The inverter generator market size to cross USD 2.8 billion by 2025, growing at a CAGR of over 6% during the forecast period.
CHICAGO, ILLINOIS, UNITED STATES, December 14, 2020 /EINPresswire.com/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global inverter generator market report.
The inverter generator market is expected to grow at a CAGR of over 6% during the period 2019−2025.
Key Highlights Offered in the Report:
1. The global inverter generator market would realize an absolute growth of around 88% between 2019 and 2025 with recording revenue of approximately USD 2 billion in 2019.
2. Increasing number of power outages and rising demand for uninterrupted power supply is driving the market for battery powered inverter generator, which is expected to grow at a CAGR of over 7% with an incremental growth of around USD 233 million during forecast period.
3. Registering a high growth CAGR of approximately 5% in terms of unit shipment between 2019-2025, the global market for camping based inverter generator by application is expected to witness incremental growth of around 259 thousand units during forecast period.
4. Rise in camping activities is driving the market for recreational sized inverter generator with recording incremental revenue of around USD 350 million and incremental unit shipment of over 276 thousand units during forecast period.
5. Owing to the rise in use of solar energy for generating power is expected to increase the demand for solar powered inverter generator from USD 126 million in 2019 to USD 193 million by 2025.
6. In 2019, North America was the largest market for inverter generators with around 36% and 36% share in terms of revenue and unit shipments.
• Market Size & Forecast by Revenue | 2019−2025
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by fuel, application, size type, and geography
• Competitive Landscape – 6 key vendors and 17 other vendors
Inverter Generator Market – Segmentation
• Increasing camping activities are expected to boost the demand for inverter generators globally. Consumers have become more dependent on personal communication devices such as phones, tablets, and laptops during the lockdown. Millennials, especially, who are born in the era of smartphones, have shown increasing inclination toward hand-held devices and smartphones.
• The global gas-powered commercial inverter generator market was valued at over $625 million in 2019. Gas-powered devices are in demand and are proving to be an excellent choice for tougher and demanding tasks. However, reducing oil prices would raise competition for gas-powered devices.
• Recreational inverter generators are designed to be a portable power source, which is one of the major factors for increased application. As compact and designed to carry with one hand, they max out at around 2,000 watts, which is maximum for tailgating or camping.
Inverter Generator Market by Fuel Type
• Mixed/Hybrid Fuel
Inverter Generator Market by Application
• Camping & Recreation
• Emergency Use & Home Standby
• Jobsite & Construction
Inverter Generator Market by Size Type
Inverter Generator Market – Dynamics
In 2019, the demand for inverter generators accelerated with the increasing use of smartphones and other electronic devices. Appliances that work on inverter generator include electric griddle, small refrigerators, microwaves, food processors, crock-pot, game consoles, blenders, TV, radio, phone/tablet chargers, among others. Most of the electronic appliances used for recreational activities run with the help of invertor generators. Therefore, the increase in recreational activities such as camping and music festivals in regions such as North America and Europe has accelerated the demand for invertor generators. Invertor generators are highly used during tailgating activities. North America is the largest market for tailgating activities. For instance, around 50 million people tailgate annually in North America.
Key Drivers and Trends fueling Market Growth:
• Use of Biofuels for Generating Power
• Use of Solar Energy for Generating Power
• Growing Demand for Reliable & Uninterrupted Power Supply
• Increasing Number of Power Outages
Inverter Generator Market – Geography
Portable generators, which are referred to as engine-generators, provide electricity to crucial applications during power shortages. These generators are witnessing increased application in places with frequent power outages. Homes, corporate buildings, restaurants, and construction sites are the major end-users for portable generators. Several factors are currently driving the growth of the inverter generator market in North America. Inverter generators are economical and efficient substitutes for fuel-based generators. The installation and operation costs are low, making them an ideal choice at homes, businesses, and campsites. The demand for portable generators is increasing across the world due to the growing dependency on interconnected technology systems.
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• North America
• South Korea
• Latin America
• Middle East & Africa
• Saudi Arabia
• South Africa
• Stanley Black & Decker
• Honda Motor Company
• Briggs & Stratton Corporation
• Westinghouse Electric Company
• Champion Power Equipment
Other Prominent Vendors
• FNA Group
• Powerbuilt Tools
• Ford Motor Company
• China National Machinery Industry Corporation (Sinomach)
• All Power America
• Whistler Group
• Tomahawk Power
• Green Power America
• Duromax Power Equipment
• ECHO Incorporated
• Pulsar Products
• Yamaha Corporation
• Lifan Power
• Hyundai Motor Company
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