of market revenue include the increasing demand for efficient machine control, the growing benefits of HVAC motors, and the rising popularity of electric motors. Additionally, government and private investments in the automotive industry in various countries contribute to the market's demand.
Major Drivers of Global HVAC Motors Market Growth: The revenue growth of the global HVAC motors market is primarily fueled by the growing awareness of the benefits of HVAC motors worldwide. HVAC systems are responsible for managing air circulation, heating, and cooling between indoor and outdoor environments in commercial, residential, and industrial settings. Electric motors play a crucial role in these systems, operating pumps, fans, and compressors. These motors vary in size, from small ones used in household appliances like refrigerators to larger motors used in furnaces in large manufacturing units. HVAC systems are essential in offices and factories, particularly in cases where temperature zones need to be maintained throughout the building, ensuring the desired humidity and temperature levels using fresh air from the outside.
Furthermore, the increasing demand for electric motors driven by rising environmental concerns also positively impacts the market's revenue growth. For example, in September 2021, General Motors introduced three new electric motors to power its Ultium battery-based electric vehicles, starting with the 2022 Hummer models. These electric motors include a 255 kW rear- and front-drive permanent magnet motor, a 180 kW front-drive permanent magnet motor, and a 62 kW all-wheel drive assist induction motor.
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Factors Restraining Global HVAC Motors Market Growth: The growth of the global HVAC motors market faces significant obstacles due to several unfavorable factors. The high cost of HVAC motors and the impact of the COVID-19 pandemic on labor markets, economies, and businesses have resulted in widespread disruptions. Sectors like transportation, which require HVAC motors on a large scale for fuel efficiency, have been particularly affected.
Opportunities for Players in the Global HVAC Motors Market: Major players and new entrants in the market can expect lucrative business opportunities due to the rapid growth of the automotive industry, increased focus on fuel efficiency driven by global environmental concerns, and the growing demand for passenger vehicles. Rising disposable incomes and a preference for personal vehicles over public transportation contribute to the high demand for passenger automobiles. The two-wheeler sector, in particular, has experienced increased sales as consumer demand shifts toward personal mobility, especially following the COVID-19 pandemic's impact on public transport.
Global HVAC Motors Market Revenue Led by Type Segment: In terms of type, the fan and blower motors segment is projected to hold the largest revenue share during the forecast period. HVAC AC motors find extensive use in equipment such as blowers, fans, pumps, air conditioners, heaters, and compressors to ensure efficient operation.
Leading Application Segment in the Global HVAC Motors Market: The air conditioner segment is expected to dominate other segments in terms of revenue generation during the forecast period. Factors driving the growth of this segment include rapid urbanization, increasing disposable income, and the growing use of air conditioners due to changing climates and the need for comfort.
North America Accounts for the Largest Revenue Share in the Global HVAC Motors Market: North America emerged as the largest market for HVAC motors in 2020, with the highest revenue share. The growth in revenue can be attributed to increasing government investments in electric motors, the expanding use of industrialization, and ongoing technological advancements in the automotive industry.
The HVAC motors market in Europe is expected to experience robust revenue growth during the forecast period, driven by increased vehicle production and sales. In 2019, approximately 15.8 million vehicles were sold in Europe, according to the European Automobile Manufacturers' Association.
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