Small Gas Engine Market Expected to Reach $4.0 Billion by 2030

According to a new report published by Allied Market Research, titled, "Small Gas Engine market by engine displacement, by equipment, and by application: Global Opportunity Analysis and Industry Forecast, 2020-2030," The global small gas engines market size was valued at $2.7 billion in 2020, and is projected to reach $4.0 billion by 2030, with global small gas engines market forecast expected at a CAGR of 4.2% from 2021 to 2030.

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, concrete vibrators, 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.

On the basis of engine displacement, the global small gas engine market is segmented into 20-100cc, 101-450cc, and 451-650cc. On the basis of equipment, the market is classified into lawnmower, chainsaw, portable Generator, pressure washer, trimmer, edger, and others. On the basis of application, the market is categorized into gardening, industrial, construction, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market.

The major companies profiled in this report include Briggs and Stratton Corporation, Champion Power Equipment, Kohler Co., Liquid Combustion Technology, Kipor Power, Kawasaki Heavy Industries, Honda Motor Co., Ltd, Fuji Heavy Industries, Yamaha Motor Corporation, and Kubota Corporation. Rapid urbanization and surge in the construction activities across the globe lead to rise in demand for power tools with various applications, which in turn fuels the demand for small gas engine. Additional growth strategies such as expansion of production capacities, acquisition, and partnership in the development of the innovative products from manufacturers have helped to attain key developments in the global small gas engine market trends.

Impact Of Covid-19 On The Global Small Gas Engine Market

• Emergence of COVID-19 had a negative impact on the growth of the global small gas engines market for a short period.
• The pandemic affected strength prices for products starting from crude oil to numerous refined petroleum products such as heating oil, jet gas, diesel gas, retail fuel, and gasoline on the pump. This created a negative impact on the improvement of the small gas engine market.
• Furthermore, industries along with creation and production have stopped operation, which has extensively impacted the small gas engine market globally.
• Most of the corporations within the gas engine supply chain have stopped operations to make certain the safety of personnel and several facilities throughout the globe is dependent on the gas engine for various purposes. In addition, the decline in the demand for power across the globe has a remarkable effect on the demand for new gas engines.
• Thus, the abovementioned factors are expected to limit the global small gas engines market growth in current times.

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.