Smart Outdoor Power Equipment Market Research Report 2020-2029

MARKET INSIGHTS

The global smart outdoor power equipment market size was valued at USD 8.45 billion in 2023 and is expected to reach USD 11.56 billion by 2029, growing at a CAGR of 5.36% during the forecast period. The market is evolving rapidly, driven by the convergence of digital technologies, environmental concerns, and changing consumer preferences. Factors including the rapid pace of industrialization as well as the rising applications of smart outdoor power equipment in the residential and commercial sectors are driving the growth of the global smart outdoor power equipment market. Also, several smart outdoor power equipment are primarily used in industries such as automobile, aerospace, construction, electronics, and shipbuilding. Furthermore, smart outdoor power equipment has various household applications such as the removal of paint, the soldering of wires, the thawing of pipes, and other DIY projects. Moreover, residential users including homeowners and DIY enthusiasts are increasingly looking for convenience, ease of use, and environment-friendly solutions. They prefer equipment that integrates seamlessly with smart home systems as well as offers features including automated scheduling, remote control via smartphone apps, and energy efficiency.

MARKET TRENDS & DRIVERS

Surge in Demand for Prefabricated Buildings

The construction industry is witnessing a significant surge in demand for prefabricated buildings, driven by the need for faster construction times, cost efficiency, and sustainable building practices. Prefabricated buildings, which are manufactured off-site and then assembled on-site, offer numerous advantages including reduced construction waste, enhanced quality control, and quicker project completion. This trend toward prefabrication is not only transforming the construction landscape but also fueling the demand for the smart outdoor power equipment market. Smart outdoor power equipment, such as robotic lawnmowers, smart trimmers, and automated blowers, allow construction teams and property developers to quickly and effectively manage the surrounding outdoor spaces, ensuring that the landscape is ready by the time the building is assembled.

Prefabricated buildings often require precise site preparation including grading, leveling, and clearing. Smart outdoor power equipment, with its ability to be controlled remotely and provide real-time data, helps construction teams manage these tasks with higher precision and less manual labor. Moreover, Both prefabricated buildings and smart outdoor power equipment align with the growing focus on sustainability within the construction market. Prefabricated buildings produce less waste, consume fewer resources, and often incorporate energy-efficient materials.

Favorable Government Policies and Incentives

The favorable government policies across the countries that support the use of RES and prevent the emission of GHGs into the atmosphere are driving the growth of the smart outdoor power equipment market. Federal and state governments offer various tax incentives and rebates for manufacturers investing in energy-efficient and environment-friendly technologies. This includes the smart outdoor power equipment manufacturers adopting sustainable practices. For instance, the U.S. Small Business Administration (SBA) provides loans, grants, and technical assistance to Small and Medium-sized Enterprises (SMEs) in the smart outdoor power equipment sector, promoting innovation and growth. Moreover, the UK government offers tax credits for research and development, benefiting companies that invest in developing new and improved smart outdoor power equipment. Also, China offers tax breaks and incentives for companies that invest in research and development, especially in advanced manufacturing technologies.

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT TYPE

The lawn mower product type segment dominated the global smart outdoor power equipment market in 2023. The lawn mowers market has undergone significant transformations in recent years, driven by technological advancements and evolving consumer preferences. Smart lawnmowers, equipped with advanced technologies including automation, GPS navigation, and IoT connectivity, are at the forefront of this evolution. For instance, the Husqvarna Automower 450X model offers advanced GPS navigation, weather sensors, and remote-control capabilities via a mobile app. It can handle complex lawns with multiple zones and features automatic charging. Also, Deere & Company ZTrak Z500 Series Incorporates smart technology for precise mowing and enhanced user control. The series includes models with advanced suspension systems and customizable cutting options. Furthermore, the smart lawn mower market is characterized by rapid technological advancements and evolving consumer preferences. Leading manufacturers are continuously innovating to meet the demands of convenience, efficiency, and environmental sustainability.

