The small internal combustion engine (ICE) market was valued at US$ 4,450. 14 million in 2019 and it is projected to reach US$ 5,280. 83 million by 2027; it is expected to grow at a CAGR of 4. 5% from 2019 to 2027.
New York, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Small Internal Combustion Engine Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Fuel Type, Cylinders, Power Output, and End-Use Industry" - https://www.reportlinker.com/p06027564/?utm_source=GNW
The US, Canada, and Mexico are the major economies in North America.Technological advancements have led to a highly competitive market in the region as population is getting attracted to several technological developments owing to high spending powers.
With increasing adoption of passenger vehicles, the automotive industry is constantly blooming in the region.Lawn and garden equipment and other power equipment have found a wide user base in North America.
The small IC engine enables manufacturers to offer small form factor machine or tools, such as compact cars, lawn cutters, and advanced small generators. In addition, rising adoption of the natural gases is creating many opportunities for the market players to develop advanced small engine with strong power output and efficiency.
Strong adoption of the IC engines in commercial vehicles, passenger vehicles, and utility equipment is driving the Europe small IC engine market. The engine-manufacturing sector—led by Germany owing to the presence of prominent engine manufacturers, such as Hatz, DEUTZ, and Yanmar Co., Ltd. —is the largest contributor to the market in Europe. The increasing pollution norms and growing concerns toward small IC engine pollution have increased the adoption of natural gases for engines is increased in the market. Further, companies are developing advanced small IC engine majorly for the small utility engine applications. For instance, in March 2020, Motorenfabrik Hatz, a German based company introduced new E1 technology for the single-cylinder industrial diesels. This new engine based on E1 technology delivers 14.7 horsepower (11 kilowatts) power with single-cylinder. Similarly, 1B50E and 1B30E engines offer 10.7 horsepower (8 kilowatts) and 6.7 horsepower (5 kilowatts) power output respectively. Such increasing development in the solution offering is mounting the growth of the market in industrial and other end-use industry.
Rising number of manufacturing companies in India and China owing to strong availability of skilled human resources is driving the small internal combustion engine market.Increase in sales of two-wheeler and advancements in engine fuel sources are supporting the market growth.
Further, increase in population in the region and comparatively low economic capabilities of various nations have promoted the adoption of IC engines rather than electric energy.High cost of electric motors and the lack of supporting infrastructure have supplemented the market growth.
Governments of various countries in the region are majorly promoting the use of natural gases in IC engines for low emissions.Hence, certain policies are favoring the market growth in the region to meet regulatory standards by utilizing natural gases as prominent source in small engines.
Moreover, in July 2019, India transport minister assured that there would be no ban on IC engines to promote electric vehicles and motors. Lack of supporting infrastructure and purchasing capacity of consumers is limiting the electric revolution in the country. Thus, the adoption of small IC engines is becoming a preferable solution for customers as it meets regulatory norms with required performance.
Caterpillar; Cummins Inc.; Fairbanks Morse; INNIO; Kawasaki Heavy Industries, Ltd; Liebherr Group; MITSUBISHI HEAVY INDUSTRIES, LTD.; Rolls-Royce plc; Wärtsilä; and Yanmar Holdings Co., Ltd are among the major players present in the global small internal combustion engine (ICE) market.
Impact of COVID-19 Pandemic on Small Internal Combustion Engine (ICE) Market
COVID-19 outbreak, which began in Wuhan, China, in December 2019, has spread across the globe.It has badly affected China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US in terms of confirmed positive cases and reported deaths as of 2020.
The COVID-19 outbreak has affected economies and industries in various countries as it has resulted in lockdowns, travel bans, and business shutdowns. The overall market breakdown due to COVID-19 is also affecting the growth of the small internal combustion engine (ICE) market due to factory shutdowns, disrupted supply chain, and downturned global economy.
Overall size of the global small internal combustion engine (ICE) market has been derived in accordance to primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the small internal combustion engine (ICE) market.
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