Market Introduction
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
Market Overview and Dynamics
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.
Key Market Segments
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.
Major Sources and Companies Listed
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
Reasons to buy report
North America Small ICE Market Segmentation
Small ICE Market – By Fuel Type
Small ICE Market – By Gas Type
Small ICE Market – By Cylinder
Small ICE Market – By Power Output
Small ICE Market – By End-Use Industry
Small ICE Market – By Country
Small ICE Market -Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 822.68 Million |
| Market Size by 2027 | US$ 1175.51 Million |
| 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 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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