Dublin, Nov. 26, 2024 (GLOBE NEWSWIRE) -- The "Smart Outdoor Power Equipment Market - Global Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Smart Outdoor Power Equipment Market was valued at USD 8.45 Billion in 2023, and is expected to reach USD 11.56 Billion by 2029, rising at a CAGR of 5.36%
The global smart outdoor power equipment market is moderately fragmented and is dominated by vendors such as Stanley Black & Decker, Bosch, and TTI.
Further, with the growth in DIY culture and the demand for more user-friendly equipment, vendors are customizing their equipment for home improvement activities. Consequently, smart outdoor power equipment from TTI and Stanley is designed for DIY enthusiasts. They are more compact, lightweight, and affordable that support multiple activities. Hence, vendors can afford more smart outdoor power equipment with rechargeable batteries under the DIY product ranges, which are expected to be in the limelight throughout the forecast period.
North America dominated the global smart outdoor power equipment market, accounting for a share of over 36% in 2023. The region is home to many recognized players and has a high level of technological improvement. The market is driven by consumer demand for advanced products and services, and there is a substantial investment in R&D to support this demand.
Also, with fossil fuels dominating the residential building sector in the U.S., the opportunity for growth in smart outdoor power equipment remains evident in the region. North America is home to several large industries, including automobile, construction, aerospace, electronics, and packaging. With advances in Li-ion battery technology, the North American cordless smart outdoor power equipment industry is expected to witness high growth with a substantial surge in demand for battery-related equipment equipment.
MARKET TRENDS & DRIVERS
Industry 4.0 & Smart Precision Manufacturing
Industry 4.0 and smart precision manufacturing are pivotal in transforming the smart outdoor power equipment market. The evolution of industrial automation architectures, characterized by advanced technologies like the Internet of Things (IoT), AI, and robotics, has led to more efficient, responsive, and flexible manufacturing processes. These developments have directly influenced the production of cordless and connected smart outdoor power equipment, such as robotic lawnmowers and other automated tools. These are becoming increasingly sophisticated with features like GPS tracking and home automation integration.
Expanding rental services also drives the growing demand for such smart equipment. As technological advancements accelerate, consumers and businesses are more inclined to rent the latest equipment, thus staying at the cutting edge without significant financial commitment. This trend aligns with a broader awareness of environmental sustainability and the benefits of accessing the newest innovations without the burdens of ownership. Also, regional trends further highlight the market's growth, particularly in North America and Europe, where urbanization and outdoor leisure activities drive the shift toward electric and battery-powered tools. These regions are also leading in adopting sustainable practices, with stringent environmental regulations pushing the demand for smart outdoor power and more efficient equipment.
Growing Adoption of Smart Outdoor Power Equipment
Smart outdoor power equipment adoption has rapidly increased across various industries due to their ability to enhance productivity, precision, and efficiency. Smart outdoor power equipment offers several advantages over traditional hand equipment, including increased speed, precision, and efficiency. They can also help reduce operator fatigue, increase productivity, and improve work quality. The popularity of smart outdoor power equipment has grown significantly in recent years as manufacturers have introduced new models with improved features and functionality. Consumers are also increasingly interested in DIY projects, home renovation, and woodworking, further boosting the smart outdoor power equipment market.
Rise in Residential Improvement & DIY Projects
Most adults indulge in creative and purposeful leisure activities in some developed North American and European economies. Some consumers also invest in home improvement and maintenance activities based on their interests. This concept is gaining momentum in developing economies such as India, Brazil, and South Africa. Consumers in the residential sector often undertake repair and enhancement activities that improve their skills and prove cost-efficient. Furthermore, hypermarkets, supermarkets, and other specialty stores such as Home Depot offer more DIY products and drive the market for DIY equipment, eventually increasing the smart outdoor power equipment market.
KEY QUESTIONS ANSWERED:
- How big is the global smart outdoor power equipment market?
- What is the growth rate of the global smart outdoor power equipment market?
- Which region dominates the global smart outdoor power equipment market share?
- What are the significant trends in the smart outdoor power equipment market?
- Who are the key players in the global smart outdoor power equipment market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 559 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $8.45 Billion |
| Forecasted Market Value (USD) by 2029 | $11.56 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
Industry Overview
- Key Players and Competitive Landscape
- Consumer Preference
- Construction Highlights
- Macroeconomic Effects
- Geopolitical Tensions
- Risk Factors
- Key Product Developments by Leading Companies
- Key Competitive Highlights
- Demand from Commercial Spaces
- Increase in Demand for Smart Outdoor Power Equipment in Co-Working Spaces
- Key Highlights for the Global Construction Sector
- Value Chain Analysis
- Raw Materials & Component Suppliers
- Manufacturers
- Dealers/Distributors
- Retailers
- End-users
Market Opportunities
- Growing Prominence of Asian Manufacturing
- Industry 4.0 & Smart Precision Manufacturing
- Rise in Commercial Construction and Projects
- Surge in Demand for Prefabricated Buildings
- Landscaping Needs
- Increased Emphasis on Safety and Compliance
- Rising Adoption of Sustainable Products
- Leading Companies and Their Sustainable Products
- Profit Volatility in APAC
- Market Dynamic of APAC
Market Growth Enablers
- Growing Adoption of Smart Outdoor Power Equipment
- Increased Demand from the Woodworking Industry
- Rise in Residential Improvement & DIY Projects
- Increase in Initiatives in Manufacturer-Led Programs
- Rise in the Number of Infrastructure Development Projects
- Favourable Government Policies and Incentives
- Increased Construction in the Hospitality Industry
Emerging Trends in Smart Outdoor Power Equipment Technology
- Growing Inclination Toward Sustainability
- Smart Outdoor Power Equipment for Specific Industries
- Key Factors Driving the Market
- Urbanization Leads to Market Growth
- Rising Market Growth from Prefabricated Buildings
Market Restraints
- Low Labor Cost & Supply Chain Disruptions
- Fluctuations in Raw Material Pricing
- High Competition & Price Sensitivity
- End-user Variability
- High Availability of Hand Equipment
- Turbulent Global Political and Trade Relations
Key Company Profiles
- Honda Motor Co., Ltd.
- Husqvarna Group
- Robert Bosch
- Deere & Company
- Stanley Black & Decker
- The Toro Company
- Techtronic Industries TTI
- MAKITA
- Hilti
- Ariens Company (AriensCo)
- Briggs & Stratton
- Fortive
- Positec
Other Prominent Vendors
- CHERVON
- Fein
- Einhell
- Emak Group
- Generac Power Systems
- Greenworks Equipment
- Masport
- Snow Joe
- STIHL
- STIGA Group
- SUMEC Group
- WEN Products
- Milwaukee Equipment
- Hitachi, Ltd
- Ryobi
- Snap-on
- Metabo
- Karcher
- Wurth Group
- Wacker Neuson Group
- Mafell AG
- Yamabiko Corporation
- Pferd
- AIMCO
- FESTOOL
- CS Unitec
- DYNABRADE
- Blount
- KYOCERA
- INTERSKOL
- Panasonic
- URYU SEISAKU
- Atlas Copco
- Ingersoll Rand
- Emerson
- Ridgid
- Skil
- CRAFTSMAN
- PORTER-CABLE
- Diablo Equipment
- Kobalt
- Dremel
- Proxxon
- Parkside
- Chicago Pneumatic
- Matco Equipment
- Cornwell Quality Tools
- SENCO
- Paslode
- Worx
For more information about this report visit https://www.researchandmarkets.com/r/utl4qs
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