Outdoor Power Equipment Industry Analysis 2021: COVID-19 Impact Leading Players, Current Trends, Market Challenges, Growth Drivers and Business Opportunities
Market 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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