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Small Gas Engine Market Analysis 2024: Powering Versatile Applications
Small Gas Engine Market Drivers
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According to The Business Research Company's, The small gas engine market size has grown steadily in recent years. It will grow from $2.84 billion in 2023 to $2.98 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to rise in outdoor power equipment demand, growing construction industry, residential lawn maintenance, agricultural applications.
The small gas engine market size is expected to see steady growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to rising demand for portable generators, focus on green and sustainable solutions, expansion of the construction sector, increasing adoption in emerging markets. Major trends in the forecast period include shift towards electric alternatives, smart technology integration, emphasis on lightweight and compact designs, eco-friendly solutions, innovations in fuel technology, diversification of applications.
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Market Drivers and Trends:
The rise in the construction industry is driving the small gas engine market. Many builders and homeowners are buying outdoor powdered equipment for various building construction services, landscaping services, or maintaining lawns or gardens in their projects or homes. This demand for outdoor-powered equipment used in the construction industry is directly influencing the demand for small gas engines. According to the Global Construction 2030 report, the volume of construction output is expected to grow by 85% to $15.5 trillion by 2030. Major countries contributing to this growth are China, India, and the USA. This rise in the construction market is expected to drive the small gas engine market going forward.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Briggs and Stratton Corporation, Kohler Co., Honda Motor Co. Ltd, Yamaha Motor Corp., Kawasaki Heavy Industries, Kubota Corporation, Kipor Power, Champion Power Equipment, Generac Power Systems Inc., Fuji Heavy Industries Ltd., Fuzhou Launtop M&E Co. Ltd., Liquid Combustion Technology LLC, Lifan Power USA, Zongshen Power, Subaru Corporation, Sinoquip Power, Chongqing Winyou Power Co. Ltd., Lombardini Srl, Wuxi Kipor Power Co. Ltd., Jiangsu Excalibur Power Machinery Co. Ltd., Changzhou ETK Power Machinery Co. Ltd., Taizhou Genour Power Machinery Co. Ltd., Tecumseh Products Company, Robin America Inc., Mitsubishi Heavy Industries Engine & Turbocharger Ltd., Loncin Industries Ltd., Koki Holdings Co. Ltd., SAE Manufacturing Specialties Corp., Triton Duro Power Systems Inc., Performance Assembly Solutions, Central Diesel Inc., Sage Parts
Small Gas Engine Market 2024 Key Insights:
• The small gas engine market size is expected to see steady growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Construction Industry Surge Fuels Growth In The Small Gas Engine Market
• Revitalizing Small Gas Engines Rolls-Royce's Innovative Turbine Engine Venture
• North America was the largest region in the small gas engine market in 2023
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