Small Engine Market Analysis

Based on engine type, the horizontal engines type segment held over 52.3% of the market share in 2023, due to their versatility and widespread applications. Horizontal engines are favoured for their adaptability in various equipment such as lawnmowers, generators, and pressure washers. Their design allows for easy integration into a wide range of machinery, contributing to their dominance in the market.

Based on energy resources, the diesel segment accounted for 36% of the small engine market share in 2023, reflecting its widespread use in various small engine applications, particularly in industrial and heavy-duty equipment. However, gas and electricity are poised to experience the fastest growth rate. This growth can be attributed to the increasing focus on cleaner and more environmentally friendly fuel options.

LPG is gaining popularity due to its lower emissions compared to traditional fuels, making it an attractive choice for small engines in applications where environmental considerations are paramount. The rising awareness of sustainable energy resources and the push for cleaner alternatives contribute to the anticipated growth of LPG in the market.

The U.S. holds a prominent position as the leading market for small engines in North America for several reasons. Firstly, the U.S. has a well-established and robust manufacturing sector that produces a wide range of products requiring small engines, such as lawn and garden equipment, power tools, and portable generators. The country's strong industrial base and technological capabilities contribute to the production and consumption of small engines across various applications.

However, Asia Pacific is experiencing the fastest CAGR of 6.4% in the small engine market. Firstly, the region is undergoing rapid industrialization and urbanization, leading to increased demand for small engines in construction equipment, power tools, and other industrial applications. The burgeoning construction and infrastructure development projects in countries like China and India drive the need for compact and efficient small engines.