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The growing interest of homeowners to spruce up backyards and the recent increase in the number of landscaping services will drive the global demand for electric power washers during 2016 and 2020. These factors impel the prospects for growth in this market during the forecast period and results in its healthy CAGR of approximately 5% by 2020.
The increase in construction activity is the key driver for the growth of this market. The global construction market is predicted to show strong growth during the forecast period and is heavily influenced by factors like globalization, urbanization, infrastructure renewal, and the escalating needs of developing “megacities.” These factors aid in the growth of the housing sector, which in turn positively affects the demand for power washers in the residential end-user segment.
In this market research report, Technavio analysts have predicted the residential segment to dominate the global market for electric power washers during the forecast period. In 2015, this segment dominated the market and accounted for a total market share of more than 60% due to its ability to wash objects more efficiently than its gasoline counterpart. The increased spending on outdoor power equipment due to a rise in personal income is a significant factor that is envisaged to incite market growth in this segment during the forecast period.
Technavio’s market research analyst has estimated the Americas to retain its dominating hold over the market by the end of 2020. The prospects for growth in this region is driven by factors like the recent increase in personal income levels and the growth of the residential segment, which results in its massive market share of more than 56% by 2020.
Though there are several vendors in the market with strong global presence, the domestic players have a larger share of the market due to their ability to develop innovative products, which can render the competitors' products obsolete.
The leading vendors in the market include -
Other prominent vendors analyzed in this market study are AR North America, Ariens, Deere and Company, Greenworks Tools, Husqvarna, Stanley Black and Decker, STIHL, and TTI.
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