Small Off-Road Engines Market Might Reach USD 14.5 Billion By 2026

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Small Off-Road Engines Market Might Reach USD
14.5 Billion By 2026 Global Market Insights, Inc.
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• Small Off-Road Engines Market Scenario

• The small off-road engines (SORE) market is
  anticipated to witness lucrative growth on
  account of growing application in the
  agricultural and industrial sector. SOREs are
  compact gasoline-powered IC engines that come
  handy for low duty machines and equipment. Rising
  cases of power outages caused by hurricanes,
  thunderstorms, or some other grid failure issues
  have accelerated the demand for independent power
  sourced small engine generators over the years.
  With growing cases of power cuts, Global Market
  Insights, Inc., predicts that the small off-road
  engines market might reach USD 14.5 billion by
  the year 2026.
• In terms of engine displacement, small off-road
  engines can be categorized into 500cc to 800cc,
  100cc to 500cc, and 100cc segments. The 500cc to
  800cc engine segment is projected to register
  steady growth due to its growing use across
  multiple end-use sectors like construction and
  automotive. These engines generally power
  products like golf carts, snowmobile, portable
  tampers, utility vehicles, concrete saws, mortar
  mixers, pumps, and boring units.

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• Based on distribution channels, the SORE market
  is mainly divided into aftermarket distributors
  and original equipment manufacturers (OEMs). Out
  of these, aftermarket suppliers segment is
  estimated to witness massive gains, registering a
  growth rate of almost 5 throughout the predicted
  timeframe. Aftermarket equipment have a low
  replacement rate and is comparatively cheaper
  than OEM engines.
• According to McKinsey, a series of technological
  and geographical advancements are predicted to
  disrupt the automotive aftermarket in the
  upcoming 5 to 10 years. A report suggests that
  the global aftermarket industry may increase to
  around EUR 1,200 billion by 2030, registering a
  growth rate of 3 p.a.

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• Regional Analysis

• On the regional front, Europe is considered to be
  a prominent market for small off-road engine
  manufacturers and is poised to accrue remarkable
  growth over the coming years. This growth can be
  contributed to the proliferating demand for the
  product across domestic, construction, and
  automotive units located across countries like
  Germany, Russia, and France. Europe houses a
  large number of golf carts, snowmobiles, and
  all-terrain vehicle manufacturers.

• Competitive Analysis

• Prominent companies operating in the SORE market
  are concentrating their efforts on technology
  advancement, mergers acquisitions strategies,
  and geographic expansions. Currently, the global
  landscape is led by companies like Honda Motor
  Co. Ltd., Briggs Stratton Engines, Yanmar Co.
  Ltd., Kawasaki Heavy Industries. Ltd., Yamaha
  Motor Co. Ltd., and Kubota Corporation.

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