Luton, Bedfordshire, United Kingdom, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Outdoor Power Equipment Market.
The global outdoor power equipment market size is projected to reach USD 26.52 Billion by 2029 from USD 20.51 Billion in 2022, at a CAGR of 2.9% from 2023 to 2029. The global COVID-19 pandemic has been unprecedented and staggering, with outdoor power equipment experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a growth of 7.5% in 2020 as compared to 2019.
The demand for these components is growing owing to the tremendous development in these equipment, rising adoption of industry 4.0, and automation. Furthermore, the growing culture of garden and lawn care, rising affinity for turf sports such as golf, rising urbanization in developing economies, and growing focus on technological advancement to support market expansion are key factors driving the market.
Outdoor Power Equipment (OPE) is an equipment with small motors or engines primarily used for exterior service. The residential and commercial users use outdoor power equipment for various tasks such as landscaping and maintaining lawns, gardens, and golf courses. The equipment is powered by a gasoline engine, electric unit, or batteries and is strong and effective, which is used more frequently. Moreover, the rising urbanization has led to smart cities and infrastructure, leading to the demand for this equipment for construction activities
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Companies Profiled in Outdoor Power Equipment Market Report:
- Briggs & Stratton
- Deere & Company
- HONDA
- Husqvarna
- Makita
- Robert Bosch
- Stanley Black & Decker
- STIHL Group
- Techtronic Industries.
Driving & Restraining
Increasing Gardening Activities to Foster Market Growth
The demand of equipment in the market is mainly fuelled by the growing demand for landscaping services to make houses more aesthetically beautiful. It is also used for commercial users to improve the appearance of their properties. Outdoor power equipment, such as lawn mowers, blowers, hedge trimmers, and saws, are used in various landscaping operations such as lawn maintenance, hardscaping, lawn renovation, tree care, organic or natural lawn care, and snow removal in the landscaping sector.
The rising per capita income has shifted; 70% of the world’s population will reside in or near cities with increased landscaping and gardening activities that will help in growing the demand for outdoor equipment. As a result, rising urbanization will surge the demand for smart cities and green spaces, new buildings and upkeep of public green spaces and parks, and equipment purchases. In this context, various companies, such as Makita Corporation, provide gas equipment alternatives to satisfy the demand for the equipment by developing cordless OPE systems. Around 50 products are announced to make the tools handy and easy to use along with a sustainable solution that fulfils the aging population’s needs.
Market growth for outdoor power equipment may be hindered by high maintenance costs and fluctuating raw material prices.
These tools are used extensively by both residential and professional users, especially with growing urbanization and infrastructure development, to maintain their surroundings and achieve a smart and green city concept. However, the equipment must be recalibrated, sharpened, oiled, and replaced regularly for optimal operation, leading to increased maintenance costs.
In developing countries, consumers are often reluctant to spend significant amounts of money on equipment maintenance since hiring garden-keepers is usually more affordable. These maintenance and repair requirements can also add to the high ownership costs of heavy outdoor machinery. Additionally, the availability of large-sized equipment may directly or indirectly affect the growth of the outdoor power equipment market in developing nations.
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| Report Attribute | Details |
| Market size value in 2022 | USD 20.51 billion |
| Revenue forecast in 2029 | USD 26.52 billion |
| Growth rate | CAGR of 2.9 % from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2020 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Revenue in USD Million, volume in units, CAGR from 2022 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, trends |
| Segments covered | By Type; Applications; Power Source & By Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | U.S.; Canada; U.K.; Germany; France; Italy; Netherlands; Denmark; Finland; Spain; Russia; China; India; Japan; South Korea; Singapore; Australia; Latin America; Brazil; Mexico; Argentina; UAE; Saudi Arabia; South Africa |
| Key companies profiled | Briggs & Stratton, Deere & Company, HONDA, Husqvarna, Makita, Robert Bosch, Stanley Black & Decker, STIHL Group, Techtronic Industries. |
| Customization scope | Free report customization with purchase. Addition or alteration to country, regional & segment scope. |
Key Market Segments: Outdoor Power Equipment Market
Outdoor Power Equipment Market by Type, 2020-2029, (IN USD Billion) (Units)
- Lawn Mowers
- Saws
- Trimmers and Edgers
- Blowers
- Snow Throwers
- Tillers and Cultivators
Outdoor Power Equipment Market by Application, 2020-2029, (IN USD Billion) (Units)
- Residential/DIY
- Commercial
Outdoor Power Equipment Market by Power Source, 2020-2029, (IN USD Billion) (Units)
- Fuel Powder
- Electric Powder
- By Functionality
- Connected/Smart
- Conventional
Outdoor Power Equipment Market by Regions, 2020-2029, (In USD Billion) (Units)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Key Benefits
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the outdoor power equipment market analysis from 2022 to 2029 to identify the prevailing outdoor power equipment market opportunities.
- In-depth analysis of the outdoor power equipment market segmentation assists to determine the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- The report includes the analysis of the regional as well as global outdoor power equipment market trends, key players, market segments, application areas, and market growth strategies.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
Industry Developments:
May 2022 – Toro has shown a new robotic mower available in the spring of 2023. Alternative power, autonomous, and smart connected new robotic mower is in the final year of R&D. Wireless navigation and vision-based localization systems allow easy setup and custom-made to each plot without alternative boundary wire installation. It offers theft-proof features and slope-friendly cutting abilities and can be quite functional.
April 2022 – Karcher introduced an autonomous robotic floor scrubber and enlarged its autonomous product line by adding a sophisticated robotic scrubber. This robot model is KIRA B 100 R, and Brain Corporation Brain OS powers it. It is the globally recognized and commercially authenticated software base for Autonomous Mobile Robots (AMRs) and their functional indoor public areas. Furthermore, KIRA is an acronym for Karcher application of intelligent robotic application.
November 2021 – Husqvarna Group has made a settlement agreement with Briggs & Stratton, LLC regarding the supply chain of engines for ride-on-mowers, which will allow the Husqvarna Group to keep the potential financial impact negative due to lack of engine supply.
Frequently Asked Questions (FAQ):
- How big outdoor power equipment market?
- Does this report include the impact of COVID-19 on the outdoor power equipment?
- What are the driving factors for the outdoor power equipment?
- Which are the significant players operating in the outdoor power equipment market?
- Which region will lead the outdoor power equipment market in the future?
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