Outdoor Power Equipment Market, Industry Size, Share, Trends, Growth, Future Prospects, Forecast 2023 to 2030
Outdoor Power Equipment Market Overview
Market Research Future (MRFR) expects the global outdoor power equipment market 2022 to register a considerable valuation by 2030-end. MRFR also projects that the global Outdoor Power Equipment Market can record a decent growth rate of 5.22% from 2022 to 2030, which is the forecast period.
Prominent Companies
Key contenders who are working on getting a hold of a substantial share in the outdoor power equipment market are Blount International, Inc. (U.S.), Honda Motor Co., Ltd. (Japan), Deere & Company (U.S.), MTD Products (U.S.), The Toro Company (U.S.), Husqvarna (Sweden), STIHL Holding AG & Co. KG (Germany), Techtronic Industries Co. Ltd. (TTI) (Hong Kong), Stanley Black & Decker Inc. (U.S.), Emak S.p.A. (Italy), Makita Corporation (Japan), to name a few.
Top Boosters and Key Challenges
Currently, in Singapore, a vertical farming startup is going beyond the conventional and taking agrotechnology to another level. The company’s scalable farming solution has made it possible to cultivate plants indoors without needing any pesticides or chemicals or fertilizers. This trend has gripped a number of urban areas across the globe. Quite recently, a Google founder invested significantly in a similar startup in order to bring fresh and natural agricultural produce to urban locations. The emerging trends such as hydroponics have been a boon for the outdoor power equipment industry and are viewed as a significant untapped opportunity.
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The outdoor power equipment market is taking gigantic strides all over the world, thanks to the surge in technological advancements, with many more anticipated in the near future. At present, electric lawn-mowers and robotic outdoor power equipment are creating a lot of buzz, although the latter is still in the inception stage.
The mounting demand for top quality real-estate, rising emphasis on aesthetics by homeowners, and the soaring demand for outdoor power equipment in the commercial sector can also benefit the global market. Besides, the expansion of organic farming in developed areas with the increase in technical knowhow as well as new solutions can induce growth of the outdoor power equipment market.
Market Segmentation
Product, power source and applications are the primary segments covered in the report, based on which the market for outdoor power equipment has been analyzed extensively by MRFR experts.
The product-based market segmentation includes cordless and rope power tools. The cordless tool segment can note massive demand in the future, on account of the easy to maintain property of lithium ion-powered tools. The segment can register a CAGR of 5.41% during the assessment timeframe because of a cordless tool’s portability and requirement for limited space for storage purpose. The rope power tools segment, however, can achieve a growth rate of 4.91% in the given period owing to their low cost.
The power sources discussed in the report are battery, electric, and others. Electric power source promises significant savings in costs, providing high torque needed for landscape activities in small areas. Therefore, the segment can have an impressive growth trajectory in the market during the review period. In 2017, the segmental share in the global market was close to 47.76% and it shows the potential to record a CAGR of 5.45% in the coming years. The battery segment can also perform steadily in the years ahead, and is set to advance at a rate of 5.15%. The others segment comprises gasoline-powered equipment.
Some of the significant market applications are commercial and household. Increasing per capita income of people around the world and the rising preference for durable goods augments the demand for outdoor power equipment for household applications. Further, the commercial segment is anticipated to expand at a rate of 5.04% during the evaluation period.
Regional Insight
The outdoor power equipment market is split into key regions of Europe, Asia Pacific (APAC), North America, and the Rest-of-the-World (RoW).
North America can soon be the reigning market for outdoor power equipment, due to the increase in do-it-yourself (DIY) projects and the mounting interest in gardening among home owners. The lightweight nature of outdoor power tools also boosts their demand in the market, because of which the region can progress at a rate of 5.67% in the subsequent period. The United States (US) is known for its rich culture of lawn maintenance and gardening. Other than that, the country boats of an expansive pool of renowned landscaping and turf maintenance service vendors. More and more consumers are opting for lawn and garden care equipment in an attempt to beautify their homes by elevating their aesthetics, which stimulates the market demand to a large extent.
The market in Europe is largely dependent on countries like Germany and France that are experiencing a boom in the construction industry and subsequent improvement of residential properties. The regional market can record a growth rate of 4.93% in the ensuing years on account of the large number of privately funded projects in healthcare and education sectors.
APAC is all set to achieve a CAGR of 5.36% in the near future, with major market growth expected in Southeast Asia, Japan as well as China. With the increasing construction of green and sustainable buildings to bring down pollution levels, the market will be able to capitalize on this lucrative opportunity in the following years.
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