Outdoor Power Equipment Market estimated to exceed USD 41.1 billion by 2031
WILMINGTON, DELAWARE, UNITED STATES, February 14, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The outdoor power equipment market size was valued at $24.4 billion in 2021, and is estimated to reach $41.1 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.
Outdoor power equipment refers to machinery and tools powered by engines or motors used for various outdoor tasks, such as lawn care, landscaping, construction, agriculture, forestry, and maintenance.
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North America is expected to exhibit CAGR of 4.7% during 2022-2031.
In Asia-Pacific, Japan is estimated to have market share of 2.2% of the global market share in 2031; and is expected to exhibit CAGR of 5.4% during 2022-2031.
In Asia-Pacific region, South Korea had market share of 1.2% in 2021; and is expected to exhibit CAGR of 7.1% during 2022-2031 creating high outdoor power equipment market growth in the region.
Top Industry Players
McLane, American Lawn Mower, Husqvarna, MTD, Oregon, Snow Joe, Briggs & Stratton, TTI, Craftsman, Worx, Bosch, Honda, Cub Cadet, Troy Blit LLC, Champion Power Equipment, Kipor Power, and Toro Company.
The increase in the interest of the individuals towards the gardening and horticulture has led to increase in the demand for gardening tools especially in North America and Europe region.
The conventional outdoor power equipment segment had market share about 63.8% of the global market share in 2021.
Outdoor power equipment is used by both residential consumers and commercial professionals. Residential users typically use equipment for maintaining lawns, gardens, and small properties, while commercial users, including landscapers, contractors, municipalities, and agricultural operators, rely on outdoor power equipment for larger-scale projects and regular maintenance tasks.
In recent years, the outdoor power equipment market has experienced a significant surge in demand. From lawn mowers to chainsaws, consumers are increasingly investing in high-quality tools to maintain their outdoor spaces. This growth can be attributed to the rising popularity of outdoor activities and the increasing importance of lawn care among homeowners.
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The Impact of Technological Advancements
Technological advancements have revolutionized the outdoor power equipment market, with features such as smart sensors and GPS tracking becoming standard offerings. These innovations not only enhance the efficiency of the equipment but also provide users with valuable data and insights to optimize their outdoor tasks.
The market is being driven by rise in usage of battery-powered outdoor power equipment for lawn maintenance and gardening activities.
Rise in demand for landscaping services and rise in interest among homeowners in gardening activities are likely to boost the sales of outdoor power equipment during the forecast period.
The globe is progressing toward more environmentally friendly technologies. People are shifting to greener energy sources to minimize carbon emissions and improve environmental safety.
Gardeners have recently become aware of the different advantages of electric lawnmowers over conventional equivalents or gas-powered equipment, which generate nearly 5-6% of total hydrocarbons in the atmosphere in metropolitan areas.
The market for outdoor power equipment is mature, and its growth is mostly influenced by variables, such as population and age distribution, consumer spending, housing and other constructions, location, and recreational and leisure activities.
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Robotics and battery technology are set to play a significant role in the future of this industry. The operational costs of battery-powered (for instance, cleaner) equipment are cheaper than those of natural gas-powered devices.
Battery-powered equipment is expected to promote sales of big equipment, such as lawnmowers in both, commercial and domestic sectors. With their lower prices, simplicity of use, and technical advancements, robotic lawnmowers are expected to become more popular in the future years.
Consumer Behavior and Preferences
Understanding consumer behavior is crucial for companies operating in the outdoor power equipment market. Consumers today are looking for products that offer a balance of performance, durability, and affordability. Additionally, there is a growing demand for equipment that is easy to use and maintain, catering to both novice and experienced users.
In conclusion, the outdoor power equipment market is a dynamic and thriving sector that shows no signs of slowing down. With a focus on innovation, sustainability, and consumer-centric solutions, companies in this space are well-positioned to meet the evolving needs of outdoor enthusiasts worldwide.
By type, the lawn mower segment accounted for the largest share in 2021.
By power source, the fuel powered segment was the leading segment in 2021.
By application, the residential segment was the highest revenue contributor in 2021.
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COVID-19 Analysis:
In the post-pandemic period, a surge in demand for outdoor power equipment industry has been witnessed with the resumption of operations in various industries. The COVID-19 pandemic has substantially impacted the value chain of the outdoor power equipment market; however, there has been a consistent revival of the value chain, leading to steady market growth.
The U.S., China, and Germany accounted for significant shares of the market in 2021. Considerable increase in demand for maintenance of public and private spaces from commercial and residential/DIY application segments is driving the market growth in the post-pandemic period.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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