North America gasoline genset market is estimated to cross US $1.5 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
According to the report, recent increase in the instances of adverse weather conditions in North America have resulted in numerous power outages, thereby propelling the demand for gasoline gensets in the region. Rising awareness among consumers regarding uninterrupted power supply and power failure preparedness is augmenting the market growth. Other factors contributing towards the market outlook are growing power demand, weak power grid infrastructure, and strict emission regulations.
As cited in the report, growing dependence on electronic appliances for daily chores will fuel the growth of North America gasoline gensets market. Consumers are opting for zero downtime and reliable power supply by adopting these gensets.
Considering the power rating, 2-3.5 kVA gasoline genset segment is presumed to exceed an yearly sales of 800 thousand units by the year 2024, owing to the capability of these genset to deliver effective and reliable power supply to residential consumers. These gensets are compact, lightweight, and sustainable making them preferred choice for household settings.
Based on end-use segment, North America gasoline genset market from residential segment is anticipated to witness 4% growth over the forecast period. Rising instances of power outages, grid failures, and rolling blackouts caused by unfavorable weather conditions are encouraging the consumers to stay prepared for emergency situations. In 2017, active Atlantic hurricane season caused numerous hurricanes in Texas, Puerto Rico, and Florida, which resulted in huge surge in product demand.
In terms of engine class, gasoline genset market from Class I engine segment is predicted to grow 5% over the analysis timeframe, pertaining to increasing trend of being emergency prepared, along with the convenience of purchasing smaller units. Handheld engines and Class I engines are dominating the regional market, claims the report.
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Considering the regional landscape of the North America gasoline genset market, the United States market is expected to register a growth of 4% by the year 2024. The growth can be attributed to high frequency of natural calamities and increasing adoption of gensets as emergency power backup solution in the region.
Additionally, Canada gasoline genset market is projected to observe substantial growth over the forecast period, owing to high awareness regarding risk and adoption of preparedness measures to counter outages during natural disasters. High winds, freezing rains, and sleet storms are known to damage power lines and disrupt continuous power supply in the region.
Prominent contenders of the North America gasoline genset market profiled in the report are Honda Motor, Wacker Neuson, Caterpillar, John Deere, Honeywell, Kohler Power, Briggs & Stratton, Atlas Copco, and Kirloskar among others.