The small internal combustion engine market size is projected to reach US$ 6.5 billion by 2031 from US$ 4.5 billion in 2023. The market is projected to grow at register a CAGR of 4.6% in 2023–2031. Rising adoption of small internal combustion engines in agriculture, residential, and construction applications is fueling the growth of the global small internal combustion engine market.
Small Internal Combustion Engine Market Analysis
Rising demand for fuel-efficient and low-pollution emitting engines to reduce the amount of pollution from the air is propelling the market growth. The emergence of electric motors in transportation, automotive, and other industrial applications in the global market is one of the challenging factors hampering the market growth. Though small internal combustion engines, there is still an opportunity to sustain the growth pertaining its improved fuel efficiency. The increasing demand for miniaturization of power equipment for optimizing space and design is being fulfilled with small internal combustion engines.
Small Internal Combustion Engine Market Overview
Power generated by small internal combustion (IC) engines is through various types of fuels, such as diesel, gasoline, and Gas. Each fuel has a specific set of properties—such as density and volatility—which derive its use in the required application. Diesel-based engines are preferred for heavy applications or where the power requirement is high. In contrast, gasoline-based small IC engines are less damaging to the environment as they produce low emissions compared to others. Natural gas use in small engine combustion technology has the potential to resolve the high emission problems and it will help the manufacturers to meet new regulatory norms. There is an increase in the adoption of small internal combustion (IC) engines in South America, Asia, and Africa, while North America and Europe will be moving toward electric motors during the forecast period.
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Small Internal Combustion Engine Market Drivers and Opportunities
Increasing Consumption of Internal Combustion Engines in Developing Countries
Developing countries, including India, China, South Korea, and Brazil, are more dependent on fossil fuels for generating electricity, automotive, manufacturing, transportation, and other sectors. The increasing population and the lack of infrastructure development for electric technologies are the major factors supporting the small internal combustion engine market. Electric motors, electric power-sourced devices, and cars are still more expensive for customers than internal combustion engines. As a result, owing to price constraints, countries are not implementing any ban on internal combustion engines, which is supporting the market growth.
The emission norms are getting improved for small IC engines for which manufacturers are enhancing the solution. According to the data from World Bank Group for electricity access, in South Asia, around 91.6% of the population has access to electricity. Further, the electricity consumption for basic uses in countries—such as China and India—is increasing with the increasing population, owing to which countries are using fossil fuels for electricity generation. Such strong dominance of internal combustion (IC) engines in developing regions is expected to create an opportunity for the small internal combustion engine market to offer advanced solutions. For instance, as per the Bosch Ltd company, more than 80% vehicles sold in India by 2030 would be powered by internal combustion (IC) engines. Developing regions’ dependency on fossil fuels and internal combustion (IC) engines is a strong growth opportunity for the small IC engines market.
Integration of Turbocharging and Remote Monitoring in Small IC Engines
Turbocharging technology is already used in internal combustion (IC) engines of automotive vehicles to enhance power capacity for mid-power engines. Small internal combustion engine manufacturing companies are researching the adoption of turbocharging technology, in particular small engine requirements. The turbocharging technology is expected to be introduced for water pumps, rickshaws, lawnmowers, landscaping equipment, generators, and tractors during the forecast period. The turbocharging technology is supposed to provide 40–60% larger specific power output in smaller capacity engines. Such integration of turbochargers in small IC engines is anticipated create a new trend for the market in the coming years.
Further, with increasing digitalization in almost every industrial vertical, the small internal combustion engine market is also evolving with digital connectivity. For instance, Briggs & Stratton, LLC is offering an 8 kW Elite Series generator with Bluetooth connectivity and remote monitoring through mobile. It features InfoHub Portable Power technology, which provides remote monitoring of portable generators equipped with small internal combustion engines. Such connectivity options enhance the user and machine interface, which may create a new trend in the market.
Small Internal Combustion Engine Market Report Segmentation Analysis
Key segments that contributed to the derivation of the small internal combustion engine market analysis are fuel, cylinder, power output, and end-user.
- Based on fuel type, the small internal combustion engine market has been divided into gasoline, diesel, gas (CNG, LPG, LNG). The gasoline segment held a larger market share in 2023.
- Based on the cylinder, the small internal combustion engine market has been divided into 1, 2, 3, and 4. The 1-cylinder segment held a larger market share in 2023.
- On the basis of power output, the market has been segmented into 1-5 kW, 6-10 kW, 11-20 kW. The 11-20 kW segment dominated the market in 2023.
- Based on the end user, the market has been divided into power generation, manufacturing, oil & gas, transportation, and others. The transportation segment held a larger market share in 2023.
Small Internal Combustion Engine Market Share Analysis by Geography
The geographic scope of the small internal combustion engine market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Asia Pacific will dominate the small internal combustion engine market in 2023. India and China are the leading internal combustion engine manufacturing countries in Asia Pacific. Rising disposable income in developing countries, especially in India and China, is leading to a large client base for small internal combustion engines, such as power generators, industrial engines, two-wheelers, and power tools, which is driving the small internal combustion engine market growth. China is a leading manufacturing hub for internal combustion engines, while India and Japan are also considered significant contributors to the regional growth.
Various APAC countries are characterized by the mass production of small IC engines required for manufacturing, power generation, and other industrial machinery. The rising number of manufacturing companies in India and China, owing to the strong availability of skilled human resources, is driving the growth of the small internal combustion engine market. An increase in sales of two-wheeler and advancement in engine fuel sources support the market growth. Further, owing to the increasing population in the region and the comparatively low economic capabilities of various nations have promoted the adoption of IC engines rather than electric energy.
Small Internal Combustion Engine Market Regional Insights
The regional trends and factors influencing the Small Internal Combustion Engine Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Small Internal Combustion Engine Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Small Internal Combustion Engine Market Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 4.5 Billion |
Market Size by 2031 | US$ 6.5 Billion |
Global CAGR (2023 - 2031) | 4.6% |
Historical Data | 2021-2022 |
Forecast period | 2023-2031 |
Segments Covered |
By Fuel Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
Market Players Density: Understanding Its Impact on Business Dynamics
The Small Internal Combustion Engine Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Small Internal Combustion Engine Market are:
- Caterpillar Inc
- Kawasaki Heavy Industries Ltd
- Mitsubishi Heavy Industries Ltd
- Liebherr
- Yanmar Holdings Co.
- Ltd.
Disclaimer: The companies listed above are not ranked in any particular order.
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Small Internal Combustion Engine Market News and Recent Developments
The small internal combustion engine market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for small internal combustion engines market and strategies:
- In March 2023, Tata Cummins Green Energy Solutions established hydrogen ICE engines manufacturing plant for medium and heavy commercial vehicles. This facility will strengthen the position and presence of the company in Indian market.
- In January 2021, Caterpillar Marine signed a deal to supply marine engines for the US Navy’s new fleet of six YT 808-class tugs.
Small Internal Combustion Engine Market Report Coverage and Deliverables
The “Small Internal Combustion Engine Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, & country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Fuel Type , Cylinders , Power Output , and End-Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States