ID: MRFR/E&P/1719-HCR | January 2023 | Region: Global | 185 Pages
Small Gas Engines Market is projected to be worth USD 3866.03 Million by 2030, registering a CAGR of 4.8% during the forecast period (2022 - 2030).
$3866.03 Mn
4.8%
North America
2022-2030
Small Gas Engines Market is projected, register a CAGR of 4.8% during the forecast period 2022-2030, with valuation of USD 3866.03 Million. The market was valued at USD 2.89 billion in 2021.
Small gas engines are small-displacement, low powered internal combustion engines that are used majorly to power lawn mowers, generators, concrete mixers, and other machines that require independent power sources. The small gas engines consist of systems such as fuel, exhaust, ignition, combustion, cooling, and lubrication. The small gas engines market size is projected to reach USD 3866.03 Million by 2030 from an estimated USD USD 2.67 billion in 2019 with 4.8% CAGR from 2022 to 2030. The major factors driving the growth of the global market include growth in the construction industry, along with the rising demand for outdoor power equipment rental.
According to the Commerce Department, the construction spending in the US increased by 1.3% with investments in public projects. Similarly, rising industrialization and urbanization in Asia-Pacific is leading to the growth of the construction sector in countries such as India, China, and other South Asian countries. For instance, according to the India Brand Equity Foundation (IBEF), India has a requirement of investment worth USD 777.73 billion in infrastructure by 2022, along with increasing FDI inflows in the country.
These factors would increase the use of small gas engines in the construction sector. Moreover, owing to nominal maintenance costs and reduced product costs, outdoor power equipment are expected to be frequently rented and gain a lot of attention from homeowners and contractors. Additionally, the global small gas engines market is projected to grow at a high rate during the forecast period due to growth in the residential and industrial sector. Key players in the small gas engines industry such as Briggs and Straton Corporation, Honda Motor Co., Kohler Co., and Kawasaki Heavy Industries, among others are actively focusing on signing contracts and agreements to supply small gas engines. For instance, Yamaha (Japan) expanded its outdoor power segment by acquiring Subaru Industrial Power Products (US), which would expand its small gas engine business. The global small gas engines market has been segmented based on equipment, engine displacement, end-use, and region. Based on equipment, the global market has been segmented into a lawnmower, chainsaw, string trimmer, hedge trimmer, portable generator, rotary tiller, pressure washer, concrete vibrators, concrete screed, edger, leaf blower, snow blower, and others. The lawnmower segment is expected to dominate the global market during the forecast period.
This is because of their wide use in residential and commercial applications. Based on engine displacement, the global small gas engines market has been divided into 20 cc to 100 cc, 101 cc to 400 cc, 401 cc to 650 cc. The 101 cc to 400 cc segment dominates the global market as the engines within this range is mostly used inland mowers that produce high torque. On the basis of end-use, the global market has been divided into gardening, construction, and industrial. The gardening segment is estimated to register a higher growth rate during the forecast period. The demand for outdoor power equipment in landscaping services is a crucial driver for the growth of the gardening segment.
The global small gas engines market is expected to grow at 4.8 % CAGR during the forecast period. Market Segmentation On the basis of region, the global small gas engines industry has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America holds the largest share in the small gas engines market due to the growth in construction and rental of outdoor power equipment due to the increased demand for landscape services in the residential and commercial sector.
