Outdoor Power Equipment Industry Overview
The global outdoor power equipment market size was USD 46.53 billion in 2021 and is expected to reach USD 76.61 billion by 2030, expanding at a CAGR of 5.9% from 2022 to 2030. The market growth can be credited to increasing demand for cordless outdoor power equipment as people are inclining more toward greater flexibility and portability.
Gather more insights about the market drivers, restrains and growth of the Outdoor Power Equipment Market
Furthermore, the technological advancements of several companies in outdoor power equipment are also expected to drive market growth. For instance, in February 2020, Robert Bosch GmbH launched Indego M 700 and Indego M+ 700, two autonomous lawn mowers. These two connected lawn mowers feature 18 V lithium batteries with brushless DC motors that can cut of medium size gardens up to 700 square meters on a single charge.
The increasing urbanization, disposable income, and infrastructure activities coupled with rising demand for the landscaping services are the factors expected to augment growth of the outdoor power equipment market. Furthermore, growing awareness of environmental issues leads to increasing adoption of the outdoor power equipment using lithium-ion batteries, as they are environment friendly and maximize energy output. Several companies are focused on innovation in lithium-ion batteries. For instance, in 2021, Techtronic's Industries started using red lithium-ion batteries for its cordless power tools, as they work faster and deliver more than expected from the battery's life.
The gardening trend has increased rapidly, mainly among younger generations. Most young people are inclined toward growing vegetables, fruits, and herbs. As young people are more likely to live in smaller yard lots, the type of equipment, plant and tools they require should work in tighter spaces. The gardening and lawn industry is changing to adapt to various consumer requirements by launching equipment that is lighter in weight and makes work comfortable.
Furthermore, the growing popularity of home improvement projects bodes well for the growth of the outdoor power equipment and garden tools market during the forecast period. Companies such as The Toro Company, Husqvarna, ANDREAS STIHL AG & Co. KG, and others gained profits from the stay-at-home trend due to the pandemic, which has extended the gardening season.
The pandemic in 2020 did cast a gloomy outlook on almost all industries, worldwide. The outbreak of COVID-19 impacted market growth during the initial few months of 2020. However, in later months, demand for various outdoor power equipment has witnessed strong growth with the resumption of operations in multiple industries. A considerable increase in the market for Do-it-yourself (DIY) equipment and do-it-for-me (DIFM) services in the commercial and residential segments are expected to drive market growth.
For instance, according to the Outdoor December forecast report in 2021, the commercial lawn mower grew by more than 15.0 % in 2020, with shipping of nearly 7.7 billion units. Furthermore, rising concern about the gasoline fumes and engine noise due to the COVID-19 has also increased the demand for energy-efficient outdoor power equipment.
Although the prospects look promising, the industry is still faced with several challenges regarding high maintenance costs. For accurate operations, one must inspect outdoor power equipment at various intervals. The factors to be reviewed regularly include inspecting cords, checking for damaged switches, sharpening, oiling, and other repairs needed for properly working of the equipment. Hence, the maintenance cost of outdoor power equipment is relatively high, which is expected to hamper the market’s growth.
Browse through Grand View Research's HVAC & Construction Industry Research Reports.
• The global heavy construction equipment market size was valued at USD 204.41 billion in 2023 and is projected to grow at a CAGR of 5.2% from 2024 to 2030. Key growth drivers for this market are unceasing urbanization, population growth leading to the growing demand for housing solutions and continuous infrastructural enhancements in developing economies.
• The global electric water heater market size was valued at USD 14.67 billion in 2023 and is expected to expand at a CAGR of 8.5% from 2024 to 2030.The global electric water heater market is expected to witness significant growth due to urbanization and rising living standards, which are increasing the demand for hot water in modern residential and commercial buildings.
Outdoor Power Equipment Market Segmentation
Grand View Research has segmented the global outdoor power equipment market based on the power source, end-use, equipment, and region:
Outdoor Power Equipment Power Source Outlook (Revenue, USD Million, 2018 - 2030)
• Gasoline
• Battery
• Electric Corded
Outdoor Power Equipment End-Use Outlook (Revenue, USD Million, 2018 - 2030)
• Residential
• Commercial/Government
Outdoor Power Equipment Type Outlook (Revenue, USD Million; Volume, Thousand Units, 2018 - 2030)
• Lawn Mower
o Walk-Behind Lawn Mowers
o Ride-on Lawn Mowers
o Robotic Lawn Mowers
o Zero -Turn Mowers
• Chainsaw
• Trimmer & Edger
o Trimmers & Brush Cutter
o Hedge Trimmers
o Walk-Behind Edgers & Trimmers
• Blowers
o Snow
o Leaf
• Tillers & Cultivators
• Snow Throwers
• Others
Outdoor Power Equipment Regional Outlook (Revenue, USD Million; Volume, Thousand Units, 2018 - 2030)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Italy
o Netherland
o Denmark
o Finland
o Spain
o Russia
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Singapore
o Australia
o Rest of Asia Pacific
• Latin America
o Brazil
o Mexico
o Argentina
o Rest of Latin America
• Middle East & Africa
o UAE
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
Order a free sample PDF of the Outdoor Power Equipment Market Intelligence Study, published by Grand View Research.
Key Companies profiled:
• Husqvarna AB
• Makita Corp
• Honda Motors Co. Ltd
• Briggs & Stratton Corp.
• Andreas Stihl AG & Company KG
• MTD Holdings Inc.
• Stanley Black and Decker Inc.
• Andreas Stihl AG & Company KG
• CHERVON (China) Trading Co., Ltd
• Techtronic Industries Ltd.
• Yamabiko Corporation
• Robert Bosch
• AL-KO Kober Group
• Ariens Company
• The Toro Company
• Deere & Company
Comments
Post a Comment