Residential Generators Market to Witness Exponential Growth by 2030

There is an increase in the procurement of these residential generators as a result of the expansion of urbanization in emerging nations, leading to market expansion, particularly in Asia-Pacific. The region is predicted to be the largest residential generator market in the world due to the rise in population and a continual demand-supply mismatch for power.

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Residential generators are electrical equipment that generates power for a variety of applications, including outdoor activities, lighting during social events, power backup in emergency scenarios, and power generation in remote construction sites, and temporary camps. Small and mid-sized generators are included in the portable generators' scope, and they can be used both indoors and outdoors. These generators run on a variety of fuels, including diesel, gasoline, natural gas, and others. Multiple product developments have resulted from changes in lifestyle and an increased need for user-friendly items.

Environmental regulations imposed by the EPA in North America and Latin America are likely to boost the demand for household gas generators. However, the rise in worldwide population is expected to surge the demand for power backup, which is expected to fuel the demand throughout the projection period.

The residential generator market is segmented into fuel type, type, power rating, and region. By fuel type, the residential generators market is divided into gasoline, diesel, and others. The diesel segment accounted for the largest share in 2020, while the gasoline segment is projected to grow at the highest CAGR of 4.9%.

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By type, the market is classified into stationary and portable. In 2020, the portable fuel type held the largest share of the market, while the stationary segment is projected to grow at the highest CAGR of 4.6%.

By power rating, the 4- 8 KW segment accounted for the largest share in 2020, while the 8-17 KW segment is projected to grow at the highest CAGR of 4.9%.

By region, the Asia-Pacific region is expected to witness robust growth. Advancements in industrial development along with construction sites are expected to boost the demand for portable generators.

The major companies profiled in this report include Atlas Copco AB, Briggs & Stratton Corporation, Caterpillar Inc., Champion Power Equipment, Inc., Cummins Inc., Eaton Corporation PLC, Generac Holdings Inc., Honda Motor Co Ltd, Kohler Co., and Scott's Emergency Lighting. The players in the market have adopted several strategies, such as product launches and business expansion, to sustain the market competition.

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Key Findings Of The Study:

• By region, Asia-Pacific is projected to grow at the highest CAGR of nearly 4.9%, in terms of revenue, during the forecast period.
• By type, the portable segment accounted for the largest market share in 2020.
• By fuel type, the diesel segment garnered the largest market share in 2020.
• By power rating, the 4- 8 KW segment garnered the largest market share in 2020.

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