Outdoor Power Equipment Market Size to Witness Sustained Growth throughout 2028
Posted by Jack Martin on February 12th, 2020
Outdoor power equipment are various types of powered tools that make use of small scale engines or motors, which are mainly used for outdoor applications such as earth tilling, aerating, snow blower, augers, powered rakes, blowers, chains saws, and hedge trimmers among others.
The global outdoor power equipment market is projected to grow at a moderate CAGR of ~ 3.5 per cent through the forecast period till the end of 2028. This rise can be broadly attributed to the rapid expansion of the global construction industry, the rising scope of applications in tree care, and the innovations in terms of battery technology for such equipment which will support the growth for the foreseeable future.
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Automation Gains Importance for User Comfort
Manufacturers for outdoor power equipment are increasing their focus on bolstering comfort for users, supported by design innovations to make usage clean and simplified, while reducing unnecessary parts and accessories to keep the costs low.
Manufacturers are also seeking to increase the level of automation in their offerings, with the aim of making operations simple and making substantial improvements to productivity rates. This is especially true for landscaping applications, where there is a major shortage of sufficiently skilled professionals, which generates demand for automation.
Growth of Construction Activities Key Driver to Growth
Until 2009, the worldwide construction industry had witnessed a massive slowdown owing to major global economic issues. However, following this period the sector has been witnessing a rapid rate of recovery, with increased emphasis being on a large number of residential projects.
The rise in the number of houses is expected to result in the higher use and demand for outdoor power equipment. Emerging economies such as China and India are expected to be frontrunners in the industry in the next decade contributing to demand for such tools for the foreseeable future.
Further, increased interest by governments towards infrastructure projects and the rising levels of disposable income is expected to generate lucrative opportunities in commercial and residential settings. The focus has shifted towards adapting to structural and space constraints.
Electric and Battery Operated Equipment Gain Popularity
Around the world manufacturers are choosing greener technologies, as consumers and governments demand cleaner power sources to conserve the environment and cut down on carbon emissions. End users are consequently aware of the numerous benefits coming from the use of electric or battery operated variants.
The trend was further bolstered by the Paris agreements, which has witnessed the participation and contributions from more than 140 countries. In addition, electric outdoor equipment is popular owing to the durable build of such equipment, which makes the purchase a one-time investment.
Consumers are also pushing towards the purchase of high quality equipment instead of just going for the cheapest options. Dealers and manufacturers are consequently pushing to avoid the use of repairs for their offerings, which will contribute to customer relationships through new purchases following breakdowns. This is key as the industry is highly fragmented and value addition is essential for manufacturers to maintain their consumer base.
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About the AuthorJack Martin
Joined: August 7th, 2017
Articles Posted: 869
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