Small Engine Market Overview:
As per MRFR analysis, the Small Engine Market Size was estimated at 17.3 (USD Billion) in 2022. The Small Engine Market Industry is expected to grow from 17.78(USD Billion) in 2023 to 22.78 (USD Billion) by 2032. The Small Engine Market CAGR (growth rate) is expected to be around 2.79% during the forecast period (2024 - 2032).
Key Small Engine Market Trends Highlighted
Emerging trends in the Small Engine Market include the rising demand for electric and battery-powered engines due to increasing environmental concerns. Advancements in fuel injection systems have enhanced engine performance and reduced emissions, driving market growth. Moreover, technological advancements such as IoT-enabled engines are providing real-time monitoring and diagnostics, leading to optimized maintenance and increased productivity.
Key market drivers include the increasing adoption of small engines in various industries such as construction, agriculture, and landscaping. Growing urbanization and the expansion of smart cities are creating new opportunities for small engines in applications such as lawnmowers, generators, and power tools. Additionally, the growing popularity of outdoor recreation activities is boosting the demand for small engines used in ATVs, motorcycles, and snowmobiles.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Small Engine Market Drivers
Rising Demand for Outdoor Power Equipment
The increasing interest in outdoor activities and the fast growth of power equipment for gardening, landscaping, and other outdoor activities are the main drivers for the Small Engine Market Industry. Small engines are applied to a wide range of equipment from lawnmowers and chainsaws to trimmers, generators, etc., which are in demand both for residential and professional purposes. Moreover, the growing number of households and the disposable income of consumers have increased the demand for the equipment, which will increase in the near future.
Advancements in Engine Technology
Technological advancements in small engines are continually improving their performance and efficiency. Manufacturers are focusing on developing engines that are more powerful, fuel-efficient, and environmentally friendly. The adoption of new technologies, such as electronic fuel injection and variable valve timing, is enhancing the performance of small engines and reducing their emissions. These advancements are making small engines more appealing to consumers and are expected to drive market growth in the coming years.
Expansion of the Construction Industry
A major user of small engines is the construction industry where they are used to provide power for excavation, construction, demolition, and many other construction activities. The increased construction activities in the developing regions in Asia, Africa, and others are expected to increase the demand for small engines in the coming years. Many countries and companies are investing heavily in infrastructure development, and there is an increased number of construction activities taking place in the mentioned regions.
Small Engine Market Segment Insights:
Small Engine Market Engine Type Insights
The Engine Type segment plays a pivotal role in shaping the dynamics of the Small Engine Market. Gasoline engines, Diesel engines, and Electric engines each hold significant market shares, driven by distinct advantages and application suitability. Gasoline engines, with their well-established infrastructure and wide availability of fuel, dominate the market, accounting for a majority of revenue. Their versatility, affordability, and ease of maintenance make them popular choices for various applications, including lawnmowers, generators, and pumps.
In 2023, the Gasoline engine segment generated revenue of approximately USD 13.25 billion, and it is projected to maintain its dominance throughout the forecast period. Diesel engines, known for their durability, fuel efficiency, and high torque, are primarily utilized in heavy-duty applications such as construction equipment, agricultural machinery, and commercial vehicles. The Diesel engine segment is expected to witness steady growth, driven by the increasing demand for these applications. In 2023, the Diesel engine segment held a revenue share of around USD 3.21 billion, and it is anticipated to grow at a CAGR of 3.1% during the forecast period, reaching an estimated value of USD 4.16 billion by 2032.
Electric engines, powered by batteries or electricity, have gained significant traction in recent years due to their environmental friendliness and reduced operating costs. The Electric engine segment is expected to witness the highest growth rate during the forecast period, driven by government regulations promoting zero-emission vehicles and increasing consumer awareness about environmental sustainability. In 2023, the Electric engine segment accounted for a revenue share of approximately USD 1.32 billion, and it is projected to grow at a CAGR of 4.2% during the forecast period, reaching an estimated value of USD 1.78 billion by 2032.
