Outdoor Electrical Equipment Market To Hit $41.1 Billion By
Portland, OR, Aug. 05, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the outdoor motorized equipment market accumulated revenue worth $24.4 billion in 2021 and is projected to reach $41.1 billion by 2031, registering a CAGR of 5.4% from 2022 to 2031. The market study provides a detailed analysis of swinging market trends, most important segments, value chain analysis, major investment business scenarios, regional space and competitive landscape. The study is a key source of information for giant players, entrepreneurs, shareholders and owners to generate new strategies for the future and take action to improve their market position. The report presents an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly emerging industry.
Report coverage and details:
|Market size in 2021||$24.4 billion|
|Market size in 2031||$41.1 billion|
|Number of pages in the report||305|
|Segments Covered||Type, power source, feature, application and region.|
|Drivers||Growing demand for quality outdoor electrical equipment.|
|Booming construction activities in developing countries and trend of building smart cities.|
|Opportunities||Rising demand for power tools in gardening and construction activities.|
|Growing awareness among people of the positive impact of gardening on the environment.|
- The COVID-19 pandemic has severely affected the expansion of the global outdoor electrical equipment market due to halt in manufacturing activities, resulting in lower demand for gas-related equipment across the globe. This has led to a reduction in the demand for outdoor electrical equipment.
- The decline in the use of outdoor electrical equipment in industrial units during the COVID-19 outbreak has had a negative impact on the global market.
Get a detailed COVID-19 impact analysis on the Outdoor motorized equipment market: https://www.alliedmarketresearch.com/request-for-customization/10404?reqfor=covid
The report offers a detailed segmentation of the global outdoor power equipment market on the basis of type, power source, functionality, application, and region. It provides in-depth analysis of each segment and sub-segment in tables and figures through which consumers can draw conclusion about market trends and outlook. Market report analysis helps organizations, investors, and entrepreneurs to understand which sub-segments are to be tapped to achieve huge growth in the coming years.
By type, the lawn mower segment contributed the largest market share in 2021, accounting for more than a quarter of the overall global outdoor power equipment market share. Moreover, this segment is expected to maintain its dominant status during the forecast period. The report also provides an overall analysis of segments such as Saws, Trimmers & Edgers, Blowers, Snowblowers, Tillers & Cultivators, and others.
Based on power source, the fuel-powered segment held the largest share in 2021, contributing more than three-quarters of the overall global outdoor power equipment market share. Moreover, this segment is expected to contribute the highest market share by 2031. However, the electric-powered segment is also expected to register the fastest growth with a CAGR of around 5.9% during the period. forecast.
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Based on application, the residential segment held the largest share in 2021, contributing nearly four-fifths of the overall global outdoor electrical equipment market share. Moreover, this segment is expected to contribute the highest market share by 2031. However, the commercial segment is also expected to witness the fastest growth with a CAGR of almost 6.0% during the forecast period. .
Based on functionality, the conventional segment held the largest share in 2021, contributing nearly two-thirds of the overall global outdoor power equipment market share. Moreover, this segment is expected to contribute the highest market share by 2031. However, the connected/smart segment is expected to register the highest growth with a CAGR of almost 5.9% during the period of forecast.
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Based on region, North America contributed the highest market share in 2021, accounting for more than two-fifths of the global outdoor power equipment market. The region is expected to majorly contribute to the global market share in 2031. Additionally, the Asia-Pacific outdoor electrical equipment market is expected to register the highest CAGR of 7.0% during the forecast period. The research also analyzes regions such as LAMEA and Europe.
The major players of the global outdoor power equipment market analyzed in the research are Cub Cadet, McLane, Kipor Power, American Lawn Mower, Husqvarna, Troy Blit LLC, MTD, Oregon, Snow Joe, Briggs & Stratton, TTI, Craftsman, Worx, Bosch, Honda, Champion Power Equipment and The Toro Company.
The report assesses these major global market players outdoor electrical equipment industry. These participants executed an array of key business strategies such as regional and customer base expansion, product development, strategic collaborations and joint ventures to expand product lines in global markets and extend market growth. global market. The market research report facilitates tracking the performance of each segment, the positioning of each product in the respective segments, and the impact of new technologies and product launches on the overall market size.
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