Outdoor Power Equipment Industry: Business Strategies, Future Growth Study
Market Analysis
Market Research Future (MRFR) predicts the global outdoor power equipment industry to exhibit a 5.22% CAGR from 2018 to 2025 (forecast period).
The outdoor power equipment industry 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.
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.
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Regional Analysis
The segments covered in the global outdoor power equipment industry report are analyzed concerning four main regions – North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The market for outdoor power equipment in APAC is projected to rise at the highest level of CAGR during the forecast period. Increasing investment in residential and infrastructure markets is estimated to bolster the construction industry, which will, in turn, push the use of outdoor power equipment in APAC. Japan is home to several outdoor power equipment and small gas engines manufacturers like Honda, Yamabiko, Fuji Heavy Industries, Kawasaki, and Yamaha. China is investing significantly in infrastructure development and urban planning. This investment in the construction sector is the key driver of the growth of the market. With increasing urbanization in India, there has been a high demand for outdoor power equipment that can support the construction industry in various urban development projects.
Market Segmentation
The global outdoor power equipment industry has been segmented into products, power sources, and application.
By product, the global outdoor power equipment industry has been segmented into cordless and rope power tools.
By power source, the global outdoor power equipment industry has been segmented into electric, battery, and others.
By applications, the global outdoor power equipment industry has been segmented into household and commercial.
COVID-19 Impact on the Global outdoor power equipment industry
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.
Key Players
Major players in the outdoor power equipment industry include Husqvarna (Sweden), Deere & Company (U.S.), Honda Motor Co., Ltd. (Japan), Blount International, Inc. (U.S.), The Toro Company (U.S.), STIHL Holding AG & Co. KG (Germany), Stanley Black & Decker Inc. (U.S.), Makita Corporation (Japan), MTD Products (U.S.), Emak S.p.A. (Italy), and Techtronic Industries Co. Ltd. (TTI) (Hong Kong).
Summary
The global outdoor power equipment industry is predicted to exhibit a 5.22% CAGR from 2018 to 2025 (forecast period). The rising adoption of battery-powered outdoor power equipment for maintaining lawns and gardening activities, increasing demand for landscaping services, and increasing interest of homeowners in gardening activities are the key factors driving the growth of the market. However, high maintenance costs and the availability of outdoor power equipment at lease are likely to hinder the growth of the industry. The market provides a range of opportunities for manufacturers to concentrate on the development of smart and connected outdoor power equipment.
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