The Small Engine Market is expected to witness steady growth, driven by factors such as increasing urbanization, rising disposable income, and growing demand for outdoor power equipment. Continued technological advancements and the adoption of sustainable practices are expected to shape the future of the Small Engine Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Small Engine Market Power Output Insights
The Power Output segment of the Small Engine Market is characterized by varying levels of power output, catering to a wide range of applications. In 2023, the 'Up to 10 horsepower' segment held a dominant market share, driven by its extensive use in lawnmowers, handheld power tools, and small generators. The '11-20 horsepower' segment is anticipated to witness significant growth over the forecast period, owing to its increasing adoption in construction equipment and agricultural machinery. The '21-50 horsepower' segment caters to specialized applications in industrial and commercial settings, while the 'Over 50 horsepower' segment addresses heavy-duty requirements in industries such as mining and oil gas.
Small Engine Market Application Insights
Among the diverse range of applications, 'Industrial' stands out as the dominant segment in the Small Engine Market, accounting for a substantial share of the revenue. In 2023, the segment's value was estimated at 6.96 USD Billion, and it is projected to maintain its dominance throughout the forecast period, reaching 8.74 USD Billion by 2032. This growth is attributed to the increasing demand for small engines in industrial equipment, including generators, pumps, and compressors. The 'Construction' segment also holds a significant position, driven by the growing construction activities worldwide, and is expected to reach a valuation of 4.32 USD Billion by 2032.
The 'Agriculture' segment, catering to the needs of agricultural machinery, is anticipated to grow steadily, reaching 3.56 USD Billion by the end of the forecast period. Lastly, the 'Consumer' segment, encompassing handheld power tools and lawnmowers, is projected to experience moderate growth, reaching 2.97 USD Billion by 2032.
Small Engine Market Cooling System Insights
The Cooling System segment in the Small Engine Market is divided into Air-cooled and Liquid-cooled. Air-cooled systems are more common in smaller engines, as they are less expensive and easier to maintain. Liquid-cooled systems are more efficient at removing heat from the engine, but they are also more complex and expensive. The Air-cooled segment held the largest market share in 2023, accounting for over 60% of the Small Engine Market revenue. The segment is expected to continue to dominate the market over the forecast period, owing to its cost-effectiveness and ease of maintenance.
The Liquid-cooled segment is expected to witness significant growth over the forecast period due to the increasing demand for high-performance engines in various applications. The segment is expected to grow at a CAGR of over 3% during the forecast period. Overall, the Cooling System segment in the Small Engine Market is expected to grow at a steady pace over the forecast period, driven by the increasing demand for small engines in various applications.
Small Engine Market Fuel Delivery System Insights
The Small Engine Market segmentation by Fuel Delivery System includes Carburetor and Fuel Injection. Among these, the Fuel Injection segment is poised to grow at a CAGR of 3.5% during the forecast period. Fuel Injection systems provide precise control over the air-fuel mixture, resulting in improved fuel efficiency, reduced emissions, and enhanced engine performance. Moreover, advancements in electronic fuel injection technology, such as common rail systems, are further driving the growth of this segment. In 2024, the Fuel Injection segment is projected to account for a market share of around 40%, with a market value of approximately USD 6.5 billion.
Small Engine Market Regional Insights
The Small Engine Market is projected to grow from USD 17.78 billion in 2023 to USD 22.78 billion by 2032, at a CAGR of 2.79% during the forecast period. Regionally, North America is projected to hold the largest market share in 2023, followed by Europe and APAC. North America is expected to continue its dominance throughout the forecast period due to factors such as the presence of major manufacturers, high demand for outdoor power equipment, and favorable government regulations.
Europe is expected to witness significant growth during the forecast period due to increasing demand for compact and lightweight engines for lawn and garden equipment.APAC is projected to emerge as a key growth region, driven by rising urbanization and increasing disposable income, leading to increased demand for small engines in various applications. The South American and MEA regions are also expected to witness steady growth during the forecast period due to increasing investments in infrastructure and construction projects.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Small Engine Market Key Players And Competitive Insights:
Major players in the Small Engine Market industry are constantly developing new and innovative products in order to gain a competitive edge. Leading Small Engine Market players are also investing in research and development to create more efficient and environmentally friendly products. The Small Engine Market industry is expected to continue to grow in the coming years, driven by increasing demand from both developed and developing countries.