The key players operating in the global Small Gas Engines market are Briggs and Straton Corporation (US), Honda Motor Co. (Japan), Kohler Co, (US), Kawasaki Heavy Industries (Japan), Fuji Heavy Industries (Japan), Yamaha Motor Co. (Japan), Kubota Corporation (Japan), Liquid Combustion Technology, LLC (US), Champion Power Equipment (US), Fuzhou Launtop M&E Co., Ltd (China), Maruyama Mfg. Co., Inc. (Japan), and Lifan Power (US)
The countries in North America, majorly the US and Canada are heavily investing in the green buildings which would, in turn, increase the need for gardens near buildings. Thus, this would increase the demand for small gas engines in the region. The US is expected to be the largest and fastest market in the North America region due to the highest number of construction projects being carried out in the country. These projects also include rising investments in rental activities related to outdoor power equipment. Â Moreover, the market for small gas engines in Asia-Pacific and the Middle East is also expected to grow during the forecast period due to the growing construction and industrial end-use sectors. Key Players The key players operating in the global Small Gas Engines market are Briggs and Straton Corporation (US), Honda Motor Co. (Japan), Kohler Co, (US), Kawasaki Heavy Industries (Japan), Fuji Heavy Industries (Japan), Yamaha Motor Co. (Japan), Kubota Corporation (Japan), Liquid Combustion Technology, LLC (US), Champion Power Equipment (US), Fuzhou Launtop M&E Co., Ltd (China), Maruyama Mfg. Co., Inc. (Japan), and Lifan Power (US), Intended Audiencepment are expected to be frequently rented and gain a lot of attention from homeowners and contractors. Additionally, the global small gas engines market is projected to grow at a high rate during the forecast period due to growth in the residential and industrial sector. Key players in the small gas engines market such as Briggs and Straton Corporation, Honda Motor Co., Kohler Co., and Kawasaki Heavy Industries, among others are actively focusing on signing contracts and agreements to supply small gas engines. For instance, Yamaha (Japan) expanded its outdoor power segment by acquiring Subaru Industrial Power Products (US), which would expand its small gas engine business.
The global small gas engines market has been segmented based on equipment, engine displacement, end-use, and region.Based on equipment, the global market has been segmented into a lawnmower, chainsaw, string trimmer, hedge trimmer, portable generator, rotary tiller, pressure washer, concrete vibrators, concrete screed, edger, leaf blower, snow blower, and others. The lawnmower segment is expected to dominate the global market during the forecast period. This is because of their wide use in residential and commercial applications. Based on engine displacement, the global small gas engines market has been divided into 20 cc to 100 cc, 101 cc to 400 cc, 401 cc to 650 cc. The 101 cc to 400 cc segment dominates the global market as the engines within this range is mostly used inland mowers that produce high torque. On the basis of end-use, the global market has been divided into gardening, construction, and industrial. The gardening segment is estimated to register a higher growth rate during the forecast period. The demand for outdoor power equipment in landscaping services is a crucial driver for the growth of the gardening segment. The global small gas engines market is expected to grow at 4.8 % CAGR during the forecast period.
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On the basis of region, the global small gas engines market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America holds the largest share in the small gas engines market due to the growth in construction and rental of outdoor power equipment due to the increased demand for landscape services in the residential and commercial sector. The countries in North America, majorly the US and Canada are heavily investing in the green buildings which would, in turn, increase the need for gardens near buildings. Thus, this would increase the demand for small gas engines in the region. The US is expected to be the largest and fastest market in the North America region due to the highest number of construction projects being carried out in the country. These projects also include rising investments in rental activities related to outdoor power equipment. Â Moreover, the market for small gas engines in Asia-Pacific and the Middle East is also expected to grow during the forecast period due to the growing construction and industrial end-use sectors.
Report Attribute/Metric | Details |
---|---|
Market Size | 2030 : USD 3866.03 Million |
CAGR | 4.8% CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Historical Data | 2019Â &Â 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Equipment, Engine Displacement, End-Use |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Briggs and Straton Corporation (US), Honda Motor Co. (Japan), Kohler Co, (US), Kawasaki Heavy Industries (Japan), Fuji Heavy Industries (Japan), Yamaha Motor Co. (Japan), Kubota Corporation (Japan), Liquid Combustion Technology, LLC (US), Champion Power Equipment (US), Fuzhou Launtop M&E Co., Ltd (China), Maruyama Mfg. Co., Inc. (Japan), and Lifan Power (US) |
Key Market Opportunities | Rising industrialization and urbanization in Asia-Pacific |
Key Market Drivers |
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The market can expand at a rate of 4.8% in the next couple of years.
The market size can increase to USD 3866.03 Million by 2030.
The profiled vendors in the report are Kohler Co, (US), Kawasaki Heavy Industries (Japan), Kubota Corporation (Japan), Fuji Heavy Industries (Japan), Briggs and Straton Corporation (US), Honda Motor Co. (Japan), Liquid Combustion Technology, LLC (US), Maruyama Mfg. Co., Inc. (Japan), Fuzhou Launtop M&E Co., Ltd (China), Champion Power Equipment (US), Lifan Power (US), Yamaha Motor Co. (Japan), and others.
North America holds the largest share in the global market.
The expanding industrial and construction end-use sectors can boost the market growth in MEA.