Feb 24, 2021/IndustryNewsGlobal/--The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Small Off-road Engines Market.
It was estimated prior to this unanticipated outbreak Small Off-road Engines Market will reach CAGR of 5.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Small Off-road Engines Market Insights
Small Off-road Engines Market is likely to witness an impressive CAGR of 5.0% during the forecast period. Major factors such as growing participation in gardening and landscape activities globally, increasing urbanization, ongoing trends in campus and corporate gardening and urban farming, increasing technological enhancements, and growing consumer spending and presence of industry players are expected to fuel the market growth during the forecast period.
Market Share Analysis
Small Off-road Engines Market Share: By Engine Displacement Type
Based on the engine displacement type, the market is segmented as up to 100cc, 100cc to 500cc, and 500cc to 800cc. Engine displacement type between 100cc to 500cc is estimated to register strong growth owing to its superior performance capabilities with extended durability. This engine displacement type offers noiseless performance, lesser emissions and exceptional power output with lower fuel consumption, and is specifically designed for high debris applications. On the other hand, 500cc to 800cc type of engine displacement is also expected to witness robust growth in the market during the forecast period owing to its greater fuel efficiency and enhanced adaptability for various commercial applications.
Small Off-road Engines Market Share: By Number of Cylinders Type
Based on the number of cylinders type, the market is segmented as single cylinder, double cylinder, and multi-cylinder. The double cylinder engine is likely to hold the major share of the market during the forecast period owing to its superior performance with higher durability. In addition, multi-cylinder engine is estimated to witness significant growth in the market due to its compact size, offering lower vibration and enabling quicker cooling with more cooling surface area and smaller cylinder bore.
Small Off-road Engines Market Share: By Drive Shaft Orientation Type
Based on the drive shaft orientation type, the small off-road engines market is segmented as horizontal and vertical. The vertical drive shaft engine is anticipated to witness significant growth rate in the market during the forecast period. Factor such as simple setup, lower maintenance, and relative availability of product is further expected to boost the segment’s growth during the forecast period.
Small Off-road Engines Market Share: By End-Use Sector Type
Based on the end-use sector type, the market is segmented as agriculture, domestic, gardening/landscaping, industrial, automotive, and construction. The gardening/landscaping segment is estimated to be the dominant end-use sector in the market owing to the extensive use of product to power various gardening and landscaping equipment such as chain saws, leaf blowers, cutters, and garden tillers. On the other hand, domestic and agriculture applications are also expected to witness substantial growth in the market during the forecast period owing to their growing demand from emerging countries.
Small Off-road Engines Market Share: By Distribution Channel Type
Based on the distribution channel type, the market is segmented as OEM and aftermarket. The OEM distribution channel is expected to hold the larger share of the market during the forecast period owing to the wide distribution and shifting consumer inclination towards product quality. Safety provision, improved durability, and excellent performance with minimized maintenance cost are the other major factors expected to accelerate the overall market growth during the forecast period.
Small Off-road Engines Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the fastest-growing region in the market during the forecast period. The growth of the region’s market is attributed to the presence of key players and the easy availability of raw materials, cost effective prices of products, and growing demand for domestic and agriculture equipment. On the other hand, North America is estimated to witness significant growth over the forecast period. The growth of the North American market is attributed to the increasing application of these engines in gardening/landscaping equipment. Also, Europe is expected to offer substantial growth opportunities during the forecast period.