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Portable Generator Market is predicted to hit USD 3.3 billion by 2029, increasing at 5.8% CAGR during 2022-2029 | Size, Analysis & Industry Report
Portable Generator Market
Portable Generator Market was valued at USD 2.1 billion in 2021 and is projected to reach USD 3.3 billion in 2029 and the market is estimated to grow at a CAGR of 5.8%.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/portable-generator-market/
The factors driving the growth of Portable Generator Market includes emerging need to upgrade the ageing grid infrastructure, growing consumption of electricity around the world, increasing use of portable generators at construction sites and rise in the occurrence of natural calamities such as earthquake, tsunamis, and hurricanes. As per the report published by Statista, the electricity consumption worldwide has increased from 22,469 terawatt-hours in 2017 to 23,845 terawatt-hours in 2019, which will boost the Global Portable Generator Market in the approaching years. Moreover, rising awareness amongst end users about portable generators, growing adoption of advanced technologies by manufacturers and increasing demand for uninterrupted power supply, are some of the additional factors supplementing the Portable Generator Market Share. In addition, the mergers and acquisitions between key industry players, increasing investments by leading players on research and development, growing popularity of diesel-fueled generators and rapid urbanization, are further contributing to the market growth.
However, the growth of Portable Generator Market is hindered due to limited power generation capability of portable generators.
The prominent players operating in the market are Atlas Copco AB, Briggs & Stratton, LLC, Kubota Corporation, Honeywell International Inc., Honda Motor Co., Ltd., Yamaha Motor Co., Ltd., Generac Power Systems, Inc., Siemens AG, Cummins, Inc. and Kohler Co., among others.
Based on Power Rating, the Gasoline (Petrol) segment is predicted to grow at a robust CAGR during the forecast period
Gasoline powered portable generators are easily available at gas stations, possess longer service life and can withstand heavy loads, are some of the factors responsible for the segment's growth.
Based on End User, the Residential segment is projected to expand at a significant CAGR over the forecast period
Portable generators are increasingly used in residential appliances such as refrigerators, sump pumps and heaters, are propelling the segment's growth.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Rise in the consumption of electricity, growing focus on upgrading the ageing grid infrastructure, increase in the occurrence of natural calamities and high per capita incomes are some of the important factors augmenting the Portable Generator Market size in North America.
Key Development
In 2020, Honda Motor Co., Ltd. introduced Honda My Generator Bluetooth App. This app allows a user to monitor critical operations of portable Honda generator remotely from Apple device or Android smartphone by using a Bluetooth interface.
In 2020, Honda Motor Co., Ltd. introduced CO-MINDER™ Advanced Carbon Monoxide Detection System which is equipped with the portable generators. This safety system is designed to protect the users form from injury or death from accidental carbon monoxide poisoning. This product launch will further expand company's product portfolio in the portable generators market.
Market Segmentation
Segmentation by Fuel
Gasoline (Petrol)
Diesel
Natural Gas
Others
Segmentation by Power Rating
Below 5 kW
5-10 kW
10-20 kW
Segmentation by End User
Residential
Commercial
Industrial
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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