Global small gas engine industry was accounted for $2.7 billion in 2020, and is expected to reach $4.0 billion by 2030, growing 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.
Increase in demand for outdoor power equipment with low-emission power and advent of special gas engines and remote generation applications in several sectors drive the growth of the global small gas engine market. On the other hand, uncertainties in international fossil fuel prices impede the growth to some extent. However, innovations in efficient gas engines are expected to create lucrative opportunities in the industry.
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Based on application, the gardening segment held the major share in 2020, generating nearly half of the global small gas engine market. Interest of people toward horticulture and other types of gardening foster the growth of the segment. The industrial segment, on the other hand, is projected to cite the fastest CAGR of 4.7% during the forecast period.
Based on equipment, the lawnmower segment held the highest share in 2020, generating more than one-fourth of the global small gas engine industry. Rise in development of parks and small-scale gardens in residential buildings and in cities to curb the effect of pollution have led to augment the demand for small gas engine powered lawnmowers so as to make the parks and gardens look more appealing, thereby fueling the segment growth. The edger segment, however, would cite the fastest CAGR of 5.3% from 2021 to 2030.
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Based on region, the market across North America accounted for the highest share in 2020, contributing to more than two-fifths of the global small gas engine market. This is because increase in urbanization and consumer interest to expend on recreational activities such as golf and landscaping services create a positive impact on the sales of small engines in commercial and residential applications. This factor propels the market growth in the North American countries. On the other hand, Asia-Pacific is expected to cite the fastest CAGR of 5.9% throughout the forecast period. Rapid modernization and increase in per-capita income of people in the region heightens the investment in gardening in residential buildings, which leads to increase in demand for gardening tools. This, in turn, drives the growth 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.
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Covid-19 Scenario-
- The pandemic affected the 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, in turn, created a negative impact on the growth of the small gas engine market.
- Also, the steep decline in demand for power across the globe has a remarkable effect on the demand for new gas engines. However, the market is projected to get back on track soon.
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