Press release
Outdoor Power Equipment Market to Post 5.22% CAGR by 2032
Outdoor Power Equipment Market
Market Research Future (MRFR) predicts the Outdoor Power Equipment Market to exhibit a 5.22% CAGR from 2023-2032 (forecast period) and projected to grow from USD 28.19 Billion in 2023 to USD 42.36 Billion by 2032.
Summary
Outdoor power equipment refers to a wide range of machines and tools designed for various outdoor tasks and activities. The rising adoption of battery-powered outdoor power equipment for maintaining lawns and gardening activities, increasing demand for landscaping services, and increasing interest of homeowners in gardening activities are the key factors driving the growth of the market. However, high maintenance costs and the availability of outdoor power equipment at lease are likely to hinder the growth of the industry. The market provides a range of opportunities for manufacturers to concentrate on the development of smart and connected outdoor power equipment.
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Outdoor Power Equipment Industry Key Players
Major players in the outdoor power equipment market include
Husqvarna (Sweden)
Deere & Company (U.S.)
Honda Motor Co., Ltd. (Japan)
Blount International, Inc. (U.S.)
The Toro Company (U.S.)
STIHL Holding AG & Co. KG (Germany)
Stanley Black & Decker Inc. (U.S.)
Makita Corporation (Japan)
MTD Products (U.S.)
Emak S.p.A. (Italy)
Techtronic Industries Co. Ltd. (TTI) (Hong Kong)
Market Segmentation
The global outdoor power equipment industry has been segmented into products, power sources, and application.
By product, the global outdoor power equipment market has been segmented into cordless and rope power tools.
By power source, the global outdoor power equipment market has been segmented into electric, battery, and others.
By applications, the global outdoor power equipment market has been segmented into household and commercial.
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Outdoor Power Equipment Market Drivers:
Landscaping companies, agriculture, forestry, and construction industries are major consumers of outdoor power equipment, as they rely on these tools for various operations.
Technological Advancements: Advances in technology have led to more efficient, fuel-efficient, and environmentally friendly outdoor power equipment. Electric and battery-powered equipment is gaining popularity due to its lower emissions and reduced noise levels.
Sustainability and Environmental Concerns: Environmental regulations and consumer awareness of sustainability have prompted manufacturers to develop eco-friendly outdoor equipment with reduced emissions and noise levels.
COVID-19 Impact on the Global Outdoor Power Equipment Market
With the advent of the COVID-19 pandemic in 2020, people are actively searching for advanced gardening tools and equipment due to the increasing emphasis on staying at home and maintaining social distancing. On the flip side, the elevated cost of maintaining these types of equipment would impede the growth of the industry.
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Regional Analysis
The segments covered in the global outdoor power equipment market report are analyzed concerning four main regions - North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The market for outdoor power equipment in APAC is projected to rise at the highest level of CAGR during the forecast period. Increasing investment in residential and infrastructure markets is estimated to bolster the construction industry, which will, in turn, push the use of outdoor power equipment in APAC. Japan is home to several outdoor power equipment and small gas engines manufacturers like Honda, Yamabiko, Fuji Heavy Industries, Kawasaki, and Yamaha. China is investing significantly in infrastructure development and urban planning. This investment in the construction sector is the key driver of the growth of the market. With increasing urbanization in India, there has been a high demand for outdoor power equipment that can support the construction industry in various urban development projects.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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