Outdoor Power Equipment Market worth $26.1 billion by 2024

According to the new market research report "Outdoor Power Equipment Market by Equipment Type (Lawn Mower (Lawn Tractor, Zero-turn, Walk-behind, Robotic), Chain Saw, Trimmer & edger), Application (Commercial, Residential), Power Source (Fuel, Electric), and Geography - Global Forecast to 2024", The outdoor power equipment market is estimated to reach USD 26.1 billion by 2024 from USD 22.3 billion in 2019, at a CAGR of 3.2%.

Rising adoption of battery-powered outdoor power equipment for maintaining lawns and gardening activities, growing demand for landscaping services, and increasing interest of homeowners in gardening activities are the key factors driving the growth of the outdoor power equipment market. However, high maintenance cost and availability of outdoor power equipment at lease are likely to hamper the growth of the market. The outdoor power equipment market offers several opportunities for manufacturers to focus on manufacturing smart and connected outdoor power equipment.

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“Lawn mowers to lead outdoor power equipment market from 2019 to 2024”

Outdoor power equipment are essential for basic yard maintenance and offer great aid and convenience in garden maintenance. The growing trend toward investing more time in outdoor and gardening-related activities is driving the demand for lawn mowers. Moreover, the rise in residential and commercial construction has led to increased demand for lawn mowers. Lawn mowers are widely used to maintain and decorate lawns, gardens, and yards across the world. With different types of lawn mowers available including walk-behind, riding lawn mowers, tractors, zero-turn-radius mowers, and robotic mowers, end users can maintain various types of landscapes such as small yards and gardens to large parks and farm areas.

“Residential applications to hold the largest market for outdoor power equipment from 2019 to 2024”

Growing per capita income of consumers and increasing disposable income for durable goods boost the demand for outdoor power equipment for residential/DIY applications. Outdoor power equipment are used by DIY consumers for residential refurbishment and improvement projects. Residential and commercial construction applications have started showing signs of recovery across the world. Majority of the residential/DIY end users are populated in North America and Europe. However, the DIY culture is not popular in APAC due to the availability of low-cost labor and high ownership cost of outdoor power equipment. DIY users prefer smaller and lighter outdoor power equipment. Thus, there is a growing tendency for preferring small, ergonomic equipment that are more efficient than traditional outdoor power equipment. This has led to significant demand for smaller and lighter cordless outdoor power equipment for residential/DIY applications.

“Fuel-powered equipment to hold the largest market for outdoor power equipment from 2019 to 2024”

Fuel-powered outdoor power equipment are expected to lead the outdoor power equipment market from 2019 to 2024. However, the demand for electric-powered equipment is expected to grow at a higher rate owing to the increasing demand for do-it-yourself (DIY) techniques among household consumers. Fuel-powered outdoor power equipment are operated on gas, diesel, and petrol. These equipment offer more power than electric-powered equipment. Most of the fuel-powered equipment are equipped with small gas engines. Gas-powered equipment have the power to handle any size of lawn and challenging terrain and conditions, including tall thick grass. Conversely, electric and battery-powered outdoor power equipment such as mowers work best for small, even lawns that are mowed regularly because they do not have the power to handle thick grass.

“North America to be largest market for outdoor power equipment during forecast period”

North America is expected to dominate the global outdoor power equipment market during the forecast period. In North America, outdoor power equipment are extensively used for both commercial and residential applications. The DIY trend is already prevalent among consumers in this region and is likely to continue to drive the demand for outdoor power equipment, especially for battery-powered products. The US has a rich culture of gardening and lawn maintenance. Moreover, the US is home to major landscaping and turf maintenance service providers. The outdoor power equipment market in the US is growing at a significant rate as consumers are adopting lawn and garden care equipment as a way to beautify their homes while enhancing their aesthetics.

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Major players in the outdoor power equipment include Husqvarna Group (Sweden), Deere & Company (US), Honda Motor Co., Ltd. (Japan), The Toro Company (US), Andreas Stihl AG & Company KG (Stihl, Germany), MTD Products (US), Ariens Company (US), Yamabiko Corporation (Japan), Stanley Black & Decker Inc. (US), Techtronic Industries (TTI, Hong kong), Briggs & Stratton Corporation (US), STIGA S.p.A. (Italy), AL-KO kober Group (Germany), Robert Bosch (Germany), and Emak S.p.A. (Italy).

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This release was published on openPR.