Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- The "Outdoor Power Equipment Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global outdoor power equipment market is expected to reach a value of $43.773 billion by 2028 from $32 billion in 2022, growing at a CAGR of 5.36%
The global outdoor power equipment market is highly concentrated, with many local and international players. The competition among these players is intense.
The rapidly changing technological scenario could adversely affect vendors as customers expect continual innovations and upgrades in the outdoor power equipment domain. The manufacturers emphasize identifying the different market opportunities, setting certain goals to achieve productivity, and efficiently using capital resources.
The present scenario forces vendors to alter and refine their unique value proposition to achieve a strong market presence. The manufacturers are offering and expanding the product line-up in their business segments by launching various innovative techniques, thereby gaining an edge over their competitors.
North America dominated the global outdoor power equipment market in 2022. The market growth is attributed to the constant innovation by outdoor power equipment players and the development of upgraded products with better features and functions. Many golf courses and the regional residential sector support the market demand.
The growing competition in the professional landscaping industry in the U.S. has made these services more affordable for a wider range of customers, which, in turn, is driving the market in the region. Further, the rising number of dual-income households and lack of time for clearing and maintaining garden activities have driven the market in recent years.
Increasing In Commercial Construction
The construction of various hotels is expected to support the outdoor power equipment market growth. In Q1 2021, in Europe, more than 40 hotels were opened. In Germany, Markisches Zentrum Redevelopment is a construction project for building new office space, which is expected to be completed by 2023. The projects involve shopping centers, retail spaces, offices, health centers, residential towers, and hotels.
Emerging Adoption of Sustainable Equipment
In recent years, the landscaping service industry is increasingly adopting green lawn care technology, which is environmentally friendly and has a low carbon footprint.
According to a report by the California Air Resource Board (CARB) 2020, small off-road engines, such as lawnmowers, chainsaws, leaf blowers, and trimmers, contribute to higher emissions than 14.4 million passenger cars in the state. U.S. governments are increasingly emphasizing reducing greenhouse gas (GHG) emissions.
As a result, the usage of lawn and garden equipment that causes environmental pollution is expected to go down, encouraging the adoption of electric equipment in the outdoor power equipment market.
A Surge in Landscaping Services & Garden Maintenance
The popularity of gardening and landscaping services has also increased in the U.S. to provide an aesthetic appeal to commercial and residential lawns, and gardens create a surge in market demand.
Customers increasingly outsource landscaping services to maintain corporate, institutional, and residential areas. They are expanding their planting areas, replacing lawns, and designing and building new landscape areas.
Also, the demand for yard and lawn care services is increasing from the non-commercial end-user segment due to the high disposable incomes. Hence, the increasing landscaping services are expected to boost the commercial outdoor power equipment market during the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 284 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $32000 Million |
| Forecasted Market Value (USD) by 2028 | $43773.5 Million |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
Market Opportunities & Trends
- Technology Integration for Product Efficiency
- Demand for Automated Equipment
- Demand for Landscaping Services & Garden Maintenance
Market Growth Enablers
- Adoption of Sustainable Equipment
- Growth in Manufacturer-Led Programs
- Increased Commercial Construction Activities
Market Restraints
- Irregular Raw Material Prices
- Upsurge in Use of Artificial Grass
- Shortage of Skilled & Qualified Laborers
Key Company Profiles
- Husqvarna
- Deere & Company
- Honda Motor Company
- Stanley Black & Decker
- The Toro Company
- Robert Bosch
Other Prominent Vendors
- ARIENS CO
- STIGA S.p.A
- Makita
- STIHL
- Techtronic Industries
- Snow Joe
- Einhell
- Masport
- Greenworks Tools
- Emak S.p.A
- Generac Power Systems
- Briggs & Stratton
- SUMEC Group Corporation
- WEN Products
- ECHO
For more information about this report visit https://www.researchandmarkets.com/r/6jnzkw
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