The market is expected to generate an incremental $ opportunity of US$ 17,842.5Mn between 2022 and 2032
Category: Clean Energy & Power Published Date : November 2022 ID: CVC-00536 Format: PDF Pages: 280
Outdoor Power Equipment Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Outdoor Power Equipment Market grew at a CAGR of 4.7% between 2017-2021 and is estimated to be US$ 27,685.4Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.1% and is expected to reach a valuation of US$ 45,527.9Mn by 2032 end.
The market for outdoor power equipment is predicted to rise due to increasing urbanization, disposable income, infrastructure development, and rising demand for landscaping services.
Additionally, as people become more aware of environmental issues, more lithium-ion batteries are being used in outdoor power equipment because they are environmentally benign and increase energy output. Many businesses are concentrating on innovation in lithium-ion batteries.
GROWING DEMAND FOR LANDSCAPING SERVICES AND INCREASING INTEREST OF HOMEOWNERS IN GARDENING ACTIVITIES
The market is primarily driven by the rising demand for landscaping services from business customers and homeowners looking to improve the aesthetic appeal of their properties.
For various landscaping tasks like lawn upkeep, hardscaping, tree care, lawn renovation, organic or natural lawn care, and snow removal, various outdoor power tools like lawn mowers, hedge trimmers, blowers, and saws are employed.
The outdoor power equipment market is driven by homeowners’ increasing propensity to spend more time engaging in outdoor and gardening activities in industrialized nations. Golf course design and maintenance also involve the usage of outdoor power equipment. As the number of golfers and golfers-to-be increases in the upcoming years, the demand for outdoor power equipment will likely increase.
HIGH MAINTENANCE COST AND AVAILABILITY OF OUTDOOR POWER EQUIPMENT ON LEASE
Lawnmowers and hedge trimmers are examples of outdoor power equipment. Many outdoor power equipment components, including motors, air, and fuel filters, need routine maintenance.
Outdoor power equipment needs to be calibrated regularly to ensure exact operations. Oiling, sharpening, changing parts, and other repairs necessary for the correct operation of tools are all included in routine maintenance. As a result, maintaining outdoor power equipment is rather expensive.
Consumers, especially those in developing nations, are unwilling to spend much money maintaining this equipment because laborers are readily accessible for less money. These maintenance and repair requirements also raise the expense of owning outdoor power equipment.
DEVELOPMENT OF SMART AND CONNECTED OUTDOOR POWER EQUIPMENT
Manufacturers prioritize providing linked equipment in response to the increased acceptance of IoT devices and the appeal of smart and connected products. The development of smart and connected gadgets results from technological advancements and the acceptance of wireless networking techniques.
Leading outdoor power equipment producers increasingly emphasize the creation of connected and smart outdoor power equipment. For instance, John Deere began providing JDLink, a digital platform that gathers real-time equipment data and communicates it to John Deere repair centers to customers at no additional cost.
Market Segments Covered in Report
By Region and Country:
Why does lawn mowers the most extensively used outdoor power equipment in the market?
The outdoor power equipment market is expected to be dominated by the segment of lawnmowers. The rising popularity of lawn and garden maintenance tasks among residential users and the increasing need for landscaping services contribute to the rising demand for lawnmowers.
Municipalities and landscaping service companies are some more significant end consumers of lawnmowers. The popularity of turf sports like golf also drives up the demand for lawnmowers.
Why is battery powered segment increasing in demand in the anticipated period?
It is anticipated that the battery power source market will grow at a CAGR more than 6.9% during the projection period. Because they are more affordable to buy online and have cheaper delivery costs than gasoline-powered alternatives, battery-powered sources are growing in popularity.
Additionally, many online shops are modifying their inventories to comply with the latest legislative directives for creating products for electric outdoor power equipment.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The market is divided and is characterized by fierce competition among businesses. These businesses concentrate on product innovation, product launches, and R&D expenditures. Numerous companies prioritize producing affordable and ergonomic items as a core component of their product offers.
The recent developments in the Global Outdoor Power Equipment Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Power, Type, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|