September 13, 2021
According to the research report titled ‘Europe Small Off-road Engines Market Forecast 2027 By Drive Shaft Orientation, By Number Of Cylinder, By Engine Displacement, By End-use Sector, By Distribution Channel, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share‘, available with Market Study Report, Europe small off-road engines market is expected to accumulate USD 20 billion by the end of the analysis period 2021-2027.
As per the report findings, surging demand for homes with lawns, outdoor activity resumption post-vaccination, and ongoing upgradations and refurbishment of residential and commercial spaces are catalyzing Europe small off-road engines market growth.
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Enforcement of emission reduction goals, as well as awareness regarding use of near zero-emission or zero-emission small spark-ignition (SI) engines, are other factors that are augmenting the industry growth. Moreover, increasing domestic demand for snowmobiles, golf carts, & all-terrain vehicles across the Netherlands, German, Italy & France are also fueling the market expansion.
Elaborating on the negatives, shutdown of manufacturing units & production facilities due to the outbreak of the Coronavirus pandemic have hampered the growth of the business domain. Although product sales declined in 2020, increasing construction activities in both residential and commercial sector will rejuvenate the market demand over the next few years.
In terms of engine displacement, 100cc to 500cc segment is poised to grow with a CAGR of nearly 6% through 2027, attributed to rising prevalence of the product in small generators, lawn & garden equipment, forklifts, and compressors.
With respect to end-user terrain, gardening/landscaping segment is slated to grow momentously, owing to rising preference for rural homes with more space, along with the rising need for gardens and open spaces due to COVID-19 restrictions.
The competitive landscape of Europe small off-road engines industry sphere is defined by Mitsubishi Heavy Industries Engine and Turbocharger, Ltd. (MHIET), Yamaha Motor Co., Ltd., Kubota Corporation, Kawasaki Heavy Industries, Ltd., Honda Motor Company, Ltd, Briggs & Stratton Corporation, Yanmar Co., Ltd., and Kohler Co.
Manufacturers are investing in R&D activities to develop products that comply with EPA regulations. Moreover, they are aligning their focus towards adding more value and differentiating their products to increase their customer base and grab a larger portion of the market.