Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to Electric Snow Shovel
An electric snow shovel is a single-stage snow blower, which is less powerful than a two-stage snow blower. It is a machine that can be powered up by either electricity or batteries to provide power to a turning auger that helps to push snow out of the way. An electric snow shovel isn’t too heavy and is quite compact, and due to its smaller width and lightweight, electric snow shoves works well both for larger driveways as well as for smaller areas such as decks, stairways, sideways, and patios. The machine saves a lot of time and effort and works accordingly as long as the device model is chosen according to the needs, i.e., keeping in mind the area, power, quality, size, or brand.
Market Size and Forecast
The global electric snow shovel market is thriving on the back of extensive snow in regions such as Canada, Russia, USA, UK, and others, where the main season is winter. Moreover, the climate is changing and every year there is a higher snowfall received by North American and European countries. Electric snow shovels are extremely useful for people as these small and easy to use machines can get rid of the snow that gets collected on the roads or in front of the houses. As a result, people will be able to recommence their lives and work properly without any restrictions. Moreover, the growing demand for winter essential tools is anticipated to foster the growth of the global electric snow shovel market.
The global electric snow shovel market is anticipated to grow at a significant CAGR during the forecast period, i.e. 2020-2028. In 2020, the market is growing at a stable rate and with the rising adoption of strategies by key players, the market is expected to expand over the projected period. The segment for two-stage snow blowers is presently holding the largest market share in North America and Europe snow blowers market. Electric snow shovels fall under the category of one-stage snow blowers and they are observed to have a prominent demand in North America and Europe over the forecast timeframe. This can be accredited to its low maintenance, mobility, low cost, and simplified handling. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers
Growing Acceptance Of Winter Essential Tools In Various Countries to Drive the Market Growth
Consumers living in the snowy regions have started to accept the usage of advanced winter essential tools. The confidence to use these products, growing acceptance, and the high purchasing power of people are the primary growth drivers for this market. Consumer confidence and acceptance of advanced tools has been growing steadily. Subsequently, there has been a surge in the housing market which is anticipated to positively impact the growth of global market for electric snow shovels during the forecast period.
Technological Advancements In Snow Shovel Tools To Expand The Market Size
Handling and the heavy weight of conventional snow shovels is a common issue faced by consumers living in snowy regions. The conventional shovels are inefficient, they take greater efforts and time to remove small amounts of snow. Rising concerns among the consumers for such issues of handling and inefficiency of the tool are anticipated to raise the demand for products such as electric snow shovel which can save both time and effort and are available at a lower cost. Such factors are anticipated to contribute significantly towards the growth of the global electric snow shovel market in the coming years.
Restraints
Seasonal nature of electric snow shovels
Despite the surge in sales of electric snow shovels during the winter season, the market is restricted on account of them being a seasonal tool. This factor can be estimated to act as a restraint for the growth of the electric snow shovel market.
Availability of substitutes in the market
As the market for electric snow shovel has grown over the years, it has resulted in the establishment of various key players that are promising consumers with the availability of substitutes at a lower and affordable cost. High disintegration of the market, as well as the growing number of substitutes, are some of the factors predicted to act as a barrier to the growth of the electric snow shovel market.
Market Segmentation
In-depth analysis of the global electric snow shovel market includes the following segments:
By Connection
By End-User
By Engine
By Distribution Channel
By Region
On the basis of regional analysis, the electric snow shovel market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market for electric snow shovel is anticipated to hold the largest market share in the North American region. This can be credited to the high disposable income of people in the region and North America is one of the largest snow receiving regions in the world. Rising awareness, higher disposable income and high snowfall are some factors that are projected to expand the market size and result in market growth at a significant CAGR in Europe during the forecast period.
The global electric snow shovel market is further classified on the basis of region as follows:
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