The study involved four major activities in estimating the current market size for the portable generator market. Exhaustive secondary research was done to collect information on the market and its different sub-segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
According MarketsandMarkets™ Research – The report “The global portable generator market size is expected to reach USD 2.5 billion by 2024 from an estimated value of USD 2.0 billion in 2019, at a CAGR of 4.1% during the forecast period.”
The market is set to grow due to increasing weather-related power outages and rising demand for uninterrupted and reliable power supply in developed and developing nations.
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Portable generators are used mainly for emergency power supply in case of weather-related power outages. Portable generators are used to run essential appliances such as lights, refrigerators, and fans. Apart from essential appliances, portable generators are also used for domestic recreational activities such as camping and picnic. Ease of start and portability are the main factors that drive the portable generator industry for residential end-users.
The gasoline fuel-operated portable generators are expected to dominate the portable generator industry during the forecast period. Gasoline fuels are more compatible with small-capacity engines, and this is the main reason for the large market share of gasoline-powered generators. Apart from compatibility, the availability of fuel and clean operation are also the major factors for the growth of gasoline portable generators.
The emergency segment is projected to dominate the portable generator market share based on the application. Increasing weather-related power outages and aging power generation & distribution networks are expected to drive the emergency portable generator segment during the forecast period.
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The 5–10 kW segment is expected to dominate the market, by power rating, during the forecast period. The 5–10 kW portable generator market is growing because its usage in construction-related activities in the Asia Pacific region is very high. Also, in North America, during frequent power outages in areas such as Puerto Rico and Mexico, users mostly prefer the 5–10 kW portable generators for power backup.
In this report, the market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America is expected to lead the market during the forecast period.
The increasing number of weather-related power outages due to natural calamities such as hurricanes and heat waves are disrupting the power supply to millions of residential and commercial users. Because of these unfortunate incidents, the demand for portable generators is increasing in the North American market.
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Key Market Players –
Some of the leading players such as Honda (Japan), Briggs & Stratton (US), Atlas Copco (Sweden), Generac (US), and Yamaha (Japan), Cummins (US), Caterpillar (US), and Wacker Neuson (Germany).
Key Questions Addressed by the Report
- What are the revolutionary technology trends that could be witnessed over the next five years?
- What will be the revenue pockets for the portable generator market in the next five years?
- Which of the type segments will have the maximum opportunity to grow during the forecast period?
- Which will be the leading regions with the largest market share by 2024?
- How are the companies implementing organic and inorganic strategies to gain increased market share?