North America Small Internal Combustion Engine (ICE) Market
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 get 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 car, lawn cutters, and advanced small generators. In addition, the rising adoption of the natural gases is creating ample opportunities for the market players to develop advanced small engine with strong power output and efficiency. The market players in automotive industry are investing huge amount of capital for the development of advanced engines. For instance, Ford Motor Co. has announced the investment of US$ 11 billion for the development of hybrid engines by 2022. The company is developing new engines powered by electric and fossil fuel energy. The company is downsizing their current engines to reduce size and weight, which is a positive sign for the market growth. Consumption of electric car in North America is rising owing to supporting policies and infrastructure which are major supporting factor for the region. Further, residential and small industrial users demand for small engines is supposed be to see declining growth owing to rising adoption electric motors. Such increasing demand for electric motors is replacing the IC engines in varied application, which is likely to hamper the market growth in the North America region. As region holds strong economic position and high disposable income per capita, the consumption of electric solution is expected to increase, which, in turn will have negative impact on the small IC engine market growth during the forecast period.
In the North American region, a slight decline in the demand for small ICE was witnessed owing to a halt in the construction, manufacturing, transportation and oil & gas industry. In Canada, construction and manufacturing projects deemed nonessential were shut down, and the essential projects are subject to public health guidelines. However, positive demand from power distribution as well as energy & infrastructures, particularly in on-shore wind, were noticed. Additionally, demand was accelerated due to the expiration of tax incentives and credits offered by the US government for renewable energy projects. In December 2020, the government passed the COVID-19 relief bill, extending tax incentives timeline for industries, including renewable energy. The renewable energy industry in the US, including wind and solar power, has witnessed growth during the COVID-19 epidemic so far. Furthermore, the US government support for an infrastructure package worth US$ 2 trillion will moderate the impact on demand for small ICE used in infrastructure projects
Strategic insights for the North America 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$ 822.68 Million |
| Market Size by 2027 | US$ 1175.51 Million |
| Global CAGR (2020 - 2027) | 5.2% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Fuel Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America 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 North America is expected to grow from US$ 822.68 million in 2020 to US$ 1175.51 million by 2027; it is estimated to grow at a CAGR of 5.2% from 2020 to 2027. Increasing Consumption of Combustion Engines in Developing Countries Developing countries, such as India, China, and Brazil, are more dependent on fossil fuels for electricity, automotive, manufacturing, transportation, and other sectors. Rise in population and the lack of supporting infrastructure 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 over internal combustion engines. As a result, owing price constraint countries are not implementing any ban for internal combustion engines, which is supporting the market growth. Though the emission norms are getting improved for small IC engines for which manufacturers are enhancing the solution. According to The World Bank Group data for access to electricity, in South Asia around 91.6% of population has access to electricity. Further, consumption of electricity for basic uses in countries—such as China and India—is increasing with rising population, owing to which countries are using fossil fuels to generate electricity. Such strong dominance of internal combustion engines in developing countries is creating opportunity for the market to offer advanced solutions. For instance, according to the Bosch Ltd company, 80% or more vehicles sold in India by 2030 would still be powered by internal combustion engines. Developing countries’ dependency on fossil fuels and internal combustion engines is a strong growth opportunity for the market.. This is bolstering the growth of the small ice market.
In terms of fuel type, the Gasoline segment accounted for the largest share of the North America small ice market in 2019. In terms of gas type, the CNG segment held a larger market share of the small ice market in 2019.
A few major primary and secondary sources referred to for preparing this report on the North America small ice market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report
The North America Small Internal Combustion Engine (ICE) Market is valued at US$ 822.68 Million in 2020, it is projected to reach US$ 1175.51 Million by 2027.
As per our report North America Small Internal Combustion Engine (ICE) Market, the market size is valued at US$ 822.68 Million in 2020, projecting it to reach US$ 1175.51 Million by 2027. This translates to a CAGR of approximately 5.2% during the forecast period.
The North America 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 North America Small Internal Combustion Engine (ICE) Market report:
The North America 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 North America Small Internal Combustion Engine (ICE) Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Small Internal Combustion Engine (ICE) Market value chain can benefit from the information contained in a comprehensive market report.
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