Outdoor Power Supply Market Size, Share, Growth, and Industry Analysis by Capacity (Below 500wh, 500 to 1000wh and Above 1000wh) By Sales Channel (Online Sales and Offline Sales), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Outdoor Power Supply Market Report Overview

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The global outdoor power supply market size is expected to be USD 1594 million in 2022 and is projected to touch USD 19393.56 million by 2031, at a CAGR of 32.0% during the forecast period.

Tiny motors or small engines power outdoor power equipment. Outside power equipment is a term used to describe machinery used just for outdoor tasks. On the list of items that fall under the category of outdoor power equipment, power rakes, edges, chainsaws, and other tools are commonly mentioned. Many people use outdoor power equipment in both the home and commercial sectors. End users, such as lawn and plant care companies and landscaping service providers, frequently employ outdoor power equipment for business needs. Homeowners and DIY enthusiasts are the final consumers of outdoor power equipment for residential purposes. The lawnmower is the outdoor power item that is utilized the most.

COVID-19 Impact:  Halt in Industrial Productions Will Impede the Demand

The global COVID-19 pandemic has been unprecedented and staggering, with outdoor power supply experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 has had a significant negative influence on the world economy and worldwide commerce, which has concurrently had an adverse effect on households, businesses, financial institutions, industrial organizations, and infrastructure corporations. The market's expansion has been constrained by the new coronavirus, which has had an impact on various economies and led to lockdown in numerous nations. The end of industrial production caused a drop in demand for gas-related equipment in most of the world's nations, which in turn caused a drop in demand for outdoor power supplies. Power usage in industrial facilities throughout the world has decreased as a result of the epidemic, which is bad for the market's growth.

LATEST TRENDS

"Inventive Technology Will Lead to Growing Demands"

Manufacturing companies are concentrating on creating fully and partially automated lawn equipment for both commercial and household consumers.In the coming years, the market is expected to grow due to the rising demand for high-quality outdoor power equipment. The market for outdoor power equipment may also be growing as a result of the expansion of the construction sector. There is a good chance that the market demand for outdoor power equipment will increase as a result of the massive construction projects underway in these developing countries' efforts to create smart cities that will draw tourists.

Outdoor Power Supply Market Segmentation

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• By Capacity Analysis

By capacity, market is segmented into below 500wh, 500 to 1000wh and above 1000wh. The below 500wh segment will dominate the market in the coming years.

• By Sales Channel Analysis

Based on sales channel, the market is classified into online sales and offline sales. The online sales segment will lead the global share through 2028.

DRIVING FACTORS

"Rising Urbanization Will Lead to Market Demands."

The market for outdoor power supplies is anticipated to rise as a result of factors like rising urbanization, disposable income, and infrastructure development, as well as rising demand for landscaping services. Additionally, as people become more conscious of environmental concerns and realize how environmentally benign and powerful lithium-ion batteries are, the use of outdoor power supplies powered by these batteries is expanding. Lithium-ion battery innovation is a focus for several businesses. For instance, Techtronic's Industries began utilizing red lithium-ion batteries in 2021 for its cordless power tools because they operate more quickly and provide greater results throughout the course of the battery's life.

"Rising Popularity of Home Renovation Projects to Encourage the Market."

Especially among younger generations, gardening has become a popular habit. Growing fruits, vegetables, and herbs is a popular hobby for young people. Young people are more likely to reside in smaller yard lots, thus the equipment, plants, and tools they need should be able to operate in constrained locations. With the introduction of equipment that is more lightweight and easier to use, the gardening and lawn care sector is evolving to meet a variety of customer expectations.

In addition, the popularity of home renovation projects is encouraging for the expansion of the market for garden equipment and outdoor power supplies during the course of the projection period.

RESTRAINING FACTORS

"High Maintenance Costs Will Hamper the Market’s Demand."

Although the future appears bright, the business still has to deal with a number of issues related to high maintenance costs. Outdoor power equipment has to be inspected on a regular basis to ensure accurate functioning. Examining cables, looking for broken switches, sharpening, lubricating, and other repairs required for the equipment to function correctly are among the elements that need to be done on a regular basis. Due to the comparatively high maintenance costs of outdoor power supply, the market's growth is predicted to be constrained.

Outdoor Power Supply Market Regional Insights

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"North America Holds the Highest Global and United States Market Share."

The largest percentage of the global and united states outdoor power supply market in 2021 was held by the North American region. Due to North America's bigger physical size and population than other continents, the region has more gardens and lawns, which has contributed to the expansion of the regional market. The region's need for outdoor power equipment expanded as a result. A further factor projected to fuel the region's growth is the government's increasing infrastructure spending. For instance, in 2022, the Canadian government committed USD 1.5 billion to the Canada Mortgage and Housing Corporation to boost the fast -housing plan of constructing homes.

Throughout the projected period, the Asia Pacific market is anticipated to grow at a CAGR. Rising disposable income and shifting lifestyles in several developing nations, like China and India, are to blame for the region's notable growth rate. The need for outdoor power supply to improve sports stadiums and fields is also anticipated to increase as a result of growing yearly events like the Indian Premier League (IPL), World Baseball Classic, Asian Games, and several other sports activities.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• ECOFLOW (China)
• Shenzhen Hello Tech Energy (Vietnam)
• Shenzhen Poweroak Technology (China)
• GOAL ZERO (U.S.)
• JVC (Japan)
• Allpowers (Germany)
• Westinghouse (U.S.)
• DBK (Germany)
• PISEN (China)
• ANKER (China)
• Sbase (U.S.)
• Letsolar (China)
• Yoobao (China)
• Newsmy (China)
• Orico (China)
• Flashfish (U.S.)
• Pecron (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.