Report : Asia Pacific Small Internal Combustion Engine (ICE) Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Fuel Type (Gasoline, Diesel, and Gas), Cylinders (1, 2, 3, and 4), Power Output (1–5 kW, 6–10 kW, and 11–20 kW), and End-Use Industry (Power Generation, Manufacturing, Oil and Gas, Transportation, and Others)
1 Segment to Dominate APAC Small ICE Market during 2019–2027
According to a new market research study on “APAC Small ICE Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Fuel Type, Cylinders, Power Output Range and End User,” is expected to reach US$ 1977.14 million by 2027 from US$ 1619.28 million in 2020. The market is estimated to grow at a CAGR of 2.9% from 2020 to 2027. The report provides trends prevailing in the APAC small ice market along with the drivers and restraints pertaining to the market growth. Boom in Consumption of Combustion Engines in Developing Countries are the major factor driving the growth of the APAC small ice market. However, issues associated with the Increase Toward Electric Energy over Fossil Fuels hinder the growth of APAC Small Internal Combustion Engine (ICE) Market
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.
The APAC small ice market is segmented based on fuel type, cylinders, power output, end-use industry, and country. Based on fuel type, the market is segmented into gasoline, diesel, and Gas. The gasoline segment is further sub segmented into compressed natural gas (CNG), liquefied petroleum gas (LPG), and liquefied natural gas (LNG). In terms of cylinders, the market is segmented into 1, 2, 3, and 4. Based on power output, the market is segmented into 1–5 kW, 6–10 kW, and 11–20 kW. In terms of end-use industry, the market is segmented into power generation, manufacturing, oil and gas, transportation, and others.
Caterpillar Inc., Kawasaki Heavy Industries, Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD, Liebherr, YANMAR HOLDINGS CO., LTD., Cummins, Inc, INNIO, Wärtsilä Corporation, Rolls-Royce Holdings plc are among the leading companies in APAC small ice market ,The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, INNIO announces that the acquisition of ECI-Distribution GmbH and PowerUp GmbH, announced on November 4, 2020, has been completed effective December 1, 2020. The energy technology company ECI-Distribution GmbH, which was acquired by INNIO, covers numerous parts of the gas engine value chain. They produce state-of-the-art components for reducing emissions and increasing the efficiency of gas engines. Founded in 2014, the company also has a worldwide distribution network.
The report segments the APAC Small ICE Market as follows:
Small ICE Market – By Fuel Type
Small ICE Market – By Gas Type
Small ICE Market – By Cylinder
Small ICE Market – By Power Output
- 1-5 kW
- 6-10 kW
- 11-20 kW
Small ICE Market – By End-Use Industry
- Power Generation
- Oil and Gas
Small ICE Market – By Country
- South Korea
- Rest of Asia Pacific
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