Small Gas Engines Market Overview:
Small Gas Engines Market is projected, register a CAGR of 4.80% during the forecast period 2023-2032, with valuation of USD 4.12 Billion by 2032. The market was valued at USD 2.7 Billion in 2022.
Drivers
Growing Demand for Outdoor Power Equipment to Boost Market Growth
The demand for outdoor power equipment is likely to increase as demand for commercial and residential construction increases that may boost market growth. Homeowners and contractors are shifting towards renting outdoor power equipment for minimal costs of maintenance and lower costs.
COVID-19 Analysis
Due to the COVID-19 pandemic the energy and power sector has been significantly impacted resulting in falling prices of power and weakened demand. This in turn has affected the small gas engines market with the construction industry crashing and a fall in the outdoor power equipment. Considering the long-term effect of the COVID-19 pandemic, most of the organizations in the small gas engines market are working to cut down the costs of asset protection while striving to ensure smooth flow of operations for curbing revenue loss. The lockdown restrained the movement of materials across energy and power plants. The short term effect of the virus has managed to ebb the investment capacity of vendors in light of growing political turbulence.
Opportunities
Increasing use in Automobiles to offer Robust Opportunities
Small machines are having immense momentum as different automobile manufacturers are single mindedly working on meeting the stringent emission norms like EURO 5, EURO 6, and ACEA agreement. This is giving rise to latest technological avenues like micro-hybridization and biofuels that may offer robust opportunities for the small gas engines market in the forecast period. Rigid emission regulations in most countries are compelling vehicle manufacturers in downsizing the small gas engines they produce resulting in higher need in the automotive industry.
Restraints and Challenges
High Price to act as Market Restraint
The high price of small gas engines may impede the global small gas engines market value over the forecast period.
Market Segmentation
The small gas engines market has been bifurcated based on end use, engine displacement, and equipment.
By equipment, the lawnmower segment will lead the market over the forecast period for its wide application in commercial and residential applications.
By engine displacement, the 101 cc to 400 cc segment will dominate the market over the forecast period as the engines within this range is mostly utilized in land mowers which produce high torque.
By end use, the gardening segment will spearhead the market over the forecast period for the increasing need for outdoor power equipment in landscaping services.
Regional Analysis
North America to Have Lions Share in Small Engines Market
North America will have lions share in small engines market over the forecast period. Growth in construction and rental of outdoor power equipment, increased demand for landscape services in the commercial and residential sector, growth in construction and rental of outdoor power equipment, Canada and US heavily investing in green buildings, increasing need for gardens near buildings, highest number of construction projects, rising investments in rental activities related to outdoor power equipment, growing construction industry, and increase in outdoor powered equipment with the increase in golf courses and ground maintenance, and new housing projects and home remodeling activities are adding to the global small gas engines market growth in the region. Besides, the increase in rental of outdoor power equipment in Canada and the US, heavy investments in the construction of smart & green buildings, improvements in housing maintenance, and preference for renting outdoor power equipment to lower the cost of operations are also adding to the small gas engines market share.
Key Players
Key players profiled in the global small gas engines market report include 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 global small gas engines market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
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