Global Outdoor Power Equipment Market to Record a Moderate 3.5% CAGR Through 2028
Size of the outdoor power equipment market was evaluated at US$ 38.969.5Mn in 2017, according to a new Fact.MR study. Revival construction industry has played a vital role in accelerating the demand for the outdoor power equipment globally. Owing to high population densities, emerging economies like China and India are expected to show some of the highest growth rates in construction over the next decade. The study envisages the outdoor power equipment market to record a moderate 3.5% CAGR through 2028.
Key stakeholders in the outdoor power equipment market have been rolling out battery-powered outdoor power equipment. Growth in the battery-powered equipment and development of battery technology will remain the key driving forces for outdoor power equipment market. However, the massive presence of low-cost Chinese products will adversely affect the sales of OEMs.
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Automatic Lawn Mower to Gain Momentum
Demand for automatic lawn mowers is witnessing a steep rise as people are more inclined towards efficient lawn mowing with higher convenience. Robotic lawn mowers are gaining more ground, especially in the developed economies, such as Europe where small-size robotic lawn mowers are in high demand. With this, key players are constantly implementing new strategies and R&D to improve the maneuverability, efficiency and performance of robotic lawn mowers by using different technological advancements, such as auto calendar function, smart lawn mapping via GPS and smart navigation with obstacle detection.
This development is expected to give garden mowing a new angle with high precision in operation, consequently supporting the growth of the global electric lawn mowers market. Automatic lawn mower to register a growth rate of 5.9% and to be valued more than US$2,300Mn by 2028.
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North America continues to account for the bulk share of the outdoor power equipment market in the world owing to the manufacturer concentration and stable demand. The North America construction industry revival will catch the stakeholder’s interests and attract investment for outdoor power equipment market. Initiatives integrating green spaces for promoting health equity in the U.S., such as Green Space and Affordable Housing – The East Lake Community (Atlanta, GA), will continue to influence sales of the electric lawn mowers in the region.
Demand for electric lawn mowers in the U.S. will also be driven by the uptake of backyard beautification trend. In Canada, a vast majority of the public agrees on the fact that access to the community green spaces enhances the quality of life, according to the TD Bank Group. The group has taken an initiative to rejuvenate public green spaces, in a bid to ensure their functionality and inclusiveness for future generations. These factors will create demand for landscaping and gardening equipment such as electric lawn mowers in Canada.
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Owing to its maturity, the outdoor power equipment market is likely to observe an intense competition scenario among existing as well as emerging market players. Key market players including Honda Motor Co., Ltd., Stanley Black & Decker, Inc., Techtronic Industries Company Ltd., CHERVON (China) Trading Co., Ltd., Husqvarna AB, Briggs & Stratton Corporation, Andreas Stihl AG & Company KG and YAMABIKO Corporation are leveraging strategies that include new product launches, collaborations and acquisitions of emerging players to reinforce their position in the outdoor power equipment market.
Leading stakeholders in the outdoor power equipment market are manufacturers of outdoor power equipment, who are focused on the expansion of the existing facilities and on collaborations to increase their market presence and enhance their product portfolio. Manufacturers have also been expanding their production capacities in order to keep up with the rapidly changing consumer sentiments.
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