Market Analysis
Market Research Future (MRFR) predicts the Global Outdoor Power Equipment Market to exhibit a 5.22% CAGR from 2018 to 2025 (forecast period).
The outdoor power equipment market is going through a gradual change from manual equipment to technically advanced and automated equipment. One such example is the robotic lawnmower. Worldwide, demand for alternative power sources, connected interfaces, and technology integration in outdoor power equipment is rising at a remarkable rate. As a result, companies are interested in developing fully and semi-autonomous landscaping and lawn equipment for both residential and commercial customers. Rising urbanization, infrastructure activities, and disposable income combined with growing investments from companies are among the factors that are projected to fuel demand for robotic lawn mowers and other advanced outdoor power equipment during the forecast period.
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Owing to rising environmental issues and the increasing number of strict government regulations related to carbon emissions, the outdoor power equipment industry is switching from fuel-powered to electric-powered equipment. The trend of electric and battery-powered equipment is not limited to hand-held equipment. Ride-on and heavy equipment like lawnmowers are increasingly available in a range of power sources, such as fuel and battery. The increasing demand from municipalities and companies to use green or environmentally friendly products for landscaping purposes is propelling the growth of electric-powered outdoor power tools in these sectors.
COVID-19 Impact on the Global Outdoor Power Equipment Market
With the advent of the COVID-19 pandemic in 2020, people are actively searching for advanced gardening tools and equipment due to the increasing emphasis on staying at home and maintaining social distancing. On the flip side, the elevated cost of maintaining these types of equipment would impede the growth of the industry.
Market Segmentation
Product, power source and applications are the primary segments covered in the report, based on which the market for outdoor power equipment has been analyzed extensively by MRFR experts.
The product-based market segmentation includes cordless and rope power tools. The cordless tool segment can note massive demand in the future, on account of the easy to maintain property of lithium ion-powered tools. The segment can register a CAGR of 5.41% during the assessment timeframe because of a cordless tool’s portability and requirement for limited space for storage purpose. The rope power tools segment, however, can achieve a growth rate of 4.91% in the given period owing to their low cost.
The power sources discussed in the report are battery, electric, and others. Electric power source promises significant savings in costs, providing high torque needed for landscape activities in small areas. Therefore, the segment can have an impressive growth trajectory in the market during the review period. In 2017, the segmental share in the global market was close to 47.76% and it shows the potential to record a CAGR of 5.45% in the coming years. The battery segment can also perform steadily in the years ahead, and is set to advance at a rate of 5.15%. The others segment comprises gasoline-powered equipment.
Some of the significant market applications are commercial and household. Increasing per capita income of people around the world and the rising preference for durable goods augments the demand for outdoor power equipment for household applications. Further, the commercial segment is anticipated to expand at a rate of 5.04% during the evaluation period.
Regional Insight
The outdoor power equipment market is split into key regions of Europe, Asia Pacific (APAC), North America, and the Rest-of-the-World (RoW).
North America can soon be the reigning market for outdoor power equipment, due to the increase in do-it-yourself (DIY) projects and the mounting interest in gardening among home owners. The lightweight nature of outdoor power tools also boosts their demand in the market, because of which the region can progress at a rate of 5.67% in the subsequent period. The United States (US) is known for its rich culture of lawn maintenance and gardening. Other than that, the country boats of an expansive pool of renowned landscaping and turf maintenance service vendors. More and more consumers are opting for lawn and garden care equipment in an attempt to beautify their homes by elevating their aesthetics, which stimulates the market demand to a large extent.
The market in Europe is largely dependent on countries like Germany and France that are experiencing a boom in the construction industry and subsequent improvement of residential properties. The regional market can record a growth rate of 4.93% in the ensuing years on account of the large number of privately funded projects in healthcare and education sectors.
APAC is all set to achieve a CAGR of 5.36% in the near future, with major market growth expected in Southeast Asia, Japan as well as China. With the increasing construction of green and sustainable buildings to bring down pollution levels, the market will be able to capitalize on this lucrative opportunity in the following years.
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Competitive Analysis
The improved backing by government and trade bodies are creating a favorable pace of growth in the market. The control of overhead costs is projected to motivate the market considerably in the forecast period. The market is observed to be on a hot streak of expansion in the forecast period. The market players are expected to contribute in a significant way to the progress of the market by investing capital and fortifying their assets along with their competencies, in the market to match the pulse of the market. The robust marketing activities undertaken by the contenders in the market are inspiring the next steps for market development in the forecast period. The customer inclinations are projected to define the growth of the global market more than ever in the coming years. The intensive attention focused on research and development activities is projected to open up new areas for the development of the market in the forecast period.
The significant contenders in the outdoor power equipment market are Emak S.p.A. (Italy), Honda Motor Co., Ltd. (Japan), Husqvarna (Sweden), TIHL Holding AG & Co. KG (Germany), The Toro Company (U.S.), Deere & Company (U.S.), Stanley Black & Decker Inc. (U.S.), Blount International, Inc. (U.S.), Makita Corporation (Japan), MTD Products (U.S.), and Techtronic Industries Co. Ltd. (TTI) (Hong Kong).
Industry Updates:
Mar 2020 Left Hand Robotics, a producer of self-driving smart robots for marketable turf and snow, has propelled BOLT, a technology platform that alters outdoor machinery and power equipment into more efficient, smarter, and ready-to-work robots. The BOLT platform allows equipment producers to mechanize outdoor jobs, complementing autonomous navigation, connected sensors, and real-time operations to machines.
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