Insights on the Outdoor Power Equipment Global Market to 2027 - Falling Costs of Lithium-Ion Batteries Drives Growth

Dublin, Jan. 09, 2023 (GLOBE NEWSWIRE) -- The "Global Outdoor Power Equipment Market: Analysis By Energy Source, By Type, By Sales Channel, By Region Size And Trends With Impact Of COVID-19 And Forecast Up To 2027" report has been added to ResearchAndMarkets.com's offering.

The global outdoor power equipment market in 2021 was valued at US$32.22 billion. The market value is projected to reach US$46.49 billion by 2027.

Outdoor power equipment (OPE) is an equipment with small motors or engines primarily used for exterior service. The outdoor power equipment generally includes, brush cutters, edger, chain saws, power rakes, and more. Outdoor power equipment is commonly used by end users, such as lawn & plant care providers and landscape service providers, for commercial purposes.

The market value is expected to grow at a CAGR of 6.30% during the forecast period of 2022-2027, with gas-driven segment being the dominant energy source.

Buyers increasingly prefer OPE as they are more environmentally-friendly, and deliver power and performance that can rival traditional products. Infact, the increase in the development of parks and small scale gardens in the residential building and in cities to curb the effect of pollution have led to increase in the demand for outdoor power equipment such as lawn mower, chainsaw, blower, etc.

Market Dynamics:

• Growth Drivers: One of the most important factors impacting the global outdoor power equipment market is the increasing demand for cordless outdoor power equipment as people are inclining more toward greater flexibility and portability. Furthermore, growing awareness of environmental issues leads to increasing adoption of the outdoor power equipment using lithium-ion batteries, as they are environment friendly and maximize energy output. Furthermore, the market has been growing over the past few years, due to factors such as rapid urbanization, growing number of golf club, falling costs of lithium-ion batteries and inclining construction activities and many other factors.
• Challenges: However, the market has been confronted with some challenges specifically, high maintenance costs and fluctuating raw material prices, etc.
• Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as gardening trend, technological advancement, growing popularity of do it yourself (DIY) trend etc. The development and interest of people towards horticulture and other kinds of gardening have stimulated the growth of the outdoor power equipment market. Furthermore, the growing popularity of home improvement projects bodes well for the growth of the outdoor power equipment and garden tools market during the forecast period. Technology advancements and the adoption of wireless networking techniques result in the development of smart and connected tools. The manufacturing of smart and connected equipment is becoming more critical to leading outdoor power equipment manufacturers, thus driving the industry growth in upcoming years.

Impact Analysis of COVID-19 and Way Forward:

The pandemic in 2020 did cast a gloomy outlook on almost all industries, worldwide. The outbreak of COVID-19 impacted market growth during the initial few months of 2020. However, in later months, demand for various outdoor power equipment has witnessed strong growth with the resumption of operations in multiple industries. A considerable increase in the market for Do-it-yourself (DIY) equipment and do-it-for-me (DIFM) services in the commercial and residential segments are expected to drive market growth.

Competitive Landscape:

The global outdoor power equipment market is relatively concentrated, with the top 5 players including TTI, Chevron, SWK, Bosch and Greenwork accounting for more than 60% share of total market.

The key players in the global outdoor power equipment market are:

• Chervon Holdings Limited
• Robert Bosch GmbH
• Techtronics Industries Ltd.
• Stanley Black & Decker, Inc.
• Husqvarna Group
• Makita Corporation
• Honda Motor Co., Ltd.
• Briggs & Stratton Corporation
• The Toro Company
• Deere & Company
• Yamabiko Corporation
• Ariens Company

In terms of market positioning, TTI, Chervon has significant market presence as the largest player in the global electric outdoor power equipment market, with the ambition to become the dominant players within the long-term.

The market market is expected to keep consolidating, in light of enhancing user stickiness owing to the interchangeable battery platforms, along with accumulating brand image and understanding of end-user preferences.

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Global Market Analysis
3.1 Global Outdoor Power Equipment Market: An Analysis
3.1.1 Global Outdoor Power Equipment Market: An Overview
3.1.2 Global Outdoor Power Equipment Market by Value
3.1.3 Global Outdoor Power Equipment Market by Energy Source (Gas-Driven, Parts & Attachments, Cordless And Corded)
3.1.4 Global Outdoor Power Equipment Market by Type (Lawn Mower, Trimmer & Edger, Chainsaw, Blowers, Tillers & Cultivators, Snow Throwers And Others)
3.1.5 Global Outdoor Power Equipment Market by Sales Channel (Offline And Online)
3.1.6 Global Outdoor Power Equipment Market by Region (North America, Europe, Asia Pacific and Rest of the World)
3.2 Global Outdoor Power Equipment Market: Energy Source Analysis
3.2.1 Global Outdoor Power Equipment Market by Energy Source: An Overview
3.2.2 Global Gas-driven Outdoor Power Equipment Market by Value
3.2.3 Global Cordless Outdoor Power Equipment Market by Value
3.2.4 Global Parts & Attachments Outdoor Power Equipment Market by Value
3.2.5 Global Corded Outdoor Power Equipment Market by Value
3.3 Global Outdoor Power Equipment Market: Type Analysis
3.3.1 Global Outdoor Power Equipment Market By Type: An Overview
3.3.2 Global Lawn Mower Market By Value
3.3.3 Global Trimmer & Edger Market By Value
3.3.4 Global Chainsaw Market By Value
3.3.5 Global Blowers Market By Value
3.3.6 Global Tillers & Cultivators Market By Value
3.3.7 Global Snow Throwers Market By Value
3.3.8 Global Other Outdoor Power Equipment Market By Value
3.4 Global Outdoor Power Equipment Market: Sales Channel Analysis
3.4.1 Global Outdoor Power Equipment Market By Sales Channel : An Overview
3.4.2 Global Offline Outdoor Power Equipment Market By Value
3.4.3 Global Online Outdoor Power Equipment Market By Value

4. Regional Market Analysis

5. Impact of COVID-19
5.1 Impact of COVID-19
5.1.1 Impact of COVID-19 on Outdoor Power Equipment Market
5.1.2 Inclining E-Commerce Penetration Rate
5.1.3 Post COVID-19 Impact on Outdoor Power Equipment Market

6. Market Dynamics
6.1 Growth Drivers
6.1.1 Rapid Urbanization
6.1.2 Growing Number Of Golf Club
6.1.3 Falling Costs of Lithium-Ion Batteries
6.1.4 Inclining Construction Activities
6.1.5 Growing Penetration of Cordless Outdoor Power Equipment
6.2 Challenges
6.2.1 High Maintenance Costs and Fluctuating Raw Material Prices
6.3 Market Trends
6.3.1 Technological Advancements
6.3.2 Gardening Trend
6.3.3 Growing Popularity of Do it Yourself (DIY) Trend

7. Competitive Landscape
7.1 Global Electric Outdoor Power Equipment Players by Market Share
7.2 Global Outdoor Power Equipment Market Players : Key Comparison

8. Company Profiles
8.1 Chervon Holdings Limited
8.1.1 Business Overview
8.1.2 Business Divisions
8.1.3 Business Strategy
8.2 Robert Bosch GmbH
8.2.1 Business Overview
8.2.2 Operating Business Sector
8.2.3 Business Strategy
8.3 Techtronics Industries Ltd.
8.3.1 Business Overview
8.3.2 Operating Segment
8.3.3 Business Strategy
8.4 Stanley Black & Decker, Inc.
8.4.1 Business Overview
8.4.2 Business Segment
8.4.3 Business Strategy
8.5 Husqvarna Group
8.5.1 Business Overview
8.5.2 Operating Divisions
8.5.3 Business Strategy
8.6 Makita Corporation
8.6.1 Business Overview
8.6.2 Operating Segments
8.6.3 Business Strategy
8.7 Honda Motor Co., Ltd.
8.7.1 Business Overview
8.7.2 Geographical Segment
8.7.3 Business Strategy
8.8 Briggs & Stratton Corporation
8.8.1 Business Overview
8.8.2 Business Strategy
8.9 The Toro Company
8.9.1 Business Overview
8.9.2 Business Segments
8.9.3 Business Strategy
8.10 Deere & Company
8.10.1 Business Overview
8.10.2 Business Segments
8.10.3 Business Strategy
8.11 Yamabiko Corporation
8.11.1 Business Overview
8.11.2 Business Segments
8.12 Ariens Company
8.12.1 Business Overview
8.12.2 Business Strategy

For more information about this report visit https://www.researchandmarkets.com/r/yn8mb2

Attachment

• Global Outdoor Power Equipment Market