INSIGHTS BY POWER SOURCE

The global smart outdoor power equipment market by power source is segmented into battery-powered equipment, electric equipment, internal combustion engines, and others. Battery-powered equipment utilizes rechargeable batteries to supply energy, making it a popular choice for various outdoor applications. The primary types of batteries used are lithium-ion and lead-acid, with lithium-ion batteries being more advanced and commonly used due to their higher energy density, lighter weight, and longer lifespan. Battery-powered equipment has evolved significantly over the years, with the advancements in battery technology leading to longer run times, faster charging, and improved power output. One notable company that has recently entered the battery-powered tool market is EcoSmart Co. Founded in 2021, the company focuses on creating high-performance and environment-friendly cordless equipment.

INSIGHTS BY CONNECTIVITY TYPE

Wi-Fi-connected smart outdoor power equipment represents a transformative approach in the power tool industry, integrating advanced connectivity features that allow users to manage and monitor their equipment remotely and holds the largest smart outdoor power equipment market share. Moreover, construction and remodeling projects are increasingly incorporating advanced materials and construction techniques, which is driving the need for innovative smart outdoor power equipment.

INSIGHTS BY END-USER

Smart outdoor power equipment is utilized across various sectors including residential, commercial, professional landscaping services, and other specialized areas. Each segment has distinct requirements, benefitting from smart equipment in different ways. The residential end-user segment holds the most dominant global smart outdoor power equipment market share in 2023. The residential segment is expected to witness significant growth due to the increase in new construction projects for homes and buildings. Also, factors, such as the surge in the middle-class population, the high availability of smart outdoor power equipment, and the high cost of professional workers, have increased the popularity of the DIY culture globally.

GEOGRAPHICAL ANALYSIS

North America holds the most significant global smart outdoor power equipment market share in 2023. The robust construction sector in North America, fueled by residential, commercial, and infrastructure projects, is a major growth driver for power equipment. With ongoing urbanization and infrastructure upgrades, there is a consistent demand for tools across various construction applications. Also, with the rising applications of technology and increasing purchasing power, the North American market is expected to grow significantly in the residential and commercial sectors during the forecast period. Furthermore, the DIY culture is highly predominant in the United States smart outdoor power equipment is used for several domestic applications including DIY activities, remodeling, and plumbing jobs.

The European smart outdoor power equipment market is similar to North America in terms of its maturity and high-tech innovations. The region has a highly competitive market, with many established players competing for market share. The market is highly regulated, with rigorous standards for product safety and quality. The major factors propelling smart outdoor power equipment sales in Europe are the rising average construction spending, increasing retail building construction projects, the growth in government spending on sustainable building development, industrial developments, rapid urbanization, changing climatic conditions, and growth in disposable incomes across European countries. Furthermore, the rapid growth of the APAC smart outdoor power equipment market can be attributed to urbanization, increasing disposable incomes, and a growing middle class. The region is highly diverse, with countries exhibiting varying technological advancements and consumer preferences. China, with its large population and growing middle class, is a significant market for these products and services. Also, the increasing dominance of social sites and e-commerce websites has enabled consumers to become aware of the launch of new tools in the market.

VENDOR LANDSCAPE

The global smart outdoor power equipment market is characterized by low market concentration and high competition among players. The present scenario is driving vendors to alter and refine their unique value propositions to achieve a strong market presence. 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, and Positec are the key players in the global smart outdoor power equipment market. Furthermore, the market is characterized by the presence of diversified global and regional vendors. As international players expand their market footprint, regional vendors are estimated to find it increasingly difficult to compete with these global players.

Key Developments in the Global Smart Outdoor Power Equipment Market

1. In 2023, Bosch introduced its NanoBlade technology in three new hand-held equipment (the EasySaw 12 cordless multi-saw, the EasySaw 50, and the MaxSaw 50 models) for the DIY segment. The NanoBlade technology enables the production of lower vibrations in hand-held smart outdoor power equipment, which is ideal for DIY activists.
2. Honda Motor, Miimo HRM3000 Robotic Lawn Mower is equipped with a smart mapping system, weather sensors, and smartphone connectivity. The product, which includes GPS tracking, can handle up to 4,000 square meters of land space.