The portable generator market is projected to grow at a compound annual growth rate (CAGR) of 6.25% from 2024 to 2030. The market, valued at USD 2.34 billion in 2023, is expected to reach USD 3.58 billion by 2030.
Portable Generator Market Overview
Portable generators are compact power sources designed to provide electricity during power outages or in areas without a permanent power supply. Typically powered by gasoline, diesel, or propane, these generators are used in residential, commercial, and outdoor settings, such as construction sites and events. Many models now feature dual-fuel capabilities, allowing users to switch between gasoline and propane for added convenience.
Market Drivers
The growth of the portable generator market is driven by increasing demand for reliable backup power. Rising natural disasters and grid vulnerabilities are pushing the need for portable generators. Events such as hurricanes, wildfires, and earthquakes have increased their demand, as they ensure continued operation of essential systems like medical equipment and communication. As electricity dependence grows, so does the need for portable generators as emergency power solutions.
Market Trends
A significant trend in the portable generator market is the rise in dual-fuel models. These generators offer flexibility, allowing users to choose between gasoline and propane based on availability and cost. The popularity of outdoor activities such as camping and RVing has also boosted market growth. These generators provide essential power for lighting, cooking, and entertainment during outdoor adventures. Moreover, more households are adopting portable generators as a reliable power backup during outages.
Mergers and Acquisitions: Regional Updates
Vietnam: Vina Generators merged with VietPower Solutions to expand its offerings of off-grid power systems. This move aims to meet the increasing demand for portable energy solutions in the region.
Japan: Toshiba Energy Systems acquired Sanyo Generators, a leader in lightweight portable generators. The acquisition strengthens Toshiba’s position in Japan’s growing portable energy market.
South Korea: Korean Power Tech merged with Hyundai Power Systems, combining their technological expertise to develop energy-efficient, environmentally friendly portable generators.
Key Developments by Leading Global Players
USA: Honda Power Equipment continues to lead the market with new, fuel-efficient, and ultra-quiet portable generators. Generac Holdings has also launched a series of hybrid portable generators to cater to eco-conscious consumers.
Europe: Leroy-Somer acquired Franz Schuler Generators, a major European manufacturer. This acquisition enhances Leroy-Somer’s distribution channels and allows it to meet the growing demand for industrial-grade portable generators in Europe.
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