Fort Collins, Colorado, April 26, 2024 (GLOBE NEWSWIRE) --
The rise in demand for landscaping services drives the need for outdoor power equipment in the forecast period.
The growing demand for landscaping services and gardening activities is a crucial driver fueling market expansion. Particularly prominent in residential settings, landscaping has experienced significant growth as more individuals engage in household tasks and gardening pursuits.
Several factors contribute to this increased demand for landscaping services, including rising expenditures on residential, personal, and non-residential renovations and constructions and a growing inclination towards outsourcing landscaping tasks to third-party professionals. Additionally, investing in residential lawns has enhanced property values, with the American Society of Landscape Architects (ASLA) noting that professional landscaping can increase home prices by approximately 15% to 20%.
The consumer purchasing power surge has led to a sharp uptick in demand for luxury landscapes worldwide. Higher incomes and increased purchasing power have spurred interest in lavish, modernized, aesthetically pleasing landscaping services. Moreover, the growing popularity of various sports, driven by personal motivations or social influences, further promotes market growth. This trend has also increased the demand for outdoor power equipment, such as commercial lawnmowers, for maintaining expansive areas like golf courses and sports fields.
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Segmentation Overview:
The outdoor power equipment market has been segmented into equipment type, power source, application, and region.
The fuel-powered segment is a dominant segment with a high market share.
- Based on the power source, the market is bifurcated into fuel powered and electric powered equipment. The fuel powered segment accounted for the dominant market share and held a revenue share of 68.6% in outdoor power equipment in 2022. Fuel powered outdoor power equipment generally uses fossil fuels such as petrol or diesel.
The lawm mower is the leading segment due to its high revenue share.
- The market is further sub-segmented based on the equipment type into lawnmowers, saws, trimmers & edgers, blowers, tillers & cultivators, and others. The lawn mower segment held the largest market share and accounted for a revenue share of 29.7% in outdoor power equipment in 2022.
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Outdoor Power Equipment Market Report Highlights:
- The outdoor power equipment market growth is anticipated at a CAGR of 6.1% by 2032.
- The rising demand for landscaping services and interest in gardening activities is a significant factor propelling the market growth.
- North America held the largest market share and accounted for a revenue share of 40.9% in the outdoor power equipment market in 2022.
- Some prominent players in the outdoor power equipment market report include Husqvarna Group, Deere & Company, The Toro Company, Honda Motor Co., Ltd., STIHL, MTD Products Inc., Ariens Co., Yamabiko Corporation, Stanley Black & Decker, Briggs & Stratton Corporation, STIGA S.p.A., and AL-KO KOBER GROUP.
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