March 11, 2019 by Steve Blade
Size of the outdoor power equipment market was evaluated at US$ 38.969.5Mn in 2017, according to a new Fact.MR study. Revival construction industry has played a vital role in accelerating the demand for the outdoor power equipment globally. Owing to high population densities, emerging economies like China and India are expected to show some of the highest growth rates in construction over the next decade. The study envisages outdoor power equipment market to record a moderate 3.5% CAGR through 2028.
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Demand for automatic lawn mowers is witnessing a steep rise as people are more inclined towards efficient lawn mowing with higher convenience. Robotic lawn mowers are gaining more ground, especially in the developed economies, such as Europe where small-size robotic lawn mowers are in high demand. With this, key players are constantly implementing new strategies and R&D to improve the maneuverability, efficiency and performance of robotic lawn mowers by using different technological advancements, such as auto calendar function, smart lawn mapping via GPS and smart navigation with obstacle detection. This development is expected to give garden mowing a new angle with high precision in operation, consequently supporting the growth of the global electric lawn mowers market. Automatic lawn mower to register a growth rate of 5.9% and to be valued more than US$2,300Mn by 2028.
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The world is moving towards greener technologies. People are switching towards cleaner sources of energy with a view to reduce carbon emissions and facilitate environment safety. Recently, gardeners have become aware of the various benefits offered by electric lawn mowers over their gas-powered or traditional counterparts that contribute to around 5% of the total hydrocarbons in the atmosphere in urban areas. According to a CNBC report, in 2017, air pollution has resulted in more than four million deaths in 2015, half of which were from emerging economies of India and China.
This has led to the development of stringent norms and regulations for reducing ill-effects of the emissions on the environment. For instance, the Paris Climate Agreement was initiated in which about 148 countries participated to reduce emissions form their respective regions. With this concern at hand, it becomes imperative for individuals to opt for eco-friendly solutions, which has influenced the adoption of electric lawn mowers during the period of forecast. In addition, albeit their capital intensive nature, reduced fuel consumption offsets the high initial cost of electric lawn mowers, making them a one-time investment for carrying out lawn mowing.
Owing to its maturity, the outdoor power equipment market is likely to observe an intense competition scenario among existing as well as emerging market players. Key market players including Honda Motor Co., Ltd., Stanley Black & Decker, Inc., Techtronic Industries Company Ltd., CHERVON (China) Trading Co., Ltd., Husqvarna AB, Briggs & Stratton Corporation, Andreas Stihl AG & Company KG and YAMABIKO Corporation are leveraging strategies that include new product launches, collaborations and acquisitions of emerging players to reinforce their position in the outdoor power equipment market.
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