Press release
With 6.3% CAGR, Outdoor Power Equipment Market Growth to Surpass USD 35.8 billion
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Saws are expected to register the highest growth during the forecast period
The market for saws is projected to witness the highest growth rate from 2021 to 2026. The growing demand for chainsaws can be attributed to the increasing adoption by professional arborists and loggers in the forestry sector. Chainsaws are majorly used in chopping of wood in deforestation and infrastructural projects necessary to accommodate residential and commercial establishments. Another major end user of chainsaws are sculptors who utilize chainsaws for carving and decorating activities.
Commercial application to grow at the highest rate during review period
Commercial end users can be segregated into construction sector professional, professionals in the forestry sector, professional landscaping service providers, and professional turf care service providers. Increasing potential of the construction sector for undertaking several projects with recent government initiatives supporting the construction sector is a major factor contributing to the growing adoption of outdoor power equipment. Furthermore, initiatives undertaken by government and municipalities for adopting eco-friendly equipment are increasing demand for cordless portable electric-powered equipment for maintenance of public spaces such as parks.
Electric-powered equipment to grow at the highest rate during review period
Recent technical developments owing to massive R&D investments by major players, have significantly improved the power and operating period of electric-powered equipment. Additionally, electric-powered equipment is preferred more for precision work due to their lightweight and compact frame, and portability. Moreover, increasing adoption by homeowners and do-it-yourself (DIY) enthusiasts for better ergonomics and comfort is fuelling the demand for electric-powered equipment. Furthermore, government and municipalities across regions are taking initiatives to encourage consumers to adopt eco-friendly solutions.
The outdoor power equipment market in North America is expected to grow significantly from 2021 to 2026
In North America, there exists a culture of lawn and garden care, which is further increasing as a result of growing affinity of people towards gardening activities and increasing number of private lawns. Additionally, there is an increasing demand for do-it-yourself techniques in the region, which is driving homeowners to undertake several refurbishment and beautification projects. Moreover, the participation of North America in turf sports such as Golf is witnessing massive year-on-year growth. Increasing demand for landscaping services by both residential and commercial establishments is another major factor fueling the demand for outdoor power equipment. Furthermore, government regulations to reduce environmental impact is also driving demand for electric-powered equipment in the region.
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Major companies operating in the outdoor power equipment market include Briggs & Stratton (US), Deere & Company (US), HONDA (Japan), Husqvarna (Sweden), Makita (Japan), Robert Bosch (Germany), Stanley Black & Decker (US), STIHL Group (Germany), Techtronic Industries (TTI) (Hong Kong), and The Toro Company (US).
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