Household Generators Market Analysis and Latest Trends
Household generators are portable power generating devices that are primarily used during power outages or in areas with limited or no access to electricity. These generators are designed to provide temporary backup power to essential household appliances, such as refrigerators, air conditioners, lights, and communication devices.
The market for household generators has been witnessing steady growth in recent years. The increasing frequency of natural disasters, such as hurricanes, earthquakes, and floods, coupled with the aging power infrastructure in many regions, has been driving the demand for household generators. Additionally, the growing reliance on electronic devices in households, along with the need for uninterrupted power supply for medical and healthcare equipment, has further fueled the market growth.
Furthermore, the rising adoption of smart homes and the increasing trend of remote working and distance learning have also contributed to the demand for household generators. Moreover, technological advancements in generator designs, such as the development of quieter and more fuel-efficient models, are attracting a wider consumer base.
The market for household generators is highly competitive, with key players focusing on product innovation, strategic partnerships, and acquisitions to gain a competitive edge. Additionally, manufacturers are increasingly emphasizing the integration of renewable energy sources, such as solar panels, into their generator systems to cater to the growing demand for eco-friendly solutions.
Overall, the household generators market is projected to witness substantial growth in the coming years. The increasing need for backup power solutions, coupled with advancements in generator technology, is expected to drive the market at a compound annual growth rate (CAGR) of 7.00% during the forecast period.
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Household Generators Major Market Players
The global household generator market is highly competitive and comprises several key players. Some of the prominent players in the market are Generac, Honda Power, Briggs & Stratton, KOHLER, Yamaha, Champion, Cummins Power Systems, TTI, United Power Technology, Eaton, Honeywell, Scott's, Hyundai Power, Mi-T-M, Pramac, HGI, and Wacker Neuson.
Generac is a leading player in the household generator market, offering a wide range of portable and standby generators for residential use. The company has a strong market presence and a wide distribution network. Generac has been experiencing steady market growth due to increasing power outages and the need for backup power solutions. The company's revenue has been growing steadily, with sales reaching $2.19 billion in 2020.
Honda Power is another key player in the market, known for its reliable and efficient generators. The company has a strong brand reputation and a vast product portfolio. Honda Power focuses on continuous product innovation and technological advancements to maintain its competitive edge. The company has witnessed significant market growth in recent years and is expected to continue growing in the future. Honda Power generated sales revenue of $45.9 billion in the fiscal year 2020.
Briggs & Stratton is a well-established player in the household generator market, offering a wide range of power solutions, including generators, pressure washers, and lawn mowers. The company has a global presence and a diverse customer base. Briggs & Stratton has recently filed for bankruptcy but has successfully reorganized its business operations and is poised for future growth. The company's sales revenue stood at $1.43 billion in 2019.
KOHLER is a market leader in the household generator segment, providing standby and portable generators for residential use. The company focuses on product innovation and offers advanced features such as remote monitoring and control. KOHLER has been experiencing steady market growth and has a strong presence in both domestic and international markets. The company's revenue reached $7.8 billion in 2020.
The global household generator market is expected to witness significant growth in the coming years due to increasing power outages, the need for reliable backup power solutions, and rising awareness regarding emergency preparedness. The market size is projected to surpass $5 billion by 2026.
What Are The Key Opportunities For Household Generators Manufacturers?
The household generators market is witnessing significant growth due to increasing power outages and the growing need for uninterrupted power supply in residential settings. Factors such as extreme weather conditions and aging power infrastructure are driving the demand for household generators. Additionally, the rising awareness about energy security and the growing adoption of smart technologies in residential buildings are further propelling market growth. The market is expected to continue its upward trajectory in the coming years, with advancements in generator technologies and the shift towards cleaner and more sustainable power solutions. Overall, the household generators market holds great potential for growth and innovation.
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Market Segmentation
The Household Generators Market Analysis by types is segmented into: