Pune, India, July 13, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Outdoor Power Equipment Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2027 - COVID-19 Impact and by Equipment Type, Power Source, Application, and Geography”, the Outdoor Power Equipment market was valued at USD 25.55 Bn in 2019 and is expected to grow at a CAGR of 3.8% from 2020 to 2027 to reach USD 34.11 Bn by 2027. The rising need for advanced technology and automated outdoor products, and growing interest among individuals towards gardening and horticulture. However, the huge maintenance cost is expected hinder the growth of the market.
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Global Outdoor Power Equipment Market: Segmental Overview
Based on equipment, the outdoor power equipment market is segmented into lawnmowers, blowers, tillers and cultivators, chainsaws, trimmers, hedge trimmers, sprayers, mist dusters, and others. The lawnmowers segment held the largest share of the market in 2020, whereas the chainsaws segment is anticipated to register the highest CAGR in the market during the forecast period. Based on a power source, is segmented into electric-powered and fuel-powered. The fuel-powered segment held the largest share of the outdoor power equipment market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period.
Based on application, the outdoor power equipment market is segmented into residential and commercial. The residential segment held the largest share of the market in 2020, whereas the commercial segment is estimated to register the highest CAGR in the market during the forecast period.
Rising Government Initiatives for Infrastructure Development Provides Lucrative Opportunities for Outdoor Power Equipment Market
The rising government initiatives for infrastructure development have created significant opportunities for the outdoor power equipment market. Governments worldwide increasingly invest in infrastructure projects such as road construction, urban development, parks, and recreational areas. These initiatives aim to enhance the overall quality of public spaces, improve transportation networks, and promote economic growth. One of the key drivers of market opportunities is the need for landscaping and outdoor maintenance in these infrastructure projects. As new roads, highways, and public spaces are constructed, there is a parallel requirement for landscaping and beautification to create visually appealing surroundings. This involves using outdoor power equipment such as mowers, trimmers, and irrigation systems to establish and maintain lawns, gardens, and green spaces. The demand for such equipment is expected to rise as governments prioritize enhancing and maintaining infrastructure projects. Infrastructure development projects often involve establishing recreational areas, parks, and sports fields. These spaces require appropriate outdoor power equipment for maintenance and upkeep.
Installing and maintaining sports fields, playgrounds, and landscaping in these areas create opportunities for the outdoor power equipment market. Municipalities and government bodies, in collaboration with contractors, rely on specialized equipment for turf maintenance, irrigation, and overall landscape management. Government initiatives also present opportunities for adopting advanced technologies and sustainable practices in outdoor power equipment. As environmental concerns and sustainability become increasingly important, governments emphasize using eco-friendly and energy-efficient equipment in their infrastructure projects. This opens up opportunities for manufacturers to develop and promote greener solutions, such as electric or hybrid-powered outdoor power equipment. Governments may also provide incentives or subsidies to encourage the adoption of such environmentally friendly equipment, further driving the market growth. Moreover, government support through policies, regulations, and funding programs can boost the market. Governments may implement regulations requiring certain types of equipment or set efficiency standards, driving the demand for updated and compliant outdoor power equipment. Additionally, government funding programs and grants can support industry research and development efforts, encouraging innovation and introducing new and advanced products.
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The United States has emerged as the outdoor power equipment market leader, playing a pivotal role in its dominance. Several key factors have contributed to the US market's leadership position and ability to dominate the industry. One significant factor is the strong presence of established manufacturers in the United States. The country is home to renowned companies with a long-standing history of producing high-quality outdoor power equipment. These manufacturers have invested heavily in research and development to introduce innovative technologies, advanced features, and user-friendly designs into their products. They have built a reputation for delivering reliable, efficient, and durable equipment that meets the diverse needs of consumers. The commitment to quality and continuous improvement has enabled US manufacturers to gain consumer trust and capture a substantial market share. Furthermore, the size and purchasing power of the US market has contributed to its dominance. The United States has a large population, with many homeowners and commercial establishments that require outdoor power equipment for various purposes. The country's robust economy and high disposable income levels further bolstered outdoor power equipment demand.
Consumers in the US have the financial capacity to invest in premium products that offer superior performance, durability, and advanced features. This strong consumer demand and willingness to spend have made the US market highly lucrative and attractive for manufacturers, enabling them to establish a dominant position. The regulatory environment and industry standards in the United States have also played a role in its market leadership. The country has well-defined regulations and safety standards governing outdoor power equipment design, manufacturing, and usage. This ensures that products in the market meet certain quality and safety requirements. US manufacturers have been at the forefront of adhering to these regulations and standards, further enhancing their credibility and market position. This has provided a competitive advantage for US companies, as consumers trust products that meet stringent safety and quality criteria. Moreover, US manufacturers' strong distribution networks and marketing strategies have contributed to their market dominance. These manufacturers have established extensive distribution channels, including partnerships with retailers, online sales platforms, and authorized dealerships. This widespread availability of their products across the country has facilitated easy consumer access. In addition, effective marketing campaigns, brand positioning, and product promotion have created strong brand recognition and consumer awareness of US-made outdoor power equipment.
Global Outdoor Power Equipment Market Analysis: Competitive Landscape and Key Developments
ANDREAS STIHL AG & Co. KG, Ariens Company, Deere & Company, Honda Motor Co., Ltd., Husqvarna AB, MTD Products Inc., STIGA S.p.A., Techtronic Industries Co. Ltd., The Toro Company, and YAMABIKO Corporation are a few of the key companies operating in the outdoor power equipment market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In 2021, Briggs & Stratton Corporation announced the launch of its new EXi engine series, which features improved fuel efficiency and reduced emissions. The new engine series is designed to meet the increasing demand for more environmentally-friendly outdoor power equipment.
In 2020, Husqvarna Group announced a strategic partnership with the Internet of Things (IoT) platform provider Telenor Connexion. The partnership is aimed at leveraging IoT technology to provide customers with enhanced services and a more seamless user experience.
In 2020, Deere & Company announced the acquisition of Unimil, a leading provider of precision spraying equipment for the agriculture industry. The acquisition is aimed at expanding Deere's product portfolio and strengthening its position in the precision agriculture market.
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