Outdoor Electrical Equipment Market Size Analysis, Drivers, Constraints, Key Factors Forecast, 2018-2028
Growing use of power tools for household activities high demand for battery-powered outdoor power equipment, key factors driving the market revenue growth.
NEW YORK, NY, USA, July 22, 2022 /EINPresswire.com/ — The global outdoor electrical equipment market size is expected to reach USD 30.70 billion in 2028 and register a CAGR of 3.5% over the forecast period, according to a latest report from Reports and Data. Factors such as high demand for battery-powered outdoor power equipment in a variety of business applications and growing use of power tools for household activities are expected to drive the market revenue growth between 2021 and 2028. Increased consumer spending on durable goods, landscaping services, and recreational activities such as golf are also expected to drive the adoption of advanced motorized equipment for outdoor use.
Growing demand for long-running cordless power tools is expected to positively impact outdoor power equipment sales worldwide. Lithium-ion batteries are widely used for outdoor battery-powered electrical equipment because they are lightweight, offer higher energy density, and improved efficiency. Strict evaporative emission standards imposed by regulatory agencies are driving the demand for electric-powered outdoor power equipment over fuel-powered ones. Rising gasoline prices and bans on gas equipment put in place by hospitals, government municipalities, homeowners associations and universities are expected to fuel the demand for power tools.
Manufacturers conduct research and development to improve tool strength and improve equipment life. These companies are increasingly investing in the technological advancement of traditional outdoor electrical equipment to meet growing consumer demand for efficient outdoor electrical equipment worldwide.
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Key companies profiled in the market report are Husqvarna, Deere & Company, Honda Motor Company, Ltd., The Toro Company, Stihl Group, MTD Products, Ariens Company, Yamabiko Corporation, Stanley Black & Decker, Inc., and Techtronic Industries ( TTI).
Some highlights of the report
• In March 2019, Husqvarna, a leading robotic mower manufacturer, launched Husqvarna Automower 435X AWD, an AI-enabled robotic mower. This is a game-changing robotic mower for homeowners with connected homes and tough lawns. Additionally, the product can climb steep inclines as it is designed to handle rough terrain and slopes with an incline of up to 70%, and works with Alexa, Amazon, and Google Home, while providing a programming interface. application (API) open for smart home integration.
• Lawn mower segment is expected to account for the largest share of revenue during the forecast period. This is due to increased consumer spending on landscaping services and recreation of outdoor spaces. Lawn mowers are widely used for trimming, chopping or mowing grass patches, fields, lawns and gardens to ensure that the grass is well maintained, while growing to an appropriate and even height.
• The electrical segment is expected to represent a significantly stable revenue share over the forecast period. Rising gas prices and the development of technologically advanced batteries would drive strong demand for outdoor power equipment.
• The residential segment is expected to represent a stable revenue share in the global outdoor power equipment market. This is attributed to growing consumer awareness of the various benefits of battery-powered outdoor power equipment, over gasoline-powered tools.
• The North America outdoor electrical equipment market is expected to account for the largest revenue share during the forecast period. Manufacturers such as Deere & Company, DELTA SYSTEMS, The Toro Company, Ariens Company, MTD Products and Stanley Black & Decker, Inc. invest in research and development activities to introduce technologically advanced outdoor power equipment and offer a wide range of electrical, as well as robotic equipment for commercial and residential markets.
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For the purpose of this report, Reports and Data has segmented the global outdoor power equipment market based on equipment type, power source, application and region:
Equipment Type Outlook (Revenue, USD Billion; 2018-2028)
• Trimmers and trimmers
• Lawn mowers
• Tillers and cultivators
Energy Source Outlook (Revenue, USD Billion; 2018-2028)
• Electric powered
Application Outlook (Revenue, USD Billion; 2018-2028)
To summarize, the report titled “Global Power Equipment Market” provides a detailed report of the market through in-depth research on involved companies, current market status, drivers and restraints, and current and future scenario oriented COVID- 19. The study explores historical years to provide insights into the market estimation and fruitful opportunities for key players and new ventures.
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Main information presented in the report:
• Market revenue share by major business players, by type, application, and market scope of the global Outdoor Power Equipment market
• Turnover of the main players and new entrants
• Competitive analysis of major players including company overview, product or service specifications, suppliers and buyers.
• Recent mergers, acquisitions, product launches, recent investments and joint ventures
• Regional analysis to provide insight into recent trends and opportunities
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