Small Gas Engine Market Insights by Growth, Emerging Trends and Forecast By 2030

Small Gas Engine Market by Engine Displacement, by Equipment, by Application: Global Opportunity Analysis and Industry Forecast, 2021-2030. "As per the report, the global small gas engine industry was accounted for $2.7 billion in 2020, and is expected to reach $4.0 billion by 2030, growing at a CAGR of 4.2% from 2021 to 2030.

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Small gas engines are low-powered internal combustion engines that consist of systems such as fuel, exhaust, ignition, combustion, cooling, and lubrication. These engines have a wide range of applications in portable power tools such as lawnmowers, portable generators, concrete mixers, tillers, trimmers, and edgers. It also has products that have applications in the gardening, industrial, construction, and automotive sector.

Rapid surge in industrialization and shift of individuals from rural areas to urban cities lead to increase in the construction of residential and commercial buildings. In the U.S. according to the commerce department, construction spending increased by 1.3% in public projects. Rapid urbanization in Asia-Pacific boosts the growth of the construction sector in developing countries such as China, India, and other South Asia countries. This has a positive impact on the small gas engine market.

According to the India Brand Equity Foundation, India needs investment worth $777.73 billion in infrastructure by 2022, along with the increasing foreign investors in the country. This is anticipated to create opportunities for the growth of the small gas engine market. In the presence of factors such as nominal maintenance costs and reduced product costs, outdoor power equipment is expected to be frequently rented and gain a lot of attention from homeowners and contractors. Increase in co-operation and acquisition of companies such as Yamaha Motors acquired Subaru Industrial Power Products to expand its outdoor power segment is anticipated to foster the growth of the small gas engine market.

Rapid innovation and investment of new entrants to develop alternative power sources for small gas engines and uncertainties in the international fossil fuel prices have a negative impact on the development of the market. The stringent regulation of the government to the manufacturer to follow the guidelines has led to the additional investment of the manufacturer to manufacture the products. The increase in awareness among the people regarding the environmental impact of the application of natural gas-related products is anticipated to hamper the development of the small gas engine market. The small gas engine market is segmented on the basis of engine displacement, equipment, application, and region.

Based on application, the gardening segment held the major share in 2020, generating nearly half of the global small gas engine market. Interest of people toward horticulture and other types of gardening foster the growth of the segment. The industrial segment, on the other hand, is projected to cite the fastest CAGR of 4.7% during the forecast period.

Based on equipment, the lawnmower segment held the highest share in 2020, generating more than one-fourth of the global small gas engine industry. Rise in development of parks and small-scale gardens in residential buildings and in cities to curb the effect of pollution have led to augment the demand for small gas engine powered lawnmowers so as to make the parks and gardens look more appealing, thereby fueling the segment growth. The edger segment, however, would cite the fastest CAGR of 5.3% from 2021 to 2030.

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Based on region, the market across North America accounted for the highest share in 2020, contributing to more than two-fifths of the global small gas engine market. This is because increase in urbanization and consumer interest to expend on recreational activities such as golf and landscaping services create a positive impact on the sales of small engines in commercial and residential applications. This factor propels the market growth in the North American countries. On the other hand, Asia-Pacific is expected to cite the fastest CAGR of 5.9% throughout the forecast period. Rapid modernization and increase in per-capita income of people in the region heightens the investment in gardening in residential buildings, which leads to increase in demand for gardening tools. This, in turn, drives the growth of the market.

Key findings of the study
• By region, the North America small gas engines market accounted for the largest small gas engines market share in 2020.
• As per small gas engines market analysis, by engine displacement, the 101-450cc segment accounted for the largest small gas engines market share in 2020.
• On the basis of application, the gardening segment accounted for the largest market share in 2020.
• On the basis of equipment, lawnmover segment accounted for the largest market share in 2020.

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