The global outdoor power equipment market is poised for significant growth, with a projected compound annual growth rate (CAGR) of 6 percent during the forecast period. In 2021, the market size for outdoor power equipment stood at an impressive USD 25.9 billion. Several key factors are driving this upward trajectory, including technological advancements, changing consumer preferences, and the impact of the COVID-19 pandemic.
Technological Innovations Revolutionize the Industry
Outdoor power equipment has witnessed remarkable technological advancements, driven by substantial investments in research and development by international players. These innovations encompass the use of cordless tools, sensors, and the integration of industry 4.0 and robotics, resulting in the creation of autonomous equipment. Such developments cater to a rising culture of lawn and garden maintenance, increased interest in sports on artificial surfaces like golf, and the growth of landscaping services fleets. Additionally, the construction industrys potential adoption of outdoor power equipment further fuels demand. Governments and municipalities worldwide embracing sustainable landscaping and green infrastructure projects have also positively influenced market demand.
Rising Urbanization and Gardening Enthusiasm
The outdoor power equipment market is buoyed by factors like increasing urbanization, disposable income, and infrastructure development. As consumers become more environmentally conscious, the use of lithium-ion batteries in outdoor power equipment has surged due to their eco-friendliness and enhanced energy output. Leading companies, such as Techtronic Industries, are at the forefront of lithium-ion battery innovation, offering improved performance and longevity.
Residential Gardening and Home Renovation Trends
The popularity of gardening, especially among younger generations, has surged. With limited space for gardening, the market has responded with lighter and more user-friendly equipment tailored to smaller yards. The rise in home renovation projects also contributes to the expansion of the garden and outdoor power equipment market. Companies like The Toro Company, Husqvarna, and ANDREAS STIHL AG & Co. KG capitalized on the stay-at-home trend during the pandemic, extending the gardening season.
COVID-19 Impact and Market Resilience
The COVID-19 pandemic initially disrupted the markets expansion in 2020, affecting businesses worldwide. Operational disruptions and financial challenges were particularly notable in hard-hit countries like the US, Germany, China, and the UK. However, as businesses recover, there has been a resurgence in demand for outdoor power equipment. While the pandemic disrupted the markets value chain, a gradual recovery has resulted in sustained growth.
Dominant Segments and Regional Landscape
Lawn mowers are expected to dominate the outdoor power equipment market, driven by the rising popularity of lawn maintenance, landscaping services, and golf course maintenance. In 2021, residential users accounted for over 49.37% of the market share, with the commercial segment projected to grow at a CAGR of 5.3% during the forecast period, driven by urbanization trends and the expansion of smart cities.
North America Leads the Way
North America currently leads the global market due to the presence of major industry players and technological advancements. Europes market is poised for growth, driven by automation, efforts to reduce carbon emissions, and expanding construction and urbanization. Asia Pacific, with significant investments in countries like India, China, and Japan, presents substantial market potential. Additionally, the push for green infrastructure is expected to boost the sale of electric equipment.
Competitive Landscape
Key players in the outdoor power equipment market include Husqvarna, The Ariens Company, The Toro Company, Deere & Co., Stanley Black & Decker, Honda, Stihl Group, Briggs & Stratton Corporation, Robert Bosch, and many more. These industry leaders continue to innovate and drive the market forward with cutting-edge products.
As the outdoor power equipment market continues to thrive, consumers can expect further innovations, eco-friendly solutions, and user-friendly designs that cater to the growing demand for landscaping, gardening, and outdoor maintenance.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/outdoor-power-equipment-market
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COMTEX_442467050/2840/2023-10-26T02:15:50