Analysis of Outdoor Power Equipment Market in 2019 Global New Technology, Applications, Industry Growth and Market Status

23/ago/2019 08:37:32 Rishikesh Kurane Contatta l'autore

The operational facilities gained from outdoor power equipment have encouraged their adoption in modern homes to a great extent. Market reports linked to the industrial automation and equipment technology industry have been offered by Market Research Future which makes reports on other industry verticals that aims to study the current market scenarios better. The market is estimated to attain a 5.22% CAGR in the upcoming forecast period.

The need to perform household chores without any extra assistance is a key factor that is promoting the growth of the outdoor power equipment market. The presence of factors such as improved lifestyle, ease of application, rising per capita is further reinforcing the growth pace of the market. Moreover, improved demand for well-maintained lawns has increased the demand for garden tools such as hedge trimmer, trimmers, blower, and chainsaws, thus creating unique prospects for market growth in the coming period.

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The global outdoor power equipment market can be segmented by product, power source, and application.

Major products in the market include cordless and rope power tools. The cordless tool segment is expected to witness heavy demand during the forecast period owing to the easy maintenance of lithium ion-powered tools. It can experience a robust CAGR of 5.41% over the assessment period owing to its portability and limited space it requires for storage. The rope power tools segment is projected a 4.91% CAGR over the aforementioned period owing to its low cost as compared to its counterpart.

By power source, the market is segmented into electric, battery, and others. The electric segment is expected to dominate among its counterparts during the forecast period thanks to the need for noise-friendly equipment. It had captured nearly 47.76% share of the outdoor power equipment in 2017. It can expand at a 5.45% CAGR over the forecast period due to being energy-efficient. The battery segment can progress at a 5.15% CAGR during the same period. ‘Others’ include gasoline-powered equipment.

Key applications in the outdoor power equipment market comprise commercial and household. The household application is touted to dominate the market till the end of the forecast period. Need for landscaping services to enhance the aesthetic appeal of properties is the primary factor driving segment growth. On the other hand, the commercial segment is expected to expand at a 5.04% CAGR over the forecast period.

Regional Analysis:

The outdoor power equipment market covers North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

The North America region is expected to dominate in the forthcoming years owing to the inclination of do-it-yourself (DIY) projects and increasing interest of gardening among home owners. The lightweight nature of these tools is anticipated to propel the market to exhibit a 5.67% CAGR during the forecast period.

The European region is dependent on economies such as France and Germany which is experiencing construction of residential properties. It can register 4.93% CAGR during the forecast period owing to privately funded projects in education and healthcare sectors.

The APAC region is expected to enjoy a 5.36% CAGR over the forecast period, led by China, Southeast Asia, and Japan. The construction of sustainable buildings to reduce pollution levels in China is a prime opportunity for the market to capitalize on.

Competitive Dashboard:

Key competitors influencing the global outdoor power equipment market include The Toro Company (U.S.), Emak S.p.A. (Italy), Honda Motor Co., Ltd. (Japan), Blount International, Inc. (U.S.), MTD Products (U.S.), Deere & Company (U.S.), Stanley Black & Decker Inc. (U.S.), STIHL Holding AG & Co. KG (Germany), Makita Corporation (Japan), Husqvarna (Sweden), and Techtronic Industries Co. Ltd. (TTI) (Hong Kong).

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