Between 2014 and 2021, demand in the global gasoline generator market increased at a CAGR of 3.3 percent. According to the report, sales are expected to increase 1.34x between 2022 and 2029.
Machines that convert the chemical energy of gasoline into electrical or mechanical energy are known as gasoline generators. They are increasingly used as an emergency power backup mechanism in industrial and residential settings, which favors market growth.
The residential sector is expected to lead the market in terms of end-use, accounting for nearly 60% of total gasoline generator sales through 2029. North America is expected to be the most profitable market for gasoline generators, accounting for more than 34.4% of total sales.
Furthermore, consumer preference is shifting away from diesel generators and toward gasoline generators, owing to their cost-effectiveness, compact size, and low cost of maintenance, which is boosting market sales.
As a result, gasoline generators accounted for approximately 38% of global generator sales in 2020. Because of the world’s rapid urbanization, governments in various countries are increasingly focusing on developing sustainable infrastructure and urbanizing rural areas, which is increasing the demand for power supply machinery.
For example, the Government of India announced a US$103 billion allocation for rural housing, rural roads, and drinking water infrastructure development under the country’s 5-year plan from 2022 to 2025, according to the Department of Economic Affairs.
Because gasoline generators are widely used to power instruments and machines on construction sites, particularly in rural areas where power supply from the mainline is inaccessible, the increase in rural infrastructure development activities is expected to boost the market growth.
As a result, the gasoline generator market is expected to exceed US$ 994.6 million by 2029, up from US$ 741 million in 2021.
Natural disasters such as floods, cyclones, and hurricanes are becoming more common around the world, which is driving up sales of disaster management equipment such as gasoline generators.
For example, the Australian Bureau of Meteorology reported 27 tropical lows, 8 tropical cyclones, and 2 severe cyclones across Australia between 2020 and 2021, causing damage totaling more than $518.7 million.
Due to the destruction of power supply infrastructure in disaster-affected areas, gasoline generators are increasingly being used to provide electricity for necessities in recovery, rehabilitation, and restoration camps.
According to FMI, the aforementioned factors will drive sales in the gasoline generators market over the forecast period.
- Kohler Co.
- Honda Motor Co., Ltd.
- Generac Power Systems, Inc.
- SGS Engineering (UK) Ltd.
- Hyundai Power Equipment
- Stephill Generators Ltd.
- Yamaha Motor Co., Ltd.
- Champion Power Equipment, Inc.