Major players in the portable generators industry have focused on business expansion and product launch strategies to gain the maximum share in the market. This further results in consolidation of the portable generators market.
WILMINGTON, Del., Aug. 29, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Portable Generators Market by Fuel Type (Diesel, Gasoline and Others), Power Output (Less than 3kW, 3-10kW and More than 10kW), Application (Domestic, Commercial and Industrial): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the portable generators market was valued at $5.6 billion in 2023, and is estimated to reach $8.6 billion by 2032, growing at a CAGR of 4.8% from 2024 to 2032.
Prime determinants of growth
The growing popularity of outdoor recreational activities such as camping, RVing, and tailgating has boosted the demand for portable generators. These generators provide a convenient power source for outdoor enthusiasts to power appliances and electronic devices. Rapid urbanization and infrastructure development in emerging economies are driving the demand for portable generators. Construction sites, in particular, rely on portable generators to power tools and equipment in areas without access to the main electrical grid.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2032 |
Base Year | 2023 |
Market Size in 2023 | $5.6 billion |
Market Size in 2032 | $8.6 billion |
CAGR | 4.8 % |
No. of Pages in Report | 195 |
Segments covered | Fuel Type, Power Output, Application, and Region. |
Drivers | Rapid urbanization and infrastructure development in emerging economies Increasing outdoor recreational activities Increasing demand for clean and efficient power solutions |
Opportunities | Technological advancements |
Restraints | Volatile price of raw materials |
The less than 3kW portable generators segment is projected to grow at the highest CAGR.
Based on power output, the market is divided into less than 3kW, 3-10kW, and more than 10kW. Less than 3kW portable generators are ideal for residential use, providing sufficient power to run essential household appliances during power outages. As power outages become more frequent due to natural disasters and aging infrastructure, homeowners are increasingly investing in these smaller, cost-effective generators.
The commercial segment dominated the market in 2023.
Based on application, the market is segregated into domestic, commercial, and industrial. The commercial segment is the leading segment that dominated the global market share in 2023. There is a growing emphasis on sustainability in commercial real estate, with businesses and developers increasingly prioritizing eco-friendly construction practices. Smaller portable generators are typically easier to operate and maintain compared to larger, more complex units. This user-friendly nature appeals to consumers who prefer straightforward, reliable power solutions without the need for extensive technical knowledge.
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Asia-Pacific dominated the market share in terms of revenue in 2023.
The portable generators market is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA. In 2023, Asia-Pacific accounted for the largest market share, and it is expected to grow at a significant CAGR throughout the forecast period. China holds the maximum share in the portable generators industry in the Asia-Pacific region. In emerging economies, where power grid reliability can be inconsistent, there is a significant market for affordable and portable backup power solutions. Less than 3kW generators offer an economical and practical option for individuals and small businesses in these regions.
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Leading Market Players: -
- Generac Power Systems, Inc.
- Cummins Inc.
- Briggs & Stratton Corporation
- Honda Motor Co., Ltd.
- Caterpillar, Inc.
- Eaton Corporation Plc
- Kohler Co.
- Yamaha Motor Corporation
- Champion Power Equipment, Inc.
- Smarter Tools, Inc.
The report provides a detailed analysis of these key players in the portable generators market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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