Market Introduction
Small internal combustion engine market in SAM is further segmented into Brazil, Argentina, and the Rest of SAM. For the last few years, industrialization is growing at a significant rate, which has contributed a major share toward the region’s economic growth. Growth in manufacturing, oil & gas, transportation, and power generation industry has propelled the growth of the small IC engine market. Increasing focus toward emission standards set by the government has created growth opportunity for the natural gas fueled small IC engine market. Brazil has a focus toward zero emission goal with a specific perspective, while Argentina, Chile and other countries are still lagging behind in imposing stringent regulation for small engine pollution control. This, the market has considerable growth in the region as electric motor adoption is very limited or low. For instance, Brazil is the only country in South and Central America having NRMM legislation for machinery, while Argentina and Chile have Tier 2 or lower legislation for producing machinery. Brazil is a leading country in the region for the sale of off-road diesel engines, used for agricultural machinery and construction equipment. Costa Rica and Colombia are the countries in Central and South America having plan for internal combustion engine vehicle phase-out targets by 2050. The region does not have any stringent regulation for IC engines due to the high dependency on them for energy generation. Hence, owing to available potential for internal engines in wide application market creates strong opportunity for the companies to enhance their offering for the region.
Brazil has the highest number of COVID-19 cases, followed by Peru, Chile, and Argentina, among others. The government of South American countries has taken an array of actions to protect its citizens and contain COVID-19’s spread. The containment protocols have been implemented for the manufacturing and transportation sector to ensure the safety of workers. However, some of the new protocols and restrictions require manufacturing and transportation to continue if the project is considered critical. For instance, in Panama, the president placed an executive mandate to stop all construction for 30 days. In Chile, CODELCO stopped all projects and started reviewing all manufacturing contracts individually to identify the next steps to follow. The coronavirus spread has resulted in the slowdown of the region's manufacturing and transportation industry, which has negatively affected the growth of small ICE in the region.
Market Overview and Dynamics
The small ice market in SAM is expected to grow from US$ 296.14 million in 2020 to US$ 393.95 million by 2027; it is estimated to grow at a CAGR of 4.2% from 2020 to 2027. Increment in Adoption of Small Off-Road Internal Combustion Engines Small internal combustion engines have dominated the transportation industry. Their dominance is further increasing with the new emission controlling regulations. Small internal combustion engines are gaining major demand from off-road applications—such as construction machinery, home power generators, and lawn and gardening machineries—which is mounting the market growth. Market players are introducing new advancements in engines for improved performance and efficiency. For instance, in April 2019, Honda Motor Europe Ltd. introduced a new range of premium HRX lawn mowers. The specifically designed lawn mowers are equipped with small engines having power output below 5 kW. These new engines provide reliability and improved fuel efficiency with enhanced power capabilities. Companies are even running customer awareness campaigns to educate customers about new engine technologies. For instance, in May 2018, Briggs & Stratton Corporation, a manufacturer of small engines used by lawn and garden industry, launched an awareness advertising campaign to inform customers about its new engine technology. According to a survey conducted by the company on 500 lawn mower buyers, around 20% of them are upgrading the machine for new technology not due to maintenance problems or breakdowns. Such low ratio has made the Briggs & Stratton Corporation to run an awareness campaign to educate the customers about its new engines. Also, in August 2020, Generac Power Systems, Inc. launched a new robust 24 kilowatts generator for home use. This is bolstering the growth of the small ice market.
Key Market Segments
In terms of by End-Use Industry type, the Transportation segment accounted for the largest share of the SAM small ice market in 2019. In terms of End-Use Industry type, the Manufacturing segment is the fastest growing segment 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 SAM 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
Reasons to buy report
SAM 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$ 296.14 Million |
| Market Size by 2027 | US$ 393.95 Million |
| CAGR (2020 - 2027) | 4.2% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Fuel Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Small Internal Combustion Engine (ICE) Market is valued at US$ 296.14 Million in 2020, it is projected to reach US$ 393.95 Million by 2027.
As per our report South America Small Internal Combustion Engine (ICE) Market, the market size is valued at US$ 296.14 Million in 2020, projecting it to reach US$ 393.95 Million by 2027. This translates to a CAGR of approximately 4.2% during the forecast period.
The South 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 South America Small Internal Combustion Engine (ICE) Market report:
The South 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 South America Small Internal Combustion Engine (ICE) Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Small Internal Combustion Engine (ICE) Market value chain can benefit from the information contained in a comprehensive market report.
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