Outdoor Power Equipment Market 2021: COVID-19 Impact Business Opportunities, Target Audience, Statistics, Growth Potential, Trends, Company Profiles, Global Expansion and Forecasts
Overview:
The
global outdoor power equipment market is expecting to touch a valuation of USD
28,932 million by the end of the forecast period (2018-2025), Market Research
Future (MRFR) in their extensively studied report includes chief drivers and
detailed study of segments to deliver reliable prediction about the market
future. Among the drivers, the increased use of power tools for construction
purposes and preference for battery-operated equipment for gardening and
maintaining lawns and grass in complexes are fueling market growth.
The
increase in disposable income levels of consumers and the revival of the
housing sector in developed economies are expected to fuel the construction
sector. The need for powered equipment in construction coupled with policies by
China and India to enhance their infrastructure is likely to bode well for the
outdoor power equipment market.
However,
the availability of artificial grass and unpredictable prices of raw materials
may impede the market growth trajectory over the forecast period.
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Industry Trend:
Infrastructural
projects in developing economies such as India, China, Brazil, Thailand, Qatar,
and Indonesia offer scope for outdoor power equipment. The extensive
construction activity in these nations owing to their need to be recognized as
smart cities and to attract tourists are factors likely to elicit the market
demand. A perfect instance includes the 2022 Football World Cup hosted by Qatar
which can expedite the construction of hotels, resorts, parks, and other
commercial construction. Furthermore, the promotion of various sports in China
and India has kickstarted the construction of stadiums.
Segmentation:
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.
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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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https://www.marketwatch.com/press-release/personal-transporter-market-2021-development-status-growth-drivers-global-industry-analysis-opportunity-assessment-and-competitive-landscape-covid-19-analysis-2021-01-12?tesla=y
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