The global outdoor power equipment market size reached a valuation of approximately USD 44.8 billion in 2022. Projections indicate that this market is poised for substantial growth, with expectations to surpass USD 63.3 billion by 2032. This growth is forecasted to occur at a consistent Compound Annual Growth Rate (CAGR) of 3.9% from 2022 to 2032.
The primary driver behind this market expansion can be attributed to the increasing adoption of battery-powered outdoor power equipment for tasks related to lawn maintenance and gardening. Furthermore, the rising demand for landscaping services and the growing interest among homeowners in gardening activities are anticipated to significantly bolster the sales of outdoor power equipment throughout the forecasted period.
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The global outdoor power equipment market is experiencing a remarkable surge in growth as the demand for landscaping and lawn care services continues to rise. This growth trend can be attributed to several key factors, including increased urbanization, a growing focus on outdoor aesthetics, and the adoption of advanced technologies in the industry.
The Landscape Transformation Trend
One of the driving forces behind the growth of the outdoor power equipment market is the increasing importance placed on well-maintained outdoor spaces. Whether it's residential homeowners aiming to enhance their property's curb appeal or commercial property owners seeking to create inviting outdoor areas, landscaping has become a priority. This shift towards transforming outdoor spaces has led to a surge in demand for outdoor power equipment.
Urbanization and Smaller Outdoor Spaces
The global trend toward urbanization has resulted in a shift from larger, traditional gardens to smaller outdoor spaces like balconies and rooftop gardens. This change in living arrangements has created a need for compact and efficient outdoor power equipment, such as cordless trimmers, portable generators, and electric mowers. Manufacturers in the industry have responded to this demand with innovative and space-saving designs.
Technology Integration
The integration of technology into outdoor power equipment has been a game-changer. Consumers are increasingly seeking smart, connected devices that offer convenience and efficiency. Today, many outdoor power equipment products come equipped with features like smartphone apps for remote control, GPS tracking, and automated scheduling. These advancements not only improve the user experience but also contribute to the overall growth of the market.
Competitive Analysis:
In the realm of market competition, industry leaders are channeling investments into Research and Development (RD) to expand their product portfolios and extend their geographic footprint. These key players exhibit a strategic interest in forming partnerships with emerging entrants to attain a distinct competitive advantage.
A select group of seven to ten enterprises currently command approximately one-fourth of the overall market share. They have strategic plans in motion to broaden their operations, particularly in rapidly evolving regions like India and China. These endeavors aim to drive down production costs and other associated expenses, enhancing overall competitiveness.
The latest report from Fact.MR provides comprehensive insights into various aspects of the outdoor power equipment market. It covers essential details such as pricing strategies adopted by prominent manufacturers across different regions, their sales growth trajectories, production capabilities, and their speculative ventures into technological expansion.
For example:
- On June 8th, 2021, Honda Motors Co. Ltd. introduced the Honda eGX, a pioneering electrified power unit. The Honda eGX represents a groundbreaking achievement as the world's first battery-powered motor. It has been meticulously engineered to seamlessly integrate into Original Equipment Manufacturer (OEM) power equipment, suitable for both indoor and outdoor applications.
- On December 14th, 2021, Deere Company entered into 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.
Global Outdoor Power Equipment Market Report Scope
- 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)
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Market Opportunities
The rise in demand for outdoor power equipment is not limited to any specific region. North America, Europe, Asia-Pacific, and other parts of the world are all experiencing growth in this sector. Emerging markets are becoming particularly attractive as economies develop and disposable incomes rise, creating opportunities for homeowners and businesses to invest in landscaping and lawn care.
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