Portland,OR, Dec. 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fractional horse power motor market was estimated at $13.32 billion in 2020 and is expected to hit $22.59 billion by 2030, registering a CAGR of 4.9% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in demand for energy-efficient electric motors and surge in awareness about electric and green vehicles among customers drive the growth of the global fractional horse power motor market. On the other hand, high initial cost and maintenance of FHP motors impede the growth to some extent. However, improvements in designing methods to reduce carbon emissions are expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Several restrictions in manufacturing activities, especially during the initial phase of the pandemic, impacted the global fractional horse power motor market. Also, the sales of products that are equipped with fractional horsepower motor experienced a steep decline due to limited sales through retail stores.
- However, as the global situation gets better, the market is expected to get back on track soon.
The global fractional horse power motor market is analyzed across motor type, product type, application, and region.
Based on motor type, the DC segment accounted for the major share in 2020, holding more than half of the global market. The AC segment, however, is expected to exhibit the fastest CAGR of 5.2% throughout the forecast period.
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Based on product type, the brushed segment generated the highest share in 2020, accounting for more than three-fifths of the global market. The brushless segment, on the other hand, is expected to cite the fastest CAGR of 5.6% from 2021 to 2030.
Based on region, the market across Asia-Pacific held the lion’s share in 2020, garnering more than two-fifths of the global market. LAMEA, simultaneously, is expected to cite the fastest CAGR of 6.5% by the end of 2030.
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Leading Players:
The key market players analyzed in the global fractional horse power motor market report include Allied Motion, Inc., AMETEK, Inc., BorgWarner Inc., Toshiba International Corporation ABB, Denso Corporation, Johnson Electric Holdings Limited, Robert Bosch GmbH, Rockwell Automation, Inc., and Nidec Corporation.These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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