Electric Outdoor Power Equipment Market Analysis and Latest Trends
Electric outdoor power equipment refers to tools and machinery that are powered by electricity rather than traditional gasoline engines. These include lawn mowers, leaf blowers, chainsaws, hedge trimmers, and other gardening and landscaping tools. Electric outdoor power equipment offers several advantages over traditional gasoline-powered alternatives, including lower noise levels, reduced emissions, and ease of use.
The market for electric outdoor power equipment has witnessed significant growth in recent years. This can be attributed to various factors such as increasing awareness about environmental conservation, stringent emission norms imposed by governments worldwide, and the shift towards sustainable and eco-friendly practices. Additionally, technological advancements in battery technology have improved the performance and runtime of electric outdoor power equipment, further driving market growth.
The increasing adoption of electric outdoor power equipment by professional landscapers and homeowners for residential and commercial applications has also contributed to market expansion. Electric lawn mowers, for instance, have gained popularity due to their lightweight design, low maintenance requirements, and quieter operation. Similarly, electric chainsaws and hedge trimmers offer ease of maneuverability and reduced vibration.
Furthermore, the ongoing trend of lawn and garden care as a hobby, particularly in developed regions, has boosted the demand for electric outdoor power equipment. Consumers are increasingly looking for efficient and environmentally friendly tools to maintain their lawns and gardens, further driving market growth.
Overall, the electric outdoor power equipment market is projected to grow at a compound annual growth rate (CAGR) of 7.6% during the forecast period. The growing emphasis on sustainability, coupled with advancements in battery technology, is expected to continue driving market growth for electric outdoor power equipment in the coming years.
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Electric Outdoor Power Equipment Major Market Players
The electric outdoor power equipment market is highly competitive, with several key players vying for market share. Some of the major companies in this market include Husqvarna, STIHL, John Deere, TORO, Stanley Black & Decker, MTD, Honda, Makita, Craftsman, EMAK, Blount, MAT, and McLane.
Husqvarna is a leading name in the electric outdoor power equipment market. The company offers a wide range of electric lawnmowers, chainsaws, trimmers, and robotic mowers. Husqvarna has experienced significant market growth due to its focus on technological advancements and product innovation. The company has a strong presence in both residential and commercial segments. In 2020, Husqvarna reported sales revenue of approximately $3.6 billion.
STIHL is another major player in the electric outdoor power equipment market. The company specializes in manufacturing chainsaws, trimmers, blowers, and hedge trimmers. STIHL has a global presence and is known for its high-quality and durable products. The company has been investing in research and development to offer state-of-the-art electric outdoor power equipment. STIHL reported sales revenue of around $4.5 billion in 2020.
John Deere, a well-known manufacturer of agricultural machinery, has also made its mark in the electric outdoor power equipment market. The company produces electric lawnmowers, tractors, and other equipment. With a focus on sustainability and environmental consciousness, John Deere has been able to capture a significant market share. The company reported sales revenue of approximately $31.1 billion in 2020.
TORO is a leading player in the electric outdoor power equipment market, offering a wide range of products such as lawnmowers, snow blowers, and utility vehicles. TORO has been investing in research and development to introduce advanced electric equipment, leading to its market growth. The company reported sales revenue of around $3.4 billion in 2020.
These companies are constantly striving to expand their market size and achieve future growth through product innovation, technological advancements, and strategic partnerships. The electric outdoor power equipment market is expected to witness significant growth in the coming years, driven by increasing environmental concerns, the shift towards sustainable practices, and the rising demand for greener alternatives.
What Are The Key Opportunities For Electric Outdoor Power Equipment Manufacturers?
The Electric Outdoor Power Equipment market has experienced significant growth in recent years, primarily driven by the increasing consumer demand for environmentally friendly and quieter alternatives to traditional gas-powered equipment. The market is expected to continue its growth trajectory, with a CAGR of around 6% during the forecast period. The adoption of electric power equipment is being further fueled by government regulations promoting the use of low-emission and energy-efficient equipment. Furthermore, advancements in battery technology and increased consumer awareness about the benefits of electric equipment are expected to drive market growth in the future. Overall, the future outlook for the Electric Outdoor Power Equipment market appears promising.
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Market Segmentation
The Electric Outdoor Power Equipment Market Analysis by types is segmented into: