General Purpose Engines Market Size to Grow USD 10918 Million by 2030 at a CAGR of 2.09% | Valuates Reports
BANGALORE, India, March 7, 2024 /PRNewswire/ -- General Purpose Engines Market is Segmented by Type (100cc and under, 100 cc-225 cc, 225cc-500 cc, 500cc-1000 cc, Above 1000 cc), by Application (Agricultural Machinery, Construction and Engineering, Small-Scale Power Generator Set, Garden Tools, Industrial Equipment).
The Global General Purpose Engines Market was estimated to be worth USD 9216 Million in 2023 and is forecast to a readjusted size of USD 10918 Million by 2030 with a CAGR of 2.09% during the forecast period 2024-2030.
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Major Factors Driving the Growth of General Purpose Engines Market
A number of important reasons are driving the expansion of the market for general-purpose engines. First off, the development of general-purpose engines is driven by the growing need for dependable and adaptable power sources across a range of industries, including industrial equipment, construction, landscaping, and agriculture. Furthermore, improvements in engine technology, such as durability, reduced emissions, and fuel efficiency, make these engines more appealing to end users looking for economical and ecologically friendly alternatives.
Moreover, the emergence of infrastructure building initiatives, especially in developing nations, increases demand for power equipment and hence propels market expansion. Furthermore, general-purpose engines are widely used in a variety of sectors due to their adaptability in powering a broad range of machinery and equipment.
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TRENDS INFLUENCING THE GROWTH OF THE GENERAL PURPOSE ENGINES MARKET
Global infrastructure development and continuous industrialization are two major factors propelling the general-purpose engine market's expansion. The need for dependable power sources to run machinery and equipment is rising as nations spend in the construction of power plants, highways, bridges, and other infrastructure projects. Because of their adaptability and strength, general-purpose engines are essential for driving gear needed for infrastructure development, including generators and construction equipment.
The need for general-purpose engines is mostly driven by the agricultural and agriculture industries. These engines are necessary to run agricultural equipment including harvesters, tillers, irrigation pumps, and tractors. In order to fulfill the rising demand for food from a growing global population, farmers are investing in more sophisticated equipment that is driven by robust and efficient general-purpose engines. The market for rental equipment is growing, which is driving up demand for general-purpose engines. Rental businesses offer a large selection of machinery and equipment to people, contractors, and construction organizations on a temporary basis. Numerous pieces of rental equipment, such as compactors, generators, and pumps, are powered by general-purpose engines.
The need for portable power solutions is rising in a number of industries, such as emergency backup power, construction, landscaping, and agriculture. Because of their mobility and capacity to supply dependable power in isolated or off-grid areas, general-purpose engines are preferred. These engines' ability to provide reliable performance under a variety of operating situations is crucial to applications including water pumps, mobile compressors, and portable generators, which is fueling the expansion of this market.
The growing number of do-it-yourself (DIY) projects and small-scale companies is driving up demand for general-purpose engines. For a variety of uses, power tools including air compressors, pressure washers, and welders are necessary for small enterprises, workshops, and enthusiasts. Many of these items and equipment are powered by general-purpose engines, giving users the ease and flexibility to work effectively on a variety of activities.
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GENERAL PURPOSE ENGINES MARKET SHARE ANALYSIS
In North America, the general-purpose engines market is driven by several factors, including robust industrial and construction sectors, a thriving agriculture industry, and a growing demand for portable power solutions. The region's developed infrastructure and advanced technology adoption contribute to the widespread use of general-purpose engines in various applications, ranging from construction equipment to portable generators. Additionally, stringent emissions regulations and a focus on sustainability are encouraging the adoption of cleaner and more efficient engine technologies in the region.
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Key Players:
- Kohler
- Briggs & Stratton
- Kawasaki
- Yamaha
- Generac
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