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Small Engine Market Size
Small Engine Market size was valued at USD 8 billion in 2023 and is estimated to expand at 5.2% CAGR from 2024 to 2032. The major factor attributed to drive the market is the outdoor power equipment demand, growth in construction and infrastructure development, and growth in home gardening culture.
As construction activities and infrastructure development continue to surge globally, the demand for small engines in construction equipment such as compactors, concrete mixers, and generators is on the rise. Small engines power essential machinery utilized in various construction applications, contributing to increased sales for manufacturers. The expansion of construction and infrastructure projects necessitates efficient, reliable, and compact power solutions, positioning small engines as crucial components supporting the industry's growth.
How big is the diesel small engines market?
The diesel energy resources segment recorded 36% of the market share in 2023, attributed to its widespread use in various small engine applications, particularly in industrial and heavy-duty equipment.
Why is the demand for horizontal small engines rising?
The horizontal engine type segment held 52.3% of the small engine industry share in 2023, owing to their versatility and widespread applications.
What is the size of the small engine industry?
The market size of small engine reached USD 8 billion in 2023 and is set to record USD 12 billion by the end of 2032, due to the robust growth in construction and infrastructure development along with the rising popularity of home gardening culture.
What factors are driving APAC small engine industry growth?
Asia Pacific market size is expected to witness 6.4% CAGR from 2024 to 2032, driven by the rapid industrialization and urbanization in the region.