Global Outdoor Power Equipment Market Information: by Product (Cordless Tools, Rope Power Tools), Power Source (Electric, Battery, Others), Application (Household, Commercial), and Region – Global Forecast Till 2025
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.
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.
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.
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.
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).