This growth will be supported by the increasing use of small engines in a variety of applications, including lawn and garden equipment, construction equipment, and industrial machinery. The Small Engine Market Competitive Landscape is expected to remain competitive in the coming years, with new entrants and established players vying for market share.Briggs Stratton is one of the leading companies in the Small Engine Market. The company has been in business for over 100 years and has a strong reputation for quality and innovation. Briggs Stratton offers a wide range of small engines for a variety of applications, including lawn and garden equipment, construction equipment, and industrial machinery.
The company has a strong distribution network and a global presence, with operations in over 100 countries. Briggs Stratton is committed to sustainability and has a number of initiatives in place to reduce its environmental impact.Honda is another major player in the Small Engine Market. The company is known for its high-quality engines, which are used in a variety of applications, including lawn and garden equipment, construction equipment, and industrial machinery. Honda has a strong brand reputation and a global presence, with operations in over 150 countries. The company is committed to innovation and has a number of research and development centers around the world. Honda is also committed to sustainability and has a number of initiatives in place to reduce its environmental impact.
Key Companies in the Small Engine Market Include:
- Yanmar
- Loncin
- Honda Motor
- Stihl
- Echo Incorporated
- Kohler
- Husqvarna
- Yamaha Motor
- Lifan
- Briggs Stratton
- Wacker Neuson
- Subaru Industrial Power Products
- MTD Products
- Kawasaki Heavy Industries
Small Engine Market Industry Developments
The Small Engine Market is projected to grow from USD 17.78 billion in 2023 to USD 22.78 billion by 2032, at a CAGR of 2.79% during the forecast period. Increasing demand for portable and lightweight power equipment in various industries, such as construction, agriculture, and manufacturing, is driving the growth of the market. Additionally, rising urbanization and population growth are fueling the demand for small engines in lawn and garden equipment, further contributing to market expansion.
Recent developments in the small engine market include the introduction of fuel-efficient and environmentally friendly engines, as well as the growing adoption of electric and battery-powered alternatives. Key players in the market are focusing on product innovation and technological advancements to meet the evolving needs of customers. The Asia-Pacific region is expected to hold a significant market share due to the increasing demand for small engines in emerging economies like China and India.
Small Engine Market Segmentation Insights
- Small Engine Market Engine Type Outlook
- Small Engine Market Power Output Outlook
- Up to 10 horsepower
- 11-20 horsepower
- 21-50 horsepower
- Over 50 horsepower
- Small Engine Market Application Outlook
- Industrial
- Construction
- Agriculture
- Consumer
- Small Engine Market Cooling System Outlook
- Small Engine Market Fuel Delivery System Outlook
- Carburetor
- Fuel Injection
- Small Engine Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
17.3(USD Billion) |
| Market Size 2023 |
17.78(USD Billion) |
| Market Size 2032 |
22.78(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
2.79% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Yanmar, Loncin, Honda Motor, Stihl, Echo Incorporated, Kohler, Husqvarna, Yamaha Motor, Lifan, Briggs Stratton, Wacker Neuson, Subaru Industrial Power Products, MTD Products, Kawasaki Heavy Industries |
| Segments Covered |
Engine Type, Power Output, Application, Cooling System, Fuel Delivery System, Regional |
| Key Market Opportunities |
IoT integration electrification digital transformation emerging markets rental and leasing services |
| Key Market Dynamics |
Growing demand for outdoor power equipment Technological advancements in engine design Environmental regulations driving adoption of low-emission engines Expanding construction and agriculture industries Increasing popularity of robotic lawnmowers |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Small Engine Market is estimated to be valued at 17.78 billion USD in 2023.
The Small Engine Market is projected to grow at a CAGR of 2.79% from 2024 to 2032.
Small engines are used in a variety of applications, including lawnmowers, generators, pumps, and construction equipment.
Key competitors in the Small Engine Market include Briggs Stratton, Honda, Kohler, and Yamaha.
The Small Engine Market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
North America is expected to hold the largest share of the Small Engine Market in 2032.
Key factors driving the growth of the Small Engine Market include increasing demand for lawn care and landscaping equipment, rising construction activities, and growing popularity of outdoor power equipment.
Challenges faced by the Small Engine Market include stringent emission regulations, rising raw material costs, and intense competition.
Opportunities for growth in the Small Engine Market include technological advancements, expanding applications, and increasing demand from emerging economies.
The Small Engine Market is projected to reach a valuation of 22.78 billion USD by 2032.
