Asia Pacific Small Internal Combustion Engine (ICE) Market
The small internal combustion engine market in Asia Pacific is further segmented into India, Japan, Australia, China, South Korea, and Rest of Asia Pacific. 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 large client base for small internal combustion engines, such as for power generators, industrial engines, two wheelers, and power tools, which is driving the small internal combustion engines market growth. China is a leading manufacturing hub for the 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 machineries. Rising number of manufacturing companies in India and China owing to strong availability of skilled human resources is driving the growth of the small internal combustion engine market. 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 comparatively low economic capabilities of various nations have promoted the adoption of IC engines rather than electric energy. The high cost of electric motors and lack of supporting infrastructure has 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 will be no ban for 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 preferable solution for customers as it meets regulatory norms with required performance.
Various developing economies are situated in the region that has announced lockdowns, ceasing the construction and manufacturing activities. The government of various countries in the APAC took necessary steps to reduce the virus's spread by announcing lockdowns, thus impacting the growth of the small ICE market. The introduction of lockdowns has resulted in the halt of manufacturing and transportation projects in the region, which negatively impacted the growth of small ICE in the region. However, after a prolonged lockdown, various countries have started easing the restrictions. For instance, India's government started the unlock phase, in which it allowed the manufacturing and transportation activities to resume. However, Australia is still under lockdown. Several manufacturing facilities are based in China, which was highly impacted in Q1 2020. The production and demand for small ICE in the country dropped during Q1 2020, followed by recovery in Q2 2020. The country is one of the biggest markets for small ICE in the world. Also, India is one of the significant markets for small ICE.
Strategic insights for the Asia Pacific Small Internal Combustion Engine (ICE) provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 1619.28 Million |
| Market Size by 2027 | US$ 1977.14 Million |
| Global CAGR (2020 - 2027) | 2.9% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Fuel Type
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Small Internal Combustion Engine (ICE) refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The small ice market in APAC is expected to grow from US$ 1619.28 million in 2020 to US$ 1977.14 million by 2027; it is estimated to grow at a CAGR of 2.9% from 2020 to 2027. Severe Emission Norms Creating Demand for Efficient Fuel Engines. Governments of various countries are imposing certain regulations to control the emissions of internal combustion (IC) engines, which is pressurizing the engine makers toward downsizing and production of small-sized engines. Small internal combustion engines consume less fuel to generate sufficient power. They are known for providing high efficiency, which is augmenting the market growth. The emission monitoring and regulatory bodies, such as California Air Resources Board, EPA (The U.S. Environmental Protection Agency), and APAC an Commission, are imposing stringent regulations on the use of internal combustion engine. To meet the regulatory standards—including EU stage V regulation and EPA Emission Standards Regulations—engine manufacturers are downsizing the engine capacity, which is propelling the market growth. This is bolstering the growth of the small ice market.
In terms of by Cylinder type, the 1 segment accounted for the largest share of the APAC small ice market in 2019. In terms of Cylinder type, the 3 segment is the fastest growing segment of the small ice market in 2019.
A few major primary and secondary sources referred to for preparing this report on the APAC small ice market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report Caterpillar Inc., Kawasaki Heavy Industries, Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD, Liebherr, YANMAR HOLDINGS CO., LTD., Cummins, Inc, INNIO, Wärtsilä Corporation, Rolls-Royce Holdings plc
The Asia Pacific Small Internal Combustion Engine (ICE) Market is valued at US$ 1619.28 Million in 2020, it is projected to reach US$ 1977.14 Million by 2027.
As per our report Asia Pacific Small Internal Combustion Engine (ICE) Market, the market size is valued at US$ 1619.28 Million in 2020, projecting it to reach US$ 1977.14 Million by 2027. This translates to a CAGR of approximately 2.9% during the forecast period.
The Asia Pacific Small Internal Combustion Engine (ICE) Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Small Internal Combustion Engine (ICE) Market report:
The Asia Pacific Small Internal Combustion Engine (ICE) Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Small Internal Combustion Engine (ICE) Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Small Internal Combustion Engine (ICE) Market value chain can benefit from the information contained in a comprehensive market report.
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