February 24, 2022 15:00 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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DUBAI, United Arab Emirates, Feb. 24, 2022 (GLOBE NEWSWIRE) -- The global Gasoline Generator Market is estimated to surpass a valuation of US$ 768.8 Mn in 2022.
A new market research report by Future Market Insights on the Gasoline Generator Market includes global industry analysis 2014 - 2021 and opportunity assessment 2022 - 2029. The report inspects into the gasoline generator market and provides critical insights for the forecast period of 2022-2029.
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As per the findings of the report, the global gasoline generator market is likely to experience considerable growth during the forecast period, owing to several dynamic factors, such as rising demand from residential and commercial sectors for running small power loads in case of power outages.
The global gasoline generator market is estimated to be valued at US$ 768.8 Mn in 2022, and is expected to register healthy growth of 3.7% during the period 2022-2029. This growth is prominently driven by the growing construction industry. The market for gasoline generators across the globe is highly competitive and small players in the market have to struggle to gain share in the market.
Companies have to adopt product innovation as a key strategy to maintain competitive edge, as new product innovations can provide significant growth opportunities in the market. Noise and weight reduction in portable gasoline generators can be opportunistic; development of products within affordable price bracket can result in high penetration into residential sector.
North America to Capture Significant Market Share
There has been substantial growth in the U.S. construction industry over the recent past. As per the U.S. Census Bureau, there has been significant growth in non-residential construction spending. It is also estimated that this particular segment will grow rapidly over the forecast period.
With the growing construction industry, rise in the preference for portable generators (for standby backup power) is expected to surge the demand for gasoline generators over the forecast period. Since 2010, there has been a continuous rise in the U.S. non-residential construction spending with an annual growth rate of ~5-6%, which is likely to boost the demand for gasoline generators in upcoming years.
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Commercial Sector to Remain Key Consumer of Gasoline Generators
A robust market trajectory is foreseen for the gasoline generator market. Commercial and residential sectors spearheading usage of portable generators are likely to remain prominent end users of gasoline generators.
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Gasoline Generator Market: Vendor Insights
The report titled gasoline generator market highlights some of the key market participants, who are well-known market players and have established themselves as prominent stakeholders in the global gasoline generator market.
Some of the examples of key players in the global gasoline generator market are Kohler Co., Honda Motor Co., Ltd., Generac Power Systems, Inc., SGS Engineering (UK) Ltd., Hyundai Power Equipment, Stephill Generators Ltd., Yamaha Motor Co., Ltd., and Champion Power Equipment, Inc., among others.
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