Global Outdoor Power Equipment Market: North America Emerges Dominant with Substantial Market Share

Dublin, Ireland, 2022-Aug-18 — /EPR Network/ —

According to research findings, the concerned market is expected to expand at 3.5% CAGR during the forecast period (2018-2028).

It has been investigated that, growth in the outdoor power equipment market is majorly reliant on factors like population and age distribution, housing, consumption spending and other constructions, geography, together with leisure and recreation activities. Furthermore, the future of the outdoor power equipment market is dependent on robotics and battery technology. It has been analyzed that, battery powered equipment are much cleaner and include lower operating costs as compared to equipment which runs on gas. The introduction of battery-powered equipment across the residential and commercial segments is projected to drive the sales of larger equipment; thereby, motivating growth in the overall outdoor power equipment market.

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How changing Trends in Infrastructure is driving the Demand for Outdoor Power Equipment?

The changing trends in infrastructure are expected to increase the demand for outdoor power equipment. Consumers will be gradually eager to spend their income on durable goods as cities grow, with recreational activities such as golf and landscaping services helping to boost demand for commercial and residential outdoor power equipment.

Moreover, changing infrastructure designs have resulted in the creation of creative and unconventional home décor that takes up less space. The emphasis is shifting toward small and environmentally friendly living.

Builders and architects are capitalizing on opportunities created by trends such as green and sustainable homes. These trends may be seen in garden restaurants, homes with patio gardens, and tiny gardens with lawnmowers, trimmers, and other lawn care equipment.

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The outdoor power equipment market is maturing and so is the intense competition among existing as well as developing market players. Some of the major players mentioned in this report include Honda Motor Co., Ltd., Techtronic Industries Company Ltd., Stanley Black & Decker, Inc., Husqvarna AB, Briggs & Stratton Corporation, CHERVON (China) Trading Co., Ltd., YAMABIKO Corporation and Andreas Stihl AG & Company KG. Each of these companies are examined based on their new product launches, acquisitions and collaborations.

It has been observed that, key players are persistently implementing new strategies merged with R&D to expand the maneuverability, performance and efficiency of robotic lawn mowers. This is managed through the use of different technological advancements, like auto calendar function, smart navigation through obstacle detection and smart lawn mapping via GPS.

Competitive Analysis:

Market players are investing in R&D to increase their product line and geographic reach. Key players are keen to collaborate with new entrants to gain a competitive edge.

The seven to ten companies have about one-fourth of the total market share and are projected to expand operations in fast-evolving regions such as India, China etc. to lower the production costs and other costs.

Fact.MR has provided detailed information about price points of top manufacturers of outdoor power equipment market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

• On 8th June 2021, Honda Motors Co. Ltd. has launched Honda eGX, an electrified power unit. The Honda eGX is the world’s first battery-powered motor, engineered to be integrated into OEM power equipments for both indoor and outdoor use.
• On 14th December 2021, Deere & Company have entered into an agreement to acquire majority of the shares of Kreisel Electric, Inc., a battery technology developer based in Austria.

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How Increasing Demand for Green Products will Support the Growth of Outdoor Power Products?

Air pollution caused more than four million fatalities in 2015, with India and China accounting for half of those deaths. As a result, strict rules and regulations have been imposed to reduce the negative impacts of emissions on the environment.

For example, the Paris Climate Agreement was launched, with 148 nations signing on to cut emissions in their particular areas. With this issue in mind, it’s more important than ever for people to choose environmentally friendly alternatives, which has affected the adoption of electric lawnmowers throughout the projection period.

Furthermore, despite their high initial cost, reduced fuel usage compensates for the high initial cost of electric lawnmowers, making them a one-time lawn mowing investment.

However, with stronger emission standards and more environmentally conscious consumers, there has been a noticeable shift toward electric and battery-powered equipment. The use of battery or electric technology reduces the equipment’s operational costs and weight.

Consumer preferences have also been seen to prefer quality above price reductions. Many manufacturers and dealers believe that stockpiling up on low-cost merchandise has proven ineffective.

The majority of the equipment in today’s huge boxes is obsolete. They are so inexpensive that customers do not expect them to be repaired. It’s possible that the large box stores won’t have the necessary components on hand to repair them.

However, a high-quality product also increases the chances of future sales. Customers will return for maintenance and repair if a manufacturer/dealer creates solid customer connections from the start.

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