Generator Market Size, Share, Analysis, Growth Report 2032

Generator Market: Industry Perspective

The global generator market size was worth around USD 33.15 billion in 2023 and is predicted to grow to around USD 53.30 billion by 2032 with a compound annual growth rate (CAGR) of roughly 5.42% between 2024 and 2032.

Request Free Sample

Generator Market Overview

A generator is a device that converts mechanical energy into electrical energy which regularly turbines, employ motors, cranks, engines, pistons or other sources of mechanical energy. A generator is a device that is capable of maintaining the electric voltage between two points, called terminals or centers. Generators can be sub-divided into two main categories depending on whether the electric current produced is direct current (DC) or alternating current (AC). They are also accessible in different sizes and forms, making them available to almost everyone. Generators simply produce a flow of electricity by forcing electrons from an external source but do not produce electricity through an electrical circuit to flow.

The report covers forecasts and analyses for the generator market on a global & regional level and country level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on both volume (Units) and revenue (USD Billion). The study includes drivers and restraints for the generator market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the generator market on a global level. 

Generator Market Growth Dynamics

The generator market is primarily driven by increasing demand for IT infrastructure management and rising demand for reliable and uninterrupted power supply. Increasing adoption of energy storage technologies may hamper the volume sales of some generator in certain regional markets. High life cycle cost of internal combustion engines is a major challenge for the growth of the generator market. The global generator market offers new growth opportunities for domestic and global manufacturers during the forecast period due to increasing developments in the emerging economies and increasing adaption of bi-fuel, hybrid generators, and inverter generators.

In order to give the users of this report a comprehensive view of the generator, we have included a detailed competitive scenario and product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the generator market has also been included. The study encompasses a market attractiveness analysis, wherein product segments are benchmarked based on their market size, growth rate, and general attractiveness.

Request Free Sample

Generator market is classified in terms of fuel type, power rating, generator type, and end-user.

In terms of fuel type, the global generator market is segmented into gasoline, diesel, LPG, natural gas, and others. Diesel was the largest fuel type segment of the global generator market. Diesel generators are mainly preferred power backup solution and accounted for more than 80% of the global generators market in 2023. Low capital cost of diesel generators and mature technology are the factors driving the growth of diesel generator market during the forecast period.

In terms of power rating, the global generator market is divided into up to 5 KVA, 5 to 10 KVA, 10 to 15 KVA, and 15 to 20 KVA. 5 to 10 KVA market segment held the largest market share due to huge demand across the globe during the forecast period.

On the basis of generator type, the global generator market is categorized into portable and stationary. In 2023, the stationary segment was the most attractive generator type of the global generator market. Stationary type of generator employs a mechanical transfer switch which monitors the external power and switches the generator on and off as desired.

In terms of end-user, the global generator market is categorized into industrial, telecom, residential, and commercial. The industrial end-user segment is estimated to lead the generator sales market in 2023 and is expected to develop at the highest CAGR during the forecast period.

Generator Market: Report Scope

Based on the geographical classification, Asia Pacific ruled the market of the generator in 2023 and accounted for a considerable share of the generator market. Countries such as India, China, Japan, and Austria have a high economic growth rate with the increased number of manufacturing industries in the Asia Pacific region. In addition, growing commercial and telecom sectors and the increasing demand for backup power to offset regular power fluctuations will expect well for the market’s projection in the Asia Pacific. Maximum share of the generator market is expected to be held by North America and Europe during the forecast period. The U.S. accounts for the major share in the North America province. 

Generator Market: Competitive Analysis

The global generator market is dominated by players like:

• Cummins Inc.
• Kohler Co.
• Mahindra Powerol
• Caterpillar Inc.
• Yamaha Motor Corporation
• Honda Siel Power Products Ltd.
• KOEL Green
• Generac Holdings
• Rolls-Royce
• Yanmar

This report segments the global generator market as follows:

Global Generator Market: Fuel Type Segment Analysis

• Gasoline
• Diesel
• LPG
• Natural Gas
• Others

Global Generator Market: Power Rating Segment Analysis

• Up to 5 KVA
• 5 to 10 KVA
• 10 to 15 KVA
• 15 to 20 KVA

Global Generator Market: Generator Type Segment Analysis

• Portable
• Stationary

Global Generator Market: End-user Segment Analysis

• Industrial
• Telecom
• Residential
• Commercial

Global Generator Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa