Outdoor Power Equipment Market Growth Analysis, Trends Forecast by...

Outdoor Power Equipment Market Growth Analysis, Trends Forecast by Regions and Types to 2030

Posted 2024-10-23 08:51:38

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The global outdoor power equipment market was valued at USD 46.53 billion in 2021 and is projected to reach USD 76.61 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030. This growth can be attributed to the rising demand for cordless outdoor power equipment, driven by consumers seeking greater flexibility and portability in their tools. In response to this demand, many companies have been introducing technological advancements in outdoor power equipment. For instance, in February 2020, Robert Bosch GmbH launched two autonomous lawn mowers, the Indego M 700 and Indego M+ 700. These models feature 18 V lithium batteries and brushless DC motors, designed to maintain medium-sized gardens of up to 700 square meters on a single charge, offering enhanced convenience and efficiency.

Several factors are expected to fuel the growth of the outdoor power equipment market, including increasing urbanization, higher disposable incomes, and growing infrastructure development. As a result, there has been a rising demand for landscaping services, further driving the market. Additionally, growing environmental awareness is pushing consumers toward eco-friendlier options, particularly outdoor power equipment that runs on lithium-ion batteries. These batteries are environmentally friendly and maximize energy efficiency, making them an attractive choice for consumers. Companies are continuously innovating in the area of lithium-ion batteries. For example, Techtronic Industries introduced red lithium-ion batteries for its cordless power tools in 2021, which offer faster performance and extended battery life, enhancing overall equipment efficiency.

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Another trend contributing to the market's growth is the increasing popularity of gardening, particularly among younger generations. Many young people are turning toward growing their own vegetables, fruits, and herbs, often in smaller spaces. As a result, the gardening and lawn care industry is adapting by creating equipment that is lighter and more compact, making it easier to use in smaller yard areas. This shift reflects the evolving preferences of consumers who seek comfort, convenience, and efficiency in their gardening tools.

Power Source Segmentation Insights:

The outdoor power equipment market is segmented based on power sources into three categories: gasoline, battery, and electric corded. In 2021, the gasoline-powered segment held the largest market share, accounting for 56.8%. However, demand for gasoline-powered equipment is expected to decline over time due to concerns about gas fumes, noise pollution, and the negative environmental impact of these machines. To address these issues, several government regulations have been introduced to limit the use of gasoline-powered outdoor equipment. For example, California is set to implement laws as early as 2024 banning gas-powered chainsaws, lawnmowers, and leaf blowers in an effort to reduce environmental harm.

On the other hand, the battery-powered equipment segment is expected to grow at a CAGR of over 6.9% during the forecast period. The expansion of battery-powered equipment is due to several advantages over gasoline-powered alternatives, including lower shipping costs, lighter weight, and increased affordability when purchased online. Additionally, many online retailers are adjusting their inventories to comply with new government regulations by offering more electric outdoor power equipment. As these regulations encourage the development of environmentally friendly products, battery-powered outdoor equipment is likely to gain further market traction.

Overall, the global outdoor power equipment market is experiencing significant growth, driven by technological innovations, a shift toward more sustainable power sources, and evolving consumer preferences. Companies are increasingly focusing on developing lightweight, energy-efficient, and environmentally friendly equipment to meet the changing demands of modern consumers.

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