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 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 market. Leading manufacturers have commenced investing in smart and autonomous technologies, in response to consumer insights, for new product development.
Dominance of self-propelled lawn mower is a result of absence of substitutes in terms of durability and dependability. Automatic lawn mowers, on the other hand, will witness the fastest sales through 2028, in light of their 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 homeowners toward 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,” said a lead analyst at Fact.MR. “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.”
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 secure developments and demand for outdoor power equipment in the upcoming years.
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.
For more information, visit www.factmr.com