Explosive Growth Predicted for Outdoor Power Equipment Market: Technological Advancements Drive Industry Expansion | 2030
The global outdoor power equipment market, valued at USD 25.9 billion in 2021, is set to grow at a robust Compound Annual Growth Rate (CAGR) of 6 percent during the projected period. This growth is fueled by impressive technological advancements and substantial research and development investments from international industry players. From cordless tools and sensors to the integration of Industry 4.0 and robotics, significant strides in technology are reshaping the outdoor power equipment landscape. The market benefits from a growing trend of lawn and garden maintenance, surging interest in sports on artificial surfaces, a rising number of landscaping fleets, and an increasing potential for the construction sector to embrace outdoor power equipment. Government-backed sustainable landscaping and green infrastructure projects are further driving market demand.
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Numerous factors contribute to the markets expansion, including urbanization, disposable income, and infrastructure development. The transition towards lithium-ion batteries due to environmental concerns and a rise in awareness among consumers is a notable trend, leading to innovation in this field. For example, Techtronic Industries adopted red lithium-ion batteries in 2021 for their cordless power tools, enhancing performance and energy output over the batterys lifespan.
With a burgeoning interest in gardening, particularly among younger generations, there is a growing need for compact equipment that fits smaller spaces. The trend towards home renovation projects further supports the expansion of the garden and outdoor power equipment market, particularly seen through companies like The Toro Company, Husqvarna, and ANDREAS STIHL AG & Co. KG that benefited from the stay-at-home movement during the pandemic.
Outdoor Power Equipment Market: COVID-19 Impact
The global economy and industries faced substantial upheaval due to the COVID-19 pandemic. The initial months of 2020 witnessed pandemic-related disruptions, particularly in countries like the US, Germany, China, and the UK. Companies in these hard-hit regions experienced operational challenges, affecting financial reporting. Some businesses incurred significant revenue losses and suspended operations. The majority of companies operate on a just-in-time paradigm or are micro, small, and medium-sized enterprises (MSMEs). Supply chain disruptions also impacted certain companies. Despite these challenges, recovery led to increased demand for outdoor power equipment, rejuvenating the value chain and sustaining market growth.
Outdoor Power Equipment Market: Drivers
Growing Interest in Gardening and Demand for Landscaping Services Propel Market
The increasing demand for landscaping services among homeowners and businesses seeking aesthetic enhancements drives the outdoor power equipment market. A diverse range of outdoor power tools, including lawn mowers, hedge trimmers, blowers, and saws, are employed for various landscaping tasks. The trend of spending more time on outdoor and gardening activities contributes to market growth, and golf course maintenance also relies on outdoor power equipment. The demand for such equipment is poised to rise due to heightened interest in lