Press release
Portable Generators Market Report 2024-2033: Market Size, Outlook, Growth, Share And Trends Report
Portable Generators Market
The Business Research Company presents an extensive market research report on the Portable Generators Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The portable generators market size has grown steadily in recent years. It will grow from $5.14 billion in 2023 to $5.37 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to rise in power outages, construction industry growth, rise in outdoor activities, rise in demand for home power backup, governmnet support.
The portable generators market size is expected to see steady growth in the next few years. It will grow to $6.33 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to rising remote work, aging grid infrastructure, environmental regulations, rising disposable income. Major trends in the forecast period include hybrid and dual-fuel generators, smart generator technology, solar-powered portable generators, eco-friendly generators, integration of lithium-ion batteries.
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Key Market Players:
YellowScan, Kohler Co., General Electric Company, Caterpillar Inc., Cummins Inc., Honeywell International Inc., Generac Power Systems Inc., Eaton Plc, Briggs & Stratton Corporation, Atlas Copco (India) Ltd., WackerNeuson SE., WIN Co., Harrington Generators International Ltd., Multiquip Inc., Kirloskar Electric Co. Ltd., Stanley Black & Decker Inc., STEPHILL GENERATORS LTD, Techtronic Industries Co. Ltd., Honda Power Equipment, WEN Products, Westinghouse Electric Corporation, DuroMax Power Equipment, Firman Power Equipment, Doosan Portable Power, Ingersoll Rand, Himoinsa S.L., Pramac Co., Ryobi Limited, DeWalt Inc., Greenworks Tools, ECHO Incorporated, Lifan Power USA, All Power America LLC are prominent players in the industry.
Market Drivers:
The growing rate of urbanization coupled with the increasing frequency of power grid failures is propelling the growth of the portable generators market. Electricity is key to the economic progress of a nation but many countries in the world do not have proper grid infrastructure due to which there is an inadequate power supply which hampers operations of residential and industrial spaces. Portable generators help provide a reliable power supply during a blackout and ensure continuous electricity supply for residential applications, as well. Moreover, rising concerns about power instability in the residential sector due to natural calamity, and uninterrupted operations are also driving the portable generator market. For instance, in October 2022, The World Bank, an a US-based international financial institution, 4.4 billion people, or 56% of the world's population, reside in urban areas. By 2050, approximately 7 out of 10 people will live in cities, with the urban population predicted to more than double from its current level. This surge in urbanization leads to an increase in the demand for portable generators.
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Market Segments Include:
1) By Fuel Type: Diesel, Gas, Other Fuel Types
2) By Product Type: Conventional Portable Generator, Inverter Portable Generator
3) By End-User: Residential, Commercial, Industrial
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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