Pune, March 16, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global outdoor power equipment market is expected to grow from USD 16.23 billion in 2020 to USD 33.89 billion by 2030, at a CAGR of 3.45% during the forecast period 2021-2030.
The outdoor power equipment industry is rapidly innovating in order to cope with the demand for sustainable tools that don’t compromise overall performance. To deal with purchaser expectancies, outdoor power equipment manufacturers and producers are leveraging material science to create products that are stronger, lighter and sustainable products.
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Manufacturers are inspecting each factor of the outdoor power equipment to make those products lightweight. Much of this is targeted on replacing metal additives with advanced thermoplastics. The trend of manufacturing lightweight products within the outdoor power equipment is expected to provide a boost to the landscaping industry within the commercial and residential industry vertical. With this trend, the companies are anticipated to adopt the product differentiation and product innovation strategy with much more cost savings. Furthermore, electrification is a major industrial trend in each of the residential and commercial landscaping markets because it solves many demanding situations which have existed for many years. Additionally, electrification substantially reduces the environmental impact of outdoor power equipment.
Outdoor power equipment are known as the types of equipment which utilizes engines or small motors. The popular outdoor power equipment are lawn mowers, saws, trimmers & edgers, blowers and others. These types of products are utilized for garden, lawn, and golf course maintenance and landscaping. Basically the outdoor power equipment is used for ground maintenance. Often the power tools are considered to be the part of outdoor power equipment. The applications of the outdoor power equipment’s generally lies in residential and commercial industries.
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Key players operating in the global outdoor power equipment market are Briggs & Stratton Corp., Ariens Company, Stanley Black & Decker, Inc., AL-KO KOBER GROUP, Husqvarna AB, Schiller Ground Care, Yamabiko Corp, Techtronic Industries Company Ltd, Emak S.p.A., Honda Motor Company, Ltd., Excel Industries, Inc., CHEVRON (China) Trading Co., Ltd., Andreas Stihl AG & Company KG, MTD Holdings Inc., and Makita Corp. among others. To enhance their market position in the global outdoor power equipment market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
• The manufacturing company named STIHL introduced a new product named MSA 300 cordless chainsaw into the market in September 2021. This product is specifically designed to deliver high energy and this product is also lightweight in nature. This product is suitable for its usage in horticulture, landscaping and forestry industry vertical.
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The lawn mowers segment led the market with a market share of around 29.3% and a market value of around 4.75 billion in 2020.
The product segment is divided into lawn mowers, saws, trimmers & edgers, blowers, snow throwers, tillers & cultivators, and others. The lawn mowers segment led the market with a market share of around 29.3% in 2020. The segment growth is mainly attributed owing to the rise in acceptance of lawn mowers within the residential and commercial industry verticals. Additionally, the steady growth of the robotic lawn mowers owing to the technological advancements is expected to have a positive impact on the market growth and development. The saw segment is expected to rise at the highest CAGR during the forecast years. The demand of battery powered and cordless saws within the construction industry is the major factor which is driving the segment growth.
The electric powered segment is anticipated to grow at the highest CAGR in the upcoming years.
The power source segment has been bifurcated electric-powered and fuel powered. The fuel powered segment held the largest market share in 2020. The fuel powered outdoor power equipment runs on petrol, diesel or gas. Owing to this, the fuel powered outdoor power equipment offers heavy torque and better torque. Majority of the manufacturers often opt for the fuel powered products rather than the battery powered products. The electric powered segment is expected to grow at the highest CAGR during the forecast period. Owing to the technological advancements, battery powered products are experiencing high demand amongst the end-user industry verticals.
The commercial segment led the market with a market share of around 55% and a market value of around 8.92 billion in 2020.
The application segment is divided into residential and commercial. Shopping malls contribute to business significantly in comparison to the conventional markets and are viewed as a simple convergence of supply and demand. Shopping shops attract consumers and sellers, and entice clients, imparting sufficient time to make choices as well as a recreational manner of purchasing. The growing construction of the shopping malls is expected to contribute to the growth and development of the market. The residential segment is anticipated to grow at the highest CAGR during the forthcoming years. The end-users in the residential sector can be homeowners and do-it-yourself (DIY) enthusiasts.
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Regional Segment Analysis of the Outdoor power equipment Market
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region emerged as the largest market for the global outdoor power equipment market with a market share of around 40.2% and a 6.52 billion of the market revenue in 2020. The regional growth and development is mainly attributed owing to the rise in gardening and beautification activities within the commercial and residential end-user industry verticals. Asia pacific is expected to increase at a significant CAGR over the forecast period. This is due rising urbanization in and across countries like India, Japan and China. The growing constructional investment in residential complexes and buildings is contributing towards the market development. Also, the growing adoption of the multi-channel presence strategy by the manufacturers is expected to provide favourable and lucrative opportunities for market development in near future.
About the report:
The global outdoor power equipment market is analysed based on value (USD Billion) and volume (Units). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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