The US fractional horsepower motors market has shown a notable decline from 2013 to 2023, with sales decreasing from $1.665 billion to $1.1063 billion. In 2023, the market value stood at $1.1063 billion. The year-on-year variation fluctuated significantly, with a consistent downturn observed over the last decade. Notably, the rates of decline have intensified, with a -5.15% year-on-year decrease in 2023. The CAGR for the last five years leading to 2023 averaged at -4.86%, indicating a persistent negative trend.
Looking forward, forecast data from 2024 to 2028 suggests a continued downturn, with the market projected to reach $0.7925 billion by 2028. The future CAGR is forecasted at -5.3%, translating to a substantial drop of 23.82% over the next five years.
Future trends to watch for include:
- Technological advancements that may disrupt current motor designs.
- Emerging energy efficiency regulations that could reshape market preferences.
- Shifts towards sustainable and renewable energy sources potentially influencing market demand.
