The growth of the outdoor power tool market is attributed to the rapid adoption of power tools in both residential and commercial industries.
PUNE, March 16, 2022 (GLOBE NEWSWIRE) — The global outdoor power equipment market is forecast to grow to US$33.89 billion in 2020 from US$16.23 billion in 2020, according to the report published by The Brainy Insights to grow in 2030, at a CAGR of 3.45% over the forecast period 2021-2030.
The outdoor power equipment industry is rapidly evolving to meet the demand for sustainable tools that don’t compromise overall performance. To meet buyer expectations, manufacturers and producers of outdoor power equipment are using materials science to create stronger, lighter and more sustainable products.
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Manufacturers examine every factor of outdoor power equipment to make these products lightweight. Much of this aims to replace metal additives with advanced thermoplastics. The trend towards manufacturing lightweight products within the outdoor power equipment is expected to give a boost to the landscaping industry within the commercial and residential industries. With this trend, the companies are expected to adopt the product differentiation and product innovation strategy with much more cost savings. Additionally, electrification is a major industrial trend in each of the residential and commercial landscape markets as it solves many challenging situations that have existed for many years. In addition, electrification significantly reduces the environmental impact of outdoor power equipment.
Outdoor weight machines are known as types of machines that use motors or small motors. The popular outdoor electric devices are lawn mowers, saws, trimmers and edgers, blowers and others. These types of products are used for garden, lawn and golf course maintenance and landscaping. Basically, the outdoor power equipment is used for floor maintenance. Power tools are often considered part of outdoor electrical equipment. The applications of the outdoor power equipment are generally in the residential and commercial industries.
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The major players 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 SpA, Honda Motor Company, Ltd., Excel Industries, Inc., CHEVRON (China) Trading Co., Ltd., Andreas Stihl AG & Company KG, MTD Holdings Inc. and Makita Corp. To improve their market positions in the global Outdoor Power Equipment Market, the major players are now focusing on executing strategies such as product innovation, mergers and acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• The manufacturing company called STIHL launched a new product called the MSA 300 cordless chainsaw in September 2021. This product is specifically designed to deliver high energy and this product is also inherently lightweight. This product is suitable for vertical use in gardening, landscaping and forestry.
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The lawn mower 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 blowers, tillers & cultivators and others. The lawnmower segment was the market leader in 2020 with a market share of around 29.3%. The growth of the segment is mainly due to the increasing acceptance of lawn mowers in the residential and commercial sectors. Furthermore, the steady growth of robotic lawn mowers is expected to have a positive impact on the market growth and development owing to technological advances. The sawmill segment is expected to grow at the highest CAGR during the forecast years. The demand for cordless and cordless saws in the construction industry is the main factor driving the growth of the segment.
The electric powered segment is expected to grow at the highest CAGR in the coming years.
The power source segment was split into electric-powered and fuel-powered. The fuel-powered segment held the largest market share in 2020. The fuel-powered outdoor power devices are powered by petrol, diesel or gas. For this reason, the fuel-powered outdoor power equipment offers high torque and better torque. The majority of manufacturers often opt for fuel-powered products rather than battery-powered products. The electrified segment is expected to grow at the highest CAGR during the forecast period. Due to advances in technology, battery powered products are experiencing high demand in consumer industries.
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 significantly to business compared to traditional markets and are viewed as a simple convergence of supply and demand. Shopping stores attract consumers and sellers and entice customers by providing ample time to make decisions and a relaxed way of shopping. The increasing construction of shopping malls is expected to contribute to the growth and development of the market. The residential segment is expected to grow at the highest CAGR in the coming years. The end users in the residential sector can be homeowners and do-it-yourselfers (DIY).
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Regional segmental analysis of the Outdoor Power Equipment Market
• North America (USA Canada, Mexico)
• Europe (Germany, France, Great Britain, Italy, Spain, rest of 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)
The North America region emerged as the largest market for the global outdoor power equipment market with a market share of approximately 40.2% and 6.52 billion a of the market revenue in 2020. The regional growth and development is mainly due to the rise of gardening and beautification activities in the commercial and residential consumer industries. Asia Pacific is expected to increase at a significant CAGR during the forecast period. This is due to increased urbanization within and between countries such as India, Japan and China. The growing construction investments in residential complexes and buildings contribute to the market development. Also, the increasing adoption of multi-channel presence strategy by manufacturers is expected to provide favorable and lucrative opportunities for market development in the near future.
About the report:
The global Outdoor Power Equipment market is analyzed by value (US$ billion) and volume (units). All segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the driving factors, opportunities, restraints and challenges to get the key insights into the market. The study includes Porter’s five forces model, attractiveness analysis, commodity analysis, supply and demand analysis, competitive position analysis, sales and marketing channel analysis.
About the Brainy Insights:
The Brainy Insights is a market research company that aims to provide companies with actionable insights through data analysis to improve their business acumen. We have a robust forecasting and estimation model to achieve clients’ goals in terms of high quality results within a short period of time. We offer both customized (custom) and syndicated reports. Our repository of syndicate reports is diverse across all categories and subcategories across all domains. Our bespoke solutions are tailored to the needs of customers, whether they are expanding or planning to launch a new product on the global market.