The global outdoor power equipment market size is expected to reach USD 30.70 Billion in 2028 and register a revenue CAGR of 3.5% over the forecast period, according to a latest report by Reports and Data. Factors such as high demand for battery-powered outdoor power equipment in a variety of commercial applications and increasing utilization of power tools for household activities are expected to drive market revenue growth between 2021 and 2028. Increasing consumer spending on durable goods, landscaping service, and recreational activities such as golf is also expected to boost adoption of advanced power equipment for outdoor purposes.
Rising demand for cordless power tools with extended battery life is expected to positively impact sales of outdoor power equipment globally. Lithium-ion batteries are widely utilized for battery-powered outdoor power equipment as these are lightweight, offer higher energy density, and enhanced efficiency. Stringent norms revolving around evaporative emissions imposed by regulatory bodies is driving demand for electric-powered outdoor power equipment over fuel-powered ones. Rising gas prices and ban on gas equipment implemented by hospitals, government municipalities, homeowner associations, and universities are projected to fuel demand for electric-powered tools.
Manufacturers are conducting research development activities in order to enhance tool strength and improve life span of equipment. These companies are increasingly investing in technological advancement of traditional outdoor power equipment to cater to rising consumer demand for effective outdoor power equipment around the world.
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Major companies profiled in the market report include:
Husqvarna, Deere Company, Honda Motor Company, Ltd., The Toro Company, Stihl Group, MTD Products, Ariens Company, Yamabiko Corporation, Stanley Black Decker, Inc., and Techtronic Industries (TTI).
Market Overview:
The manufacturing and construction industry has rapidly grown in terms of revenue in the recent years and is expected to register robust revenue growth throughout the forecast period. Factors such as technological advancements in manufacturing techniques and rapid urbanization and industrialization are boosting market revenue growth. Moreover, there has been a sudden rise in the demand for smart buildings and smart homes and consumers are inclining towards green energy and eco-friendly construction activities due to rising environmental concerns. These factors along with latest trend for redevelopment and advanced flooring for aesthetic look and increasing adoption of automation across the globe are fueling market growth. In addition, government schemes and increasing investments to develop enhanced products is expected to open favorable growth opportunities going ahead.
Some Key Highlights in the Report
- In March 2019, Husqvarna, which is a leading manufacturer of robotic mowers, launched Husqvarna Automower 435X AWD, an AI-enabled robotic mower. It is a game changing robotic mower for homeowners with connected homes and challenging lawns. In addition, the product can climb steep slopes as it is designed to manage rough terrain and slopes with an incline of up to 70%, and works with Alexa, Amazon, and Google Home, while providing an open Application Programming Interface (API) for smart home integration.
- Lawn mowers segment is expected to account for largest revenue share over the forecast period. This is due to increasing consumer spending on landscaping services and recreation of outdoor spaces. Lawn mowers are widely used for trimming, chopping, or mowing grass patches, fields, lawns, and gardens to ensure that grass is well-groomed, while growing at an appropriate and even height.
- Electric-powered segment is expected to account for significantly steady revenue share over the forecast period. Rising prices of gas and development of technologically advanced batteries would lead to high demand for electric-powered outdoor power equipment.
- Residential segment is expected to account for a steady revenue share in the global outdoor power equipment market. This is attributed to rising awareness among consumers regarding various benefits of battery-powered outdoor power equipment, compared to gas-powered tools.
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For the purpose of this report, Reports and Data has segmented the global outdoor power equipment market based on equipment type, power source, application, and region:
Equipment Type Outlook (Revenue, USD Billion; 2018-2028)
- Trimmers Edgers
- Lawn Mowers
- Blowers
- Saws
- Tillers Cultivators
- Snow Throwers
- Others
Power Source Outlook (Revenue, USD Billion; 2018-2028)
- Electric-powered
- Fuel-powered
Application Outlook (Revenue, USD Billion; 2018-2028)
- Residential
- Commercial
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Key Questions Addressed in the Report:
- What are the risks and threats that are affecting the market?
- Which region is expected to dominate the market in the coming years?
- Who are the prominent players of the industry? What strategic business plans have they undertaken?
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