In today’s fiercely competitive Gasoline Generator Market, adopting product innovation as a key strategy is imperative for companies to maintain a strong and sustainable competitive edge. The introduction of cutting-edge product innovations not only opens up significant growth opportunities but also allows businesses to stand out amidst the competition. Particularly, focusing on noise and weight reduction in portable gasoline generators presents a promising opportunity to capitalize on the growing demand for quieter and more convenient power solutions.
In 2022, the market for gasoline generators is anticipated to reach a value of US$ 768.8 million.
A recent market research study by Future Market Insights on the gasoline generator market includes opportunity assessment 2022 to 2029 and a global industry analysis 2014 to 2021. The report examines the market for gasoline generators and offers important predictions for the period between 2022 and 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 Million in 2022, and is expected to register healthy growth of 3.7% during the period 2022 to 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.
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.
- Gasoline generators that produce power output in the range of 3,000 watts to 5,000 watts are projected to register prominent growth in upcoming years. Gasoline generators that come under this category are utilized in several end-use sectors in case of power failures.
- Portable gasoline generators are most-widely utilized generator sets across the globe, which provide electricity by running a gasoline-powered engine. Portable generators are not permanently installed and can be moved from one place to another easily. Portable gasoline generators are available in various sizes depending on the power output.
- Gasoline generators are primarily utilized for standby backup power applications across several end-use sectors, such as residential, commercial, industrial, and agricultural, among others. The standby backup power application accounts for a major share in the gasoline generator market.
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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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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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