Outdoor Appliances and Power Tools: A Global Strategic Business Report
San Jose, California (Vocus/PRWEB) February 10, 2011
Weather and global economic conditions induce the greatest uncertainty in the outdoor appliances and power tools market. The industry is also highly sensitive to the trends in housing starts, and pattern of expenditures on lawn and garden maintenance and improvement. Not surprisingly, the global market for outdoor appliances and power tools witnessed a slowdown in business conditions, in the light of global economic recession that started from late 2008. Recession resulted in the decline in housing starts in the United States, which plummeted from 10,443 thousand units in 2008 to 6,411 thousand units in 2009. Several outdoor appliances companies, including Deere & Company, Ariens, the Toro Company, and Bosch, recorded waning sales, and announced plant closures. However, the market gradually turned in favor of outdoor appliances and power tools market, as rising unemployment and reduced spending power, made people turn frugal, and drove them to adopt austerity measures. Gardening received a major boost, as more and more people turned towards gardening to curtail their expenditure on other leisure activities. ‘Gardens’ emerged as a popular social venue for throwing lawn parties, barbecues, and backyard camping, thereby driving investments in the lawn and garden maintenance tools and services.
Driven by new market opportunities presented by economic recovery and housing market, growing consumer preference for feature-loaded power tools, and increasing inclination of homeowners towards DIY outdoor activities, the market outlook for outdoor appliances and power tools remains bright. Other correlating factors, such as high degree of product development and innovations, rising consumer confidence, and increasing garden areas as value addition to property are boosting market growth. While ever changing lifestyles of consumers and elevation of garden maintenance to social status symbol, drive the market for outdoor appliances in developing countries, environmental concerns and use of gardening as a relaxation from daily routine drive the market in developed countries.
The US dominates the global market for Outdoor Appliances and Power Tools, as stated by the new market research report on Outdoor Appliances and Power Tools. Following a brief slowdown in 2009, the US market for outdoor appliances and power tools is in recovery mode, reflecting the turnaround in housing starts, rebound in home remodeling activities, and growing consumer enthusiasm towards Do-it-Yourself (DIY) outdoor activities. Although the economy and weather pose the highest levels of uncertainties in the outdoor appliances and power tools market, innovative technologies, such as zero-radius riding mowers, are likely to drive the overall outdoor appliances market in the US. Moreover, gardening is also gaining ground among the US population, with the baby-boomer generation reaching an age where they spend more time at home, and indulge in hobbies, such as gardening, fueling growth in the outdoor appliances and power tools market. However, with the increasing market for this equipment in Asia-Pacific and Latin American countries, several global players are shifting their production bases to these regions that offer the benefits of low material and labor costs. The market for outdoor appliances and power tools in Asia-Pacific is forecast to increase at a compounded annual growth rate of more than 3.0% during the analysis period.
Segment-wise, Outdoor grills represent the largest segment of the outdoor appliances and power tools market worldwide. Walk Behind Power Mowers, Riding Garden Tractors, Trimmers and Brush Cutters are forecast to witness the fastest growth in the coming years. Key trends in the market include multi-tasking features offered by manufacturers, rising interest in golfing in several nations across the world, increasing preference for plastics in place of metals, growing demand for sophisticated products. Willingness of consumers to pay higher amount for sophisticated equipment is growing in parallel to the prominence for gardening. As a result, majority of the leading manufacturers are focusing their efforts on research and development activities to introduce products that are more user friendly.
Major players profiled in the report include Alamo Group Inc., Blount International Inc., Bosch Lawn and Garden Ltd., Briggs & Stratton Corp., Deere & Company, Husqvarna AB, Jarden Corp., Makita Corp., Stanley Black & Decker, Techtronic Industries Co. Ltd., The Toro Company, Husqvarna Consumer Outdoor Products, among others.
The research report titled "Outdoor Appliances and Power Tools: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the outdoor appliances and power tools markets, impact of economic recession on the market, current market trends, major growth drivers, recent industry activity, and profiles of major/niche global as well as regional market players. The report provides annual sales estimates and projections for Outdoor Appliances and Power Tools market for the years 2007 through 2015 for the following geographic markets – US, Canada, Japan, Europe, Asia-Pacific, Middle East and Latin America. Key product segments analyzed include Bug Killers, Chain Saws, Hedge Trimmers, Leaf Blowers (Back Pack Leaf Blowers, and Handheld Leaf Blowers), Outdoor Grills, (Charcoal-Fired Outdoor Grills, Electric-Fired Outdoor Grills, And Gas-Fired Outdoor Grills), Walk Behind Power Mowers, Riding Garden Tractors, Riding Mowers & Lawn Tractors (Front Engine, and Rear Engine), Rotary Tillers, Snow Throwers and Trimmers/Brush Cutters. Also, a seven-year (2000-2006) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Outdoor_Appliances_and_Power_Tools_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., and (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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