Persistence Market Research (PMR) analyses the small engine market in its new publication titled “Small Engine Market: Global Industry Analysis 2013–2017 and Forecast 2018–2026”. The small engine market study considers 2017 as the base year with market values estimated for 2018 and a forecast developed for the duration of 2018 to 2026. The main objective of the report is to identify the dynamics of the market and illustrate recent updates and insights that may impact the different segments of the global small engine market. The CAGR (Compound Annual Growth Rate) has been represented for the forecast period 2018 to 2026.
This small engine market study includes various viewpoints of the global market including value chain analysis, market dynamics, macro-economic factors, competition analysis, pricing analysis, segmental and regional growth comparison and small engine industry growth analysis, along with segment-level projections in an inclusive representation. According to PMR’s research, the global small engine market is anticipated to register a CAGR of 4.0% during the forecast period. Increase in recreation & leisure activities, growing preferences for gardening tools in the DIY (Do It Yourself) segment and growing popularity of ergonomically designed tools for gardening are some of the factor driving the growth of the global small engine market.
PMR’s report on the small engine market analyses the market at a regional and global level through market segmentation on the basis of key parameters, i.e. engine displacement, application, fuel and region. Market consolidation is one of the market characteristic observed during the study. Importantly, small engines are mainly sold through retails stores, dealers, and online channels.
Small engines are internal combustion engines used to power garden equipment, utility vehicles (small vehicles) and auxiliary applications. The small engine market report has been designed to enable the reader to obtain detailed knowledge about the global small engine market. The global small engine market report starts with a market introduction, definitions and taxonomy, followed by the market view point, market dynamics and market analysis by key segments, regional analysis and competition landscape. Individual sections covered in the report include a qualitative as well as quantitative assessment based on several facts, historical as well as ongoing trends gaining momentum in the global small engine market. The key highlight of the report is considered to be the in-depth primary survey conducted around the globe. The survey focuses on the qualitative as well as cross-sectional information in the small engine market.
The global small engine market report starts with an overview of the market, providing a summarized view of the report, and provides market definitions and taxonomy. In the subsequent section, the report defines the market view point, which includes primary survey, macroeconomic factors, forecast factors, value chain and various other qualitative data regarding the market. The section that follows includes market dynamics, such as drivers, trends, restraints, and opportunities, impacting the global small engine market during the forecast period
The following sections of the report provide global market value (US$ Mn) and volume (‘000 Units) projections on the basis of the aforementioned segments. The global market values represented in these sections have been derived by gathering information and data at a country as well as regional level. The next section of the report represents a concise view of the global small engine market based on four prominent regions considered in the study. The section includes regional market position, growth potential and market attractiveness analysis for each of these regions. In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecast in terms of CAGR but also analyse the small engine market on the basis of key parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the small engine market and identify the right opportunities available for value chain participants.
Another crucial feature included in the PMR’s comprehensive report is the analysis of all the key segments in the small engine market and the regional adoption, along with the revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market; however, the absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve in the small engine market.
In order to offer an accurate forecast, PMR started by sizing the current market, which forms the basis of how the global small engine market is expected to develop in the coming years. Given the characteristics of the global small engine market, we triangulated the outcome of three different types of analysis, based on primary research, secondary research and our own analysis. However, forecasting the market in terms of various small engine segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalising them after the completion of the forecast exercise.
Global Small Engine Market: Competition Landscape
In the final section of the report, PMR has provided the global small engine market structure and a detailed competition landscape with company market share and performance to provide a dashboard view of key players operating in the global small engine market along with their business strategies to report audiences. In addition to this, the section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the small engine market.
This section includes market share analysis and tier structure analysis of the key manufacturers in the global small engine market. Detailed profiles of the providers have also been included under the scope of the report to evaluate their long- and short-term strategies, key offerings and recent developments in the small engine market. Examples of some of the key competitors covered under the small engine report include Briggs & Stratton Corporation, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., JEEMAR POWER CO., LTD, Chongqing Fuchai Industry Group, Changchai Co., Ltd., Kohler Co., Motorenfabrik Hatz GmbH & Co. KG, Kubota Engine America Corporation, Loncin Motor Co., Ltd., and Generac Power Systems, Inc.
Product Development & Innovation, Coupled with Increasing Sales of Single-Family Houses in the U.S., is Expected to Drive the Adoption of Small Engines
The report on the small engine market covers comprehensive information about market trends, volume (‘000 Units) and value (US$ Mn) projections, market dynamics, recent developments, and competition landscape regarding the global small engine market for the study period 2018 to 2026.
The global small engine market is expected to reach over US$ 5,628.2 Mn by the end of the forecast period, observing a value CAGR of 4.0%. Moreover, according to PMR volume analysis, the global small engine market is estimated to reach 15,513.1 Thousand Units by 2018 end and is anticipated to reach 21,446.9 thousand units by 2026, exhibiting a CAGR of 4.1% over the forecast period
Reliability and Improved Efficiency of Small Engines
Product development and innovations are an indispensable trend in the small engine market. With the dominance of few players in the small engine market, other manufacturers, chiefly in China, are poised to develop small engines with better productivity and fuel-efficiency. Government regulations pertaining to the toxic emissions generated by small engines are also compelling manufacturers to improve the efficiency of small engines as per guidelines.
Further, changing weather conditions create a negative impact on the small engine market for gardening and landscaping. A lengthy run of winter weather in the U.S. with bouts of snow retards flowering and thus, hinders the purchase of gardening equipment and subsequently, small engines. Additionally, the trend in the small engine market associated with creating and maintaining the garden areas of sports grounds require increasingly superior quality small engines.
Increasing Sales of Single-Family Houses in the U.S. – A Primary Growth Driver
One additional factor contributing to the increasing sales of small engines is the increase in the sales of new single-family homes year on year since 2010, according to the U.S. Census Bureau. More new homes translate into an increase in the demand for small engines and lawn care equipment. Furthermore, even without a real estate boom, prevailing attitudes and trends indicate that the demand for small engines is likely continue to grow for years to come. Substantial opportunities are poised for businesses in the small engine market over the coming period of time.
Moving ahead, with increasing urbanization, consumers will be progressively ready to spend their expendable earnings on recreational activities such as golf and landscaping services, which in turn is expected to benefit the sales of small engines in commercial and residential applications. According to the U.S. government regulations, community garden plots are also considered as an important part of society and thus, the use of these gardening tools favors the small engine market growth.
Small Engines with Engine Displacement 101 – 300 CC to Witness Notable Adoption Rate and Growth
With the prominence of small engines in gardening equipment, a wide range of small equipment use small engines with engine displacement ranging between 101 and 300 CC. Subsequently, the ever-growing demand for such equipment is surging the demand for small engines. In an analysis, the 101-300 CC small engines segment is assessed to observe a notable growth rate of 5.4%, mainly driven by the robust demand in North America.
Manufacturing Strategy in China to Pave the Way for Small Engine Market Growth
The high popularity of small engines, specifically in industrial applications, is foreseen to encourage the demand for small engines. Importantly, high growth rates in the demand for portable lighting have also been adding to the increase in small engine revenue. New players are marking their footprints across the globe by offering cheaper small engines, which is likely to impact the profitability of established players such as Briggs and Stratton, Kawasaki and Honda.
Small Engine Market – Competitive Landscape
The global small engine market is highly consolidated where prominent players contribute a significant share in the global small engine market. The presence of a large number of players is intensifying competition at a country level in the global market. Moreover, budding players in the China small engine market are increasing, posing a significant challenge for the established players. Acquisitions, expansion of manufacturing facilities and product innovations in prominent regions such as ASEAN and China are some of the key assessed strategies opted by prominent stakeholders to sustain in the global small engine market.
In the past few years, significant developments from a competitive perspective have been witnessed in the small engine market. Prominent players covered in the small engine market report include Briggs & Stratton Corporation, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., Jeemar Power Co., Ltd., Chongqing Fuchai Industry Group, Changchai Co., Ltd., Kohler Co., Kohler Co., Kubota Engine America Corporation, Loncin Motor Co., Ltd. and Generac Power Systems, Inc.
Key Questions Answered in the Small Engine Market Report