Outdoor Power Equipment Market is Expected to Achieve at USD 63.3 Billion at a 3.9% CAGR by 2032

0

In 2022, the outdoor power equipment market was valued at around USD 44.8 billion globally. Forecasts indicate that significant expansion is imminent, with estimates to exceed USD 63.3 billion by 2032. It is anticipated that this growth trajectory will materialize gradually, with a 3.9% Compound Annual Growth Rate (CAGR) from 2022 to 2032.

The growing use of battery-powered outdoor power equipment, especially for gardening and lawn care duties, is the main factor propelling this market rise. Additionally, it is projected that sales of outdoor power equipment will be greatly boosted throughout the forecast period by the rising demand for landscaping services and the increased interest of homeowners in gardening activities.

This report may be downloaded as a sample at https://www.factmr.com/connectus/sample?flag=S&rep_id=1414.

The increasing demand for landscaping and lawn care services is driving a spectacular jump in growth in the global market for outdoor power equipment. Numerous important causes, such as expanding urbanization, an emphasis on outdoor aesthetics, and the industry’s embrace of cutting-edge technologies, can be contributed to this growth trend.

The Pattern of Changing Terrain

The growing emphasis on well-maintained outside spaces is a major factor driving the growth of the outdoor power equipment market. Landscaping has become more important, whether the goal is to improve curb appeal for residential properties or provide a welcoming outside space for commercial property owners. There has been a noticeable increase in demand for outdoor power equipment as a result of this move toward remodeling outdoor areas.

Urbanization and Small-Area Outdoor Environments

Larger conventional gardens are giving way to smaller outdoor areas like balconies and rooftop gardens as a result of the global trend toward urbanization. Due to the shift in living arrangements, there is a need for portable generators, electric mowers, and cordless trimmers, among other small and effective outdoor power equipment. Industry manufacturers have created inventive and compact designs in response to this desire.

Technology Integration

Technology’s incorporation into outdoor power equipment has revolutionized the industry. Customers are looking for linked, smart products that are efficient and convenient. These days, a lot of outdoor power equipment devices have features like GPS monitoring, remote control, and automated scheduling via smartphone apps. These developments help to the market’s overall expansion while also improving the user experience.

Competitive Environment

Leaders in the sector are investing in research and development (R&D) to broaden their product offerings and increase their geographic reach in the face of competition. These major players strategically collaborate with newcomers in order to obtain a clear edge over the competition.

Currently, a small group of seven to ten businesses holds about one-fourth of the market share. They are growing their operations strategically, especially in fast changing areas like China and India, with the goal of reducing manufacturing costs and raising overall competitiveness.

The most recent Fact.MR study offers thorough insights into a number of market factors related to outdoor power equipment. It includes important information about price tactics used by well-known manufacturers in many areas, sales growth paths, production capacities, and technological expansion initiatives.

For example:

  1. On June 8th, 2021, Honda Motors Co. Ltd. introduced the Honda eGX, a pioneering electrified power unit, representing the world s first battery-powered motor. It seamlessly integrates into Original Equipment Manufacturer (OEM) power equipment, suitable for both indoor and outdoor applications.
  2. On December 14th, 2021, Deere & Company entered a significant agreement to acquire a majority stake in Kreisel Electric, Inc., a distinguished battery technology developer headquartered in Austria. This strategic move underscores their commitment to harnessing advanced battery technology to bolster their product offerings and market positioning.

Report Scope: Global Outdoor Power Equipment Market

  • By Equipment :-
    • Lawn Care
    • Trimmer
    • Tree Care
    • Leaf blower
    • Snow Blower
    • Maintenance
    • HLE (Heavy Landscaping Equipment)
  • By Capability :-
    • Self-Propelled Mower
    • Riding Lawn Mower
    • Automatic Lawn Mower
    • Push Lawn Mower
    • Others
  • By Fuel Type :-
    • Diesel
    • Electric
    • Battery
  • By Price Range ($) :-
    • 0-100 dollar
    • 100-400 dollar
    • 400 & Above
  • By Sales Channel :-
    • Retail
    • Distributor
    • Online
  • By End-Use :-
    • Residential use
    • Commercial use
    • Public Places
  • By Region :-
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa (MEA)

Customize this report by visiting this link: https://www.factmr.com/connectus/sample?flag=RC&rep_id=1414

Market Prospects

Outdoor power equipment is becoming more and more in demand nationwide. This industry is expanding in North America, Europe, Asia-Pacific, and other regions of the world. As economies grow and disposable incomes rise, emerging markets are becoming increasingly appealing, opening up chances for businesses and homeowners to engage in lawn care and landscaping.

Contact: (628) 251-1583, +353-1-4434-232; Fax: 11140 Rockville Pike, Suite 400, Rockville, MD 20852, United States; Email: [email protected]

Leave A Reply

Your email address will not be published.