Outdoor Power Equipment Market To Hit $41.1 Billion by 2031: Allied Market Research

Portland, OR, Aug. 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global outdoor power equipment market accrued earnings worth $24.4 billion in 2021, and is predicted to hit $41.1 billion by 2031, registering a CAGR of 5.4% from 2022 to 2031. The market research study provides a detailed analysis of oscillating market trends, top-most segments, value chain analysis, major investment business scenarios, regional space, and competitive landscape. The study is a key information source for giant players, entrepreneurs, shareholders, and owners in generating new strategies for the future and taking steps to improve their market position. The report displays an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly emerging industry.

Report coverage & details:

Covid-19 Scenario

• The COVID-19 pandemic severely impacted the expansion of the global outdoor power equipment market due to shutdown of manufacturing activities, resulting in decline in demand for gas related equipment across the globe. This led to reduction in outdoor power equipment demand.
• Declining use of outdoor power equipment in the industrial units during the COVID-19 outbreak negatively impacted the global market. 

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The report offers detailed segmentation of the global outdoor power equipment market based on type, power source, functionality, application, and region. It provides an in-depth analysis of every segment and sub-segment in tables and figures through which consumers can derive a conclusion about market trends and insights. The market report analysis aids organizations, investors, and entrepreneurs in understanding which sub-segments are to be tapped for achieving huge growth in the years ahead.

Based on type, the lawn mowers segment contributed the largest market share in 2021, accounting for more than one-fourth of the overall share of the global outdoor power equipment market. Moreover, this segment is predicted to retain its dominant status during the forecast timespan. The report also provides an overall analysis of segments such as saws, trimmers and edgers, blowers, snow throwers, tillers and cultivators, and others.

Based on power source, the fuel powered segment held the largest share in 2021, contributing more than three-fourths of the overall share of the global outdoor power equipment market. Moreover, this segment is predicted to contribute the highest market share by 2031. However, the electric powered segment is also anticipated to record the fastest growth with CAGR of about 5.9% during the forecast timespan.

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Based on the application, the residential segment held the largest share in 2021, contributing nearly four-fifths of the overall share of the global outdoor power equipment market. Moreover, this segment is predicted to contribute the highest market share by 2031. However, the commercial segment is also anticipated to record the fastest growth with CAGR of nearly 6.0% during the forecast timespan.

Based on the functionality, the conventional segment held the largest share in 2021, contributing nearly two-thirds of the overall share of the global outdoor power equipment market. Moreover, this segment is predicted to contribute the highest market share by 2031. However, the connected/smart segment is set to register the highest growth with CAGR of nearly 5.9% during the forecast timeline.

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Based on region, North America contributed toward the highest market share in 2021, accounting for more than two-fifths of the global outdoor power equipment market. The region is predicted to contribute majorly toward the global market share in 2031. Moreover, the Asia-Pacific outdoor power equipment market is slated to record the highest CAGR of 7.0% during the forecast timeline. The research also analyzes regions including LAMEA and Europe.

Leading players in the global outdoor power equipment market analyzed in the research are Cub Cadet, McLane, , Kipor Power, American Lawn Mower, Husqvarna, Troy Blit LLC,  MTD, Oregon, Snow Joe, Briggs & Stratton, TTI, Craftsman, Worx, Bosch, Honda, Champion Power Equipment, and The Toro Company.

The report evaluates these major participants in the global outdoor power equipment industry. These participants have executed a spectrum of key business strategies such as the expansion of regional and customer base, product development, strategic collaborations, and joint ventures for expanding product lines in the global markets and extending the global market growth. The market research report aids the performance monitoring of each segment, positioning of each product in respective segments, and impact of new technology and product launches on the overall market size. 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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