The global portable inverter generator market size is projected to reach US$ 7.7 Bn by 2032, exhibiting a CAGR of 9.7% during the forecast period from 2022 to 2032, predicts Fact.MR. The rising occurrence of power outages, especially in emerging economies is anticipated to drive the market over the forthcoming years.
The demand for constant power supply is increasing at a fast pace in the underdeveloped countries. As per the International Journal of Advancements in Research & Technology, India faces a daily power outage of 30,000 MW. Also, the country lacks about 80,000 million units of electricity every year. This trend is likely to continue in the upcoming years, thereby propelling the demand for portable inverter generators.
Besides, portable inverter generators have numerous advanced features, such as high-quality outputs, minimal vibration and less noise, as compared to the conventional generators. Hence, their demand is likely to grow in the residential sector where the transmission systems are not fully upgraded and are unable to sustain the additional power burden.
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Similarly, increasing usage of speed control mechanisms and sound damping materials in portable inverter generators is anticipated to drive their demand among customers requiring equipment with lower noise levels.
Regionally, North America will continue to dominate the global portable inverter generators market during the forecast period, owing to the rising adoption of portable inverter generators across various industries, availability of advanced products, and strong presence of leading market players. Fact, MR predicts North America portable inverter generator market to reach a valuation of US$ 3.5 Bn by 2032.
Key Takeaways:
- Based on fuel type, the gasoline segment is estimated to dominate the market stoked by its high affordability and efficiency.
- By power, the 1,000-2,000-watt segment is predicted to lead the market in terms of share because of its minimal noise levels and compact size.
- North America is expected to account for the lion’s share of around 40% of the global market on the back of the presence of many reputed manufacturers, such as Briggs and Stratton, Generac, and Honda.
- East Asia is projected to showcase growth at a CAGR of 11.2% during the assessment period.
- Europe portable inverter generator market is set to reach a valuation of about US$ 2 Bn by 2032.
Growth Drivers:
- Implementation of stringent environmental regulations, such as the Environment Protection Act in the U.K., is expected to drive the market.
- Increasing development of high-performance, fuel-efficient, and surge-sensitive portable inverter generators by key players is anticipated to propel the growth.
Restraints:
- High cost of Ultra-Low Sulfur Diesel (ULSD) as it undergoes additional processes for the elimination of sulfur content may hamper the growth of portable inverter generator market.
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Competitive Landscape
According to Fact.MR, the top 5 market players are anticipated to hold about 25% of the global market share in the upcoming years.
Key players operating in the portable inverter generator market are aiming to expand their manufacturing units in developing countries worldwide. Meanwhile, some of the other players are focusing on strengthening their global and regional distribution networks, as well as introducing state-of-the-art products to attract more customers and increase sales.
For instance,
- November 2021: Oxy Neuron India Pvt. Ltd., a startup incubated at SIIC, IIT Kanpur, introduced its new wall mount Smart Lithium portable inverter named ‘Magic Box.’ Its first customer is Tesla India, the prominent electric vehicle manufacturer. The novel inverter is 94% more efficient than the transformer-based inverters present in the market. The device can also be controlled using a smartphone and is IoT compatible.
- January 2021: Cummins Inc., a leading designer and manufacturer of power generation products based in the U.S., launched its new range of gasoline and Liquid Propane (LP) generator sets called the Onan QG 2500i and 2800i. These will be used in the recreational vehicle market as these generators would require fewer maintenance checks. The company mentioned that the new generators have 60.6% less vibration and are 62.7% quieter than its currently available products.
Key Players in the Portable Inverter Generator Market Include:
- Honda Motor Co., Ltd.
- Hyundai Motor Company
- Lifan Industry (Group) Co. Ltd.
- Toshiba Corporation
- Yamaha Motor Co. Ltd.
More Valuable Insights on Portable Inverter Generator Market
Fact.MR provides an unbiased analysis of the portable inverter generator market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global portable inverter generator market with a detailed segmentation on the basis of:
By Fuel Type
- Gasoline
- Diesel
By Power
- Under 1,000 Watt
- 1,000-2,000 Watt
- 2,000-3,000 Watt
- 3,000-4,000 Watt
- Above 4,000 Watt
By Region
- North America
- Europe
- South Asia and Oceania
- East Asia
- Latin America
- Middle East and Africa
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Key Questions Covered in Portable Inverter Generator Market Report
- What is the current valuation of the portable inverter generator products market?
- How has the portable inverter generator products market performed in recent years?
- At what CAGR is the portable inverter generator products market expected to grow?
- Who are the main suppliers of portable inverter generator products?
- What latest trends are prevailing the portable inverter generator products market?
- What is China’s outlook for the portable inverter generator products market?
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