The Global Outdoor Power Equipment Market is projected to reach USD 27.3 billion by 2026 from USD 23.4
billion in 2021; it is expected to register a CAGR of 3.2% from 2021 to 2026.
In the technical aspect, owing to major R&D
investments by global players, there have been tremendous developments in the
outdoor power equipment arena, starting from cordless tools, incorporation of
sensors, to the adoption of industry 4.0 and robotics to create autonomous
equipment. These developments, along with a growing culture of garden and lawn
care, increasing affinity for turf sports such as Golf, increase in fleets of
landscaping service providers, and increasing potential of the construction
sector to adopt outdoor power equipment are contributors to the growing demand
for outdoor power equipment. Furthermore, initiatives by government and
municipalities across regions for adopting sustainable landscaping and green
infrastructure projects have also positively impacted the demand for outdoor
power equipment.
DRIVERS: Growing demand for landscaping services and
increasing interest of homeowners in gardening activities
The outdoor power equipment market is mainly driven
by the growing demand by homeowners for landscaping services to make their
homes aesthetically pleasing, as well as by commercial users to boost the
appeal of their properties. In the landscaping industry, a wide range of
outdoor power equipment, such as lawn mowers, hedge trimmers, blowers, and
saws, are used in diverse landscaping activities that include lawn maintenance,
hardscaping, tree care, lawn renovation, organic or natural lawn care, and snow
removal. According to the National Gardening Survey (US), 77% of households in
the US participated in lawn and garden activities in 2018, which increased by
3% in comparison with 2017. Thus, the growing inclination of homeowners in
developed countries toward investing more time in outdoor and gardening
activities is driving the demand for outdoor power equipment. Outdoor power
equipment is also used for designing and maintaining golf courses. The golf industry
in North America has witnessed significant growth; 24.8 million people in the
US participated in the game in 2020, almost 2% or 500,000 more than 2019. In
the coming years, with a growing number of players and new golf courses/clubs,
the demand for outdoor power equipment is likely to increase.
RESTRAINT: High maintenance cost and availability of
outdoor power equipment on lease
Outdoor power equipment, such as lawn mowers and
trimmers, are precision instruments. Lots of parts such as motors, air filters,
and fuel filters of these outdoor power equipment require regular maintenance.
For precise operations, outdoor power equipment are required to be recalibrated
after regular intervals. Regular maintenance includes oiling, sharpening, and
replacing parts, and other repairs required for the proper working of tools.
Thus, the cost of maintenance of outdoor power equipment is relatively high.
Consumers, particularly in developing countries, are unwilling to spend a high
amount of money on the maintenance of these equipment as laborers are available
at a lower cost. Also, the cost of ownership of outdoor power equipment
increases because of these maintenance and repair requirements.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=206862770
OPPORTUNITIES: Development of smart and connected
outdoor power equipment
With the growing adoption of IoT devices and the
increasing popularity of smart and connected products, manufacturers focus on
offering connected equipment. Advancements in technologies and adoption
of wireless connectivity practices lead to the innovation of smart
and connected tools. Leading outdoor power equipment manufacturers are focusing
more on the production of smart and connected outdoor power equipment. For
instance, John Deere started offering JDLink to customers at zero additional
cost, which is a digital platform that collects real-time equipment data and
transmits it to John Deere service centers.
CHALLENGES: Safety regulations and strict trade
policies
Outdoor power equipment safety and regulatory
compliance are critical issues for manufacturers as these tools are supplied
worldwide. Domestic and international distribution channels and end users
demand safety, reliability, and rigorous compliance with the existing and
emerging safety standards. Hence, it is important for tool manufacturers to comply
with these safety regulations. In addition to mandatory regulations,
manufacturers also must address important concerns of retailers and consumers
regarding quality and environmental sustainability. Depending on the specific
type of equipment, additional regulations may address physical safety
requirements, electromagnetic interference, operating noise levels, and product
recycling issues. In addition to mandatory requirements, product testing
mandates increase the cost of ownership of outdoor power equipment.
About
MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B
research on 30,000 high growth niche opportunities/threats which will impact
70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers
worldwide including 80% of global Fortune 1000 companies as clients. Almost
75,000 top officers across eight industries worldwide approach
MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at
MarketsandMarkets™ are tracking global high growth markets following the
“Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with
the clients to identify new opportunities, identify most important customers,
write “Attack, avoid and defend” strategies, identify sources of incremental
revenues for both the company and its competitors. MarketsandMarkets™ now
coming up with 1,500 MicroQuadrants (Positioning top players across leaders,
emerging companies, innovators, strategic players) annually in high growth
emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000
companies this year for their revenue planning and help them take their
innovations/disruptions early to the market by providing them research ahead of
the curve.
MarketsandMarkets’s flagship competitive
intelligence and market research platform, “Knowledgestore” connects over
200,000 markets and entire value chains for deeper understanding of the unmet
insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™
INC.
630 Dundee Road
Suite
430
Northbrook,
IL 60062
USA:
1-888-600-6441
No comments:
Post a Comment