Power Equipment Australasia

OPE MARKET SIZE PREDICTED TO SURPASS US$ 63.3 BILLION BY 2032 According to Fact.MR analysis, the global outdoor power equipment market is estimated to be USD 44.8 Billion in 2022, with a projected growth to exceed USD 63.3 Billion by 2032, representing a Compound Annual Growth Rate (CAGR) of 3.9% from 2022 to 2032. The market is experiencing a surge due to the increasing adoption of batterypowered outdoor power equipment for activities such as lawn maintenance and gardening. The rising demand for landscaping services, coupled with homeowners' growing interest in gardening activities, is expected to drive the sales of outdoor power equipment in the forecasted period. Over the last five years, the global outdoor power equipment market has exhibited a growth rate of 2.7% CAGR, reaching USD 43.2 Billion in 2021. During this time frame, the market has presented an absolute dollar opportunity of approximately USD 5.3 Billion. North America leads the outdoor power equipment market in revenue generation, followed by Europe and the Asia Pacific. In 2021, the North America outdoor power equipment market accounted for over two-fifths of the global market. In the United States, where over 50 firms operate, with some capturing more than one-third of the market shares, competition is fierce. The competitive landscape is marked by increased rivalry, heightened product innovation, and distinctions among producers. Electric-powered equipment is predominantly utilised by professionals and DIY (do-it-yourself) users, mainly for domestic gardening purposes. The key driver for the increased adoption of electric outdoor power equipment is advancements in battery technology, leading to the development of powerful batteries with longer-lasting charges. Manufacturers are strategically focusing on unique product development and market placement, responding to the growing consumer interest in cordless outdoor power equipment. HONDA LEADS THE WAY IN MOTORCYCLES & OHV SALES The FCAI, Australia’s automotive industry peak body, has released the sales data for motorcycles and off-highway vehicles (OHV) for 2023 and Honda Australia has placed number one. Honda Motorcycles has outperformed competitors to consistently emerge as the top-selling brand in the Australian motorcycle market for 2023. Holding a steady and consistent place as Australia’s number one retailer, the brand's market share demonstrates the trust and confidence placed in Honda products by consumers. Honda Australia believes that this success is attributed to Honda’s innovative approach and consistent focus on safety. The Honda scooter segment also experienced a strong increase in sales, which saw an uplift of 15.4 per cent on the previous year. Tony Hinton, General Manager, Powersports and Products at Honda Australia, expressed gratitude for the overwhelming support from the Australian motorcycle community. “We are honoured to be recognized as the number one motorcycle brand in Australia for 2023. This achievement reflects the hard work and dedication of our entire team, from sales to customer service. We are committed to raising the bar even higher in the years to come.” WINGED BEAN RESEARCH TAKES FLIGHT AFTER 50 YEARS Time has well and truly flown for The University of Western Australia academics whose research into winged bean has spanned more than five decades. The UWA Institute of Agriculture Honorary Research Fellow Dr Tanveer Khan first began research into winged bean as an important food legume at the University of Papua New Guinea in the early 1970s. In 1973, UWA Adjunct Professor William Erskine arrived as a tutor and began assisting the project, later carrying on the work for his PhD (registered at Cambridge University) when Dr Khan returned to Perth. A report from the National Academy of Sciences’ National Research Council in 1975 catapulted the winged bean to international fame, referring to it as a ‘supermarket on a stalk’ because it combined the desirable characteristics of the green bean, garden pea, spinach, mushroom, soybean, bean sprout and potato. As decades passed and Adjunct Professor Erskine turned his research attention to other crops – notably running the lentil breeding program at the International Center for Agricultural Research in the Dry Areas (ICARDA) for 18 years – he assumed that his time researching the winged bean would be short-lived. Since 2010, Adjunct Professor Erskine has been involved with Australian Centre for International Agricultural Research (ACIAR) projects on food security in Timor-Leste, which provided an opportunity to quietly resume his winged bean research. Nineteen new crop varieties were produced from two decades of testing by the Ministry of Agriculture and Fisheries and UWA Adjunct Senior Research Fellow Rob Williams under Australian-funded ‘Seeds of Life’ and Agricultural Innovations for Communities (AI-Com) projects, as led by Adjunct Professor Erskine. Among them were three new varieties of the winged bean, released at a recent ceremony attended by the President of Timor-Leste His Excellency Dr José Ramos Horta. In an amazing twist, one of the recently released varieties in 2023 was identified by Adjunct Professor Erskine in the 1970s, via a connection made possible through international cooperation in germplasm exchange. Adjunct Professor Erskine said it was very satisfying to see research he started more than five decades ago come to fruition through these recent varietal releases. “It’s gratifying that the PhD grunt work was not entirely wasted in a practical sense,” he said. AI-Com in-country Research Coordinator Rob Williams said the new varieties had been readily accepted by smallholder farmers across Timor-Leste. NEWS 8 | POWER EQUIPMENT AUSTRALASIA | MARCH - APRIL 2024

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