The small gas engines market has witnessed steady growth over the years, primarily due to the increasing demand for power equipment across various end-use industries, such as construction, landscaping, and agriculture. The market is expected to continue its growth trajectory in the coming years, driven by factors such as:
Rising demand for outdoor power equipment: The demand for lawn mowers, generators, chainsaws, and other outdoor power equipment is expected to increase with the growing trend of home improvement and gardening activities.
Expansion of construction and agriculture industries: The small gas engines market is expected to benefit from the expansion of construction and agriculture industries, as these sectors require equipment such as power drills, concrete cutters, and tillers that are powered by small gas engines.
Increasing urbanization: The growth of urbanization is driving the demand for power tools and equipment in both commercial and residential settings.
Emergence of new applications: Small gas engines are finding new applications in industries such as marine, aviation, and recreational vehicles, which is expected to drive market growth.
Advancements in technology: Innovations in engine design, fuel efficiency, and emission control are expected to create new opportunities for small gas engines in various end-use industries.
Market Analysis
Small Gas Engines Market is projected, register a CAGR of 4.8% during the forecast period 2023-2030, with valuation of USD 3866.03 Million. The market was valued at USD 2.89 billion in 2021.
Drivers
Growing Demand for Outdoor Power Equipment to Boost Market Growth
The demand for outdoor power equipment is likely to increase as demand for commercial and residential construction increases that may boost market growth. Homeowners and contractors are shifting towards renting outdoor power equipment for minimal costs of maintenance and lower costs.
Opportunities
Increasing use in Automobiles to offer Robust Opportunities
Small machines are having immense momentum as different automobile manufacturers are single mindedly working on meeting the stringent emission norms like EURO 5, EURO 6, and ACEA agreement. This is giving rise to latest technological avenues like micro-hybridization and biofuels that may offer robust opportunities for the small gas engines market in the forecast period. Rigid emission regulations in most countries are compelling vehicle manufacturers in downsizing the small gas engines they produce resulting in higher need in the automotive industry.
Restraints and Challenges
High Price to act as Market Restraint
The high price of small gas engines may impede the global small gas engines market value over the forecast period.
Market Segmentation
The small gas engines market has been bifurcated based on end use, engine displacement, and equipment.
By equipment, the lawnmower segment will lead the market over the forecast period for its wide application in commercial and residential applications.
By engine displacement, the 101 cc to 400 cc segment will dominate the market over the forecast period as the engines within this range is mostly utilized in land mowers which produce high torque.
By end use, the gardening segment will spearhead the market over the forecast period for the increasing need for outdoor power equipment in landscaping services.
