The outdoor power equipment market report is an-depth study of various trends, drivers, and economic forecast during 2018-2026 period. Outdoor power equipment is largely used for outdoor activities like gardening, landscaping, and maintenance of property. The equipment is widely used due to its robust, effective, and reliable nature.
Moreover, despite its high-costs, the widespread adoption of gardening as hobby, and its high-benefits in maintaining real-estate prices are expected to drive considerable growth in the near future. Innovation in lawn motors, including more compact and robust application, a wide range of small capacity motors, and renewable sources of energy are some intriguing possibilities on the horizon. The market also faces several challenges as slow economic recovery puts new homeowners are at a disadvantage relative to their earlier situation. However, strong DIY trends, and growing interest in trends like organic gardening are expected to drive growth of the global outdoor power equipment market.
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Global Outdoor Power Equipment Market: Notable Developments
Home Depot, one of the largest retail chain for outdoor power equipment in the US, announced innovation awards in 2019. It selected the Cub Cadet Ultima Series ZT1 50 FAB zero turn riding mower as the best innovation. The mower allows a “zero turn riding capacity, which comes in really handy in small gardens. Additionally, it also embeds an advanced cutting system for more even cuts with clumps and stragglers. Additionally, the vehicle also incorporates LED lighting which can be used long after dawn for gardening purposes. The ergonomic capability of its seat is a major upgrade which offers major comfort for operators. The award highlights the key areas for innovation for the players in the outdoor power equipment market.
A vertical farming startup in Singapore promises to take agrotechnology to a whole new level. The scalable farming solution makes it feasible to grow plants indoors without the use of any fertilizers, or pesticides or chemicals. This is a major trend gripping many urban areas around the world. Recently, one of the Google founders also invested in a similar start up to bring natural and fresh agricultural produce to urban areas. The growth of trends like hydroponics among others can be a major boon for the outdoor power equipment and currently represents a major untapped opportunity.
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Global Outdoor Power Equipment Market: Drivers and Restraints
The global outdoor power equipment market is expected to ride significant growth, thanks to various advancements in technologies on the horizon. Currently, robotic outdoor power equipment, and electric lawn-mowers are creating a buzz in the market. While robotic mowers are still in inception stage, the electric mowers promise considerable savings in electricity costs, and provide the much needed torque required for landscaping activities for small areas.
The rising demand for high quality real-estate, increasing emphasis on aesthetics by Home Owners Associations, and growing demand for outdoor power equipment are expected to drive significant growth. Moreover, trends like hydroponics can also represent key untapped opportunities in the market. Currently, many people rue the access to fresh vegetables in urban regions. Moreover, the lack of access is excerabated by cheap fast food culture, which is also leading to an endemic epidemic of diseases like diabetes. The growth of organic farming in urban areas with the proper-know-how and new solutions can drive major opportunities for growth in the outdoor power equipment market.
Global Outdoor Power Equipment Market: Geographical Analysis
The global outdoor power equipment market report is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.