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Outdoor Power Equipment Market Forecast 2024: Trends, Segmentation, and Growth Projections
Outdoor Power Equipment Market Forecast
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According to The Business Research Company's, The outdoor power equipment market size has grown steadily in recent years. It will grow from $28.28 billion in 2023 to $28.89 billion in 2024 at a compound annual growth rate (CAGR) of 2.1%. The growth in the historic period can be attributed to urbanization, landscaping and gardening, commercial landscaping services, farming and agriculture, sports field maintenance.
The outdoor power equipment market size is expected to see steady growth in the next few years. It will grow to $33.08 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The growth in the forecast period can be attributed to diverse work environments, government initiatives, extreme weather preparedness, rental and leasing, seasonal demand. Major trends in the forecast period include technological advancements, sustainable landscaping, battery-powered equipment, electric lawnmowers, smart and connected equipment.
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Market Drivers and Trends:
The growth in the construction industry is expected to propel the growth of the outdoor power equipment market going forward. Construction is the process of building, altering, repairing, remodeling, improving, or demolishing any structures. Outdoor power equipment is used in construction to clear the soil and chop the plants before work begins and for grounds maintenance. For instance, according to the FMI Corporation, a US-based management consulting company, in comparison to 2021, engineering and construction investment will increase by 5% in 2022. Therefore, the growth in the construction industry is driving the growth of the outdoor power equipment market.
Technological advancements have emerged as the key trend gaining popularity in the outdoor power equipment market. Major companies operating in the outdoor power equipment sector are focused on developing new technological solutions to sustain their position in the market. For instance, In February 2022, Stihl, a Germany-based company that manufactures chainsaws and outdoor power equipment, launched a new chain saw called Stihl MSA 300 based on Power Laminate technology. It possessed the most powerful battery-powered chainsaw and an LED display that allowed the user to monitor the saw's status.
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Major Key Players of the Market:
Briggs & Stratton Corporation, Deere & Company, Honda Motor Co. Ltd., The Husqvarna Group., Makita Corporation., Yamabiko Corporation, STIHL AG & Co. KG, Techtronic Industries Company Ltd., The Toro Company, Andreas Stihl AG & Co.KG, AriensCo, Oregon Tool Inc., Snow Joe LLC., Craftsman, Positec Tool Corporation., AL-Ko Kober Group, Excel Industries Inc., Chevron Trading Co Ltd., MTD Holdings Inc., Stanley Black and Decker Inc., Robert Bosch GmbH, Greenworks Tools, EGO Power Plus, Ryobi Limited, Snapper Inc., Troy-Bilt LLC., Remington Arms Company LLC., Swisher Acquisition Inc.
Outdoor Power Equipment Market 2024 Key Insights:
• The outdoor power equipment market size is expected to see steady growth in the next few years. It will grow to $33.08 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%.
• Construction Industry Growth Fuels Demand For Outdoor Power Equipment
• Technological Advancements Driving Innovation In The Outdoor Power Equipment Market
• North America was the largest region in the outdoor power equipment market in 2023
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