Global Outdoor Power Equipment Market: An Overview
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.