Advances in power equipment has increased their application range. Due to their high-performance capabilities, preference for outdoor power equipment is on the upward trend. They are multipurpose tool used for drilling, reconstruction, lawns maintenance etc.
Macroeconomic factors such as rising disposable income, improving standard of living and growth the housing section are influencing the global outdoor power equipment market. Rapid industrialization and urbanization in countries such China, Brazil and India has opened new growth avenues for market players. Governments in these countries are investing on infrastructural development which is influencing the market to a significant extent. Demand for outdoor power equipment is also on the rise owing to increased construction activities for developing new stadiums, airports, residential estates, educational institutions among others. Sanctioning of mega infrastructural development projects in line with smart city initiatives is also a viewed as an important market driver.
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Global Outdoor Power Equipment Market: Segmental Analysis
MRFR’s report includes a comprehensive segmental analysis of the market on the basis of product and power source.
Based on product, the market has been segmented into rope power tools and cordless tools. It is projected that the cordless tool segment will witness a healthy growth during the assessment period. The segment is expected to demonstrate 5.41% CAGR till 2025. Cordless tools are easy to maintain and offer convenience and thereby witnessing a strong demand. Based on power source, the market has been segmented into battery, electric and other. In terms of value, the electric segment currently commands the lion’s share of the market and the trend is expected to continue throughout the assessment period. The segments growth is due to widespread usage of electric powered tools. In 2017, the electric segment represented more than 47% share of the market in terms of value. During the assessment period, the segment is expected to post a CAGR of 5.45%.
Global Outdoor Power Equipment Market: Regional Analysis
On the basis of region, the market has been segmented into Europe, Asia Pacific (APAC), North America and Rest of the World (RoW). North Americas represents a standout share of the global outdoor power equipment market. The global outdoor power equipment market is expected to be dominated by North America during the forecast period. A higher number of individuals are inclining towards the do-it-yourself trend, which is creating market opportunities. Demand for lightweight tools is expected to remain high during the forthcoming years.
Europe is also expected to remain a key destination for market as it commands a considerable share of the global market. Countries such as Germany, France and United Kingdom are expected to make healthy contribution of the Europe market in terms of revenue.
APAC is touted as an emerging market for outdoor power equipment. The market in APAC is projected to exhibit a CAGR of 5.36% during the assessment period. Growth of the construction section and increased product penetration are some of the factors supporting the market growth in APAC.
Global Outdoor Power Equipment Market: Competition Analysis
Vb Emak S.p.A. (Italy), The Toro Company (U.S.), Blount International, Inc. (U.S.)¸ Deere & Company (U.S.), STIHL Holding AG & Co. KG (Germany), Makita Corporation (Japan), Techtronic Industries Co. Ltd. (TTI) (Hong Kong), Honda Motor Co., Ltd. (Japan), Stanley Black & Decker Inc. (U.S.), Husqvarna (Sweden) and MTD Products (U.S.) are some of the key companies profiled in MRFR’s report.
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