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- Published: Friday, 03 April 2015 16:25
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Going Green Propels Huge Market
Staten Island business bank cites report on outdoor power tools, appliances
STATEN ISLAND, N.Y. – With more businesses giving increased attention to grounds keeping and landscaping, they're contributing to a rising trend in the market for outdoor appliances and power tools.
Victory State Bank, Staten Island's only community-based commercial bank, contends that the emphasis on beautification is welcome – and “going green” has its own benefits.
Technological changes have resulted in some shifts within the marketplace, but overall demand is driving an upward trend measured by millions of units.
Outdoor power tools are used for garden cleaning, lawn mowing, and wood cutting and trimming among other activities.
Moreover, the trend gets a further lift from outdoor living.
The market for powered lawn and gardening products is significantly influenced by several social and economic considerations.
These include economic, climate, consumer confidence and urbanization trends; demographic profiles; type of housing unit and outdoor space area, among others, according to a report by Global Industry Analysts, Inc. (GIA), which describes itself as a leading publisher of off-the-shelf market research.
On the residential front, with modern consumers increasingly reconnecting with the concept of going green, GIA says gardening as an ideal leisure activity has regained focus worldwide.
The scenario is resulting in increased demand for outdoor power tools among a growing base of do-it-yourself (DIY) gardeners.
The research also found that growth in the market is also driven by the likes of a rise in new housing starts, increasing number of single family homes, rebound in home remodeling activity, and consumer enthusiasm for outdoor living.
Consumer desire for outdoor living is gaining strength supported by lifestyle upgrades, and increased appeal of backyard cooking and garden parties also benefits demand for lawn and landscaping power tools, GIA says.
Growing interest in organic foods is compelling consumers to design, build and maintain urban organic backyard farms and vegetable gardens, also generating demand for outdoor equipment, the research discloses.
While the share of gasoline powered outdoor appliances remains relatively stable, corded electric products are losing share to cordless products, GIA notes.
Demand for battery-powered appliances such as lawn mowers and chainsaws is increasing. Another key trend is the use of lithium-ion batteries in various appliances.
Use of lithium ion technology, the research finds, has enabled manufacturers to introduce lighter and more powerful products at competitive prices.
Robotic, remote controlled and GPS-guided lawn mowers are expected to witness strong demand in the coming years, GIA predicts.
The research is more fully described in GIA's “Outdoor Appliances and Power Tools: A Global Strategic Business Report.”
About Victory State Bank
VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office is in the community of Great Kills, and branches are in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.