Report : Outdoor Power Equipment Market to 2027 - Global Analysis and Forecasts by Equipment Type (Lawn Mowers, Blowers, Tillers & Cultivators, Chainsaws, Trimmers, Hedge Trimmers, Sprayers, Mist Dusters, and Others); Power Source (Electric-Powered and Fuel-Powered); Application (Commercial and Residential) and Geography
The outdoor power equipment market was valued at US$ 25.55 billion in 2019 and is projected to reach US$ 34.11 billion by 2027; it is expected to grow at a CAGR of 3.8% from 2020 to 2027. The outdoor power equipment market has witnessed eminent growth in the last couple of year’s globally increasing focus on sustainable environmental growth and rising construction and infrastructure industry across the world will drive the demand for outdoor power equipment during the forecast period. The lawn and landscaping industry in terms of both equipment and services has grown substantially. Sustainable landscaping is a popular trend nowadays owing to the usage of environment-friendly resources and methods. In addition, the growth of global infrastructure, construction, and urban development industry is further fuelling the demand for outdoor power equipment for lawn and landscaping applications. In developing countries such as China and India, the construction industry has a huge potential for growth owing to rising disposable incomes, favorable government initiatives, and high rate of economic development.
The penetration of connected devices powered with technologies such as Internet of things (IoT) and artificial intelligence is increasing at a fast pace across diverse industries ranging from healthcare to real estate. The growth of these technologies is driven by the increasing number of successful use cases in areas such as smart homes, smart buildings, and smart cities. The growing popularity of IoT across industries is motivating outdoor power equipment OEMs to integrate IoT with their products for enhanced productivity and convenience. IoT helps companies and customer in equipment location tracking, remote monitoring via smartphones, built-in safety measures, engine diagnostics and performance monitoring. Companies such as Husqvarna Group are integrating IoT in their connected lawn mowers. This trend is predicted to pitch over the period leading to a huge opportunity for the outdoor power equipment players.
The outdoor power equipment market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. The North America region holds the highest market share, whereas APAC is projected to be the fastest-growing region as well in the coming years. In North America, the willingness of individuals to have luxurious lifestyle is one of the factors responsible for stimulating the growth of the residential sector. Individual houses with lawn or garden areas in the US play a significant role in bolstering the use of different outdoor power equipment. Need among the Americans to have a lawn is rising owing to the increase in the construction of individual houses.
The outdoor power equipment market by equipment type is segmented into lawn mowers, blowers, tillers and cultivators, chainsaws, trimmers, hedge trimmers, sprayers, mist dusters, and others. The lawn mowers holds a significant share in the market, on the other hand, chainsaws is expected to be the fastest-growing equipment type during the forecast period. The chainsaws are available with cordless power systems, electric, and fuel-powered for property maintenance. This can also be used for trimming purposes as it has a bar & plenty of cutting power that helps in cutting small branches easily.
Based on application, the outdoor power equipment market is segmented into residential and commercial. The residential held the largest market in 2019. The US, Australia, Germany, Canada, the UK, France, and Japan are the prominent countries using landscaping services for gardens and lawns. High inclination of home owners to renovate their houses including exterior spaces stimulates the adoption of outdoor power equipment in the residential sector.
The major players operating in the market for outdoor power equipment market are ANDREAS STIHL AG & Co. KG, Ariens Company, Deere & Company, Honda Motor Co., Ltd., Husqvarna AB, MTD Products Inc., STIGA S.p.A., Techtronic Industries Co. Ltd., The Toro Company, and YAMABIKO Corporation among others.
Outdoor Power Equipment Market - Geographic Breakdown, 2018
The report segments the global outdoor power equipment market as follows:Global Outdoor Power Equipment Market – By Power Source