Outdoor Power Equipment Market Expected to Record an Expansion at 3.5% CAGR over the Forecast Period 2018-2028
Compliance with Power Diversity Growing as a Key Focus Area for Outdoor Power Equipment Manufacturers, Finds New Fact.MR Study
Rockville, MD -- (SBWire) -- 08/15/2018 --Sales of outdoor power equipment through online channels are emerging as a new opportunity and challenging the status quo in a market long dominated by supplier-distributor equations, finds a new study by Fact.MR. However, in spite of the impressive growth in online channels, distributors will hold sway in terms of majority value share.
The study envisages the outdoor power equipment market to record a moderate rise to exceed revenues worth US$ 57,000 Mn by 2028-end. Companies that understand the requirements of their customers and offer added value with innovation, are likely to gain a solid footing in the outdoor power equipment market. Leading manufacturers have commenced investing in smart and autonomous technologies, in response to consumer insights, for new product development.
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Sales of automatic lawn mowers are likely to increase at a higher rate than self-propelled mower, yet the latter's supremacy continues to remain incontestable among lawn care equipment category. Dominance of self-propelled lawn mower is a result of absence of substitutes in terms of durability and dependability. Automatic lawn mower, on the other hand, will witness the fastest sales through 2028, in light of its ease of use and the need for relatively lesser human intervention.
"Growth in alternative power" is a prevailing trend, in parallel to improvements in the conventional power sources. Compliance with diversity of power supply and flexibility are key focus areas for manufacturers to realize product differentiation. User interface of the outdoor power equipment is becoming an imperatively considered aspect, with technology migrating into the equipment segment. Although attitudes of new generation of homeowners towards outdoor power equipment are yet to be discerned, they have commenced rubbing off on features and product design.
"Productivity is deemed as king in the minds of landscape professionals, who emphasize more on the performance and durability attributes of outdoor power equipment. Management information systems, which enable managers and supervisors to easily access work planning, performance and schedule on their smartphones, is another key innovation in the outdoor power equipment industry. Moreover, technological advancements are moving the outdoor power equipment market at warp speed, with the development of more innovative and better performing equipment," says a lead analyst at Fact.MR.
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Utilization of terrain-specific outdoor power equipment is gaining essentiality to meet cost-efficiency and convenience-related requirements of end-users, while geographical variations play a pivotal role in examination of the equipment's performance. Versatility is becoming the new norm among manufacturers and end-users of outdoor power equipment alike, with the focus on product design shifting toward enhanced flexibility. Introduction of electric equipment, especially battery-powered units, for application in both commercial and residential spaces, in tandem with battery technology improvements will further undergird developments and demand for outdoor power equipment in the upcoming years.
Outdoor power equipment manufacturers are introducing product lines with battery packs that are compatible with various parts of the equipment, facilitating end-users to swiftly switch among tasks, devoid of the requirement for monitoring and maintaining fuel tank levels. Despite being a costly and large purchase, adults are more likely to buy an outdoor power equipment rather than renting one. Additionally, associated time-effectiveness of these equipment have favored well for their sales. Future growth of the outdoor power equipment market is poised to hinge on the consumer interest in sustainability, which in turn emphasizes potential for eco-friendly solutions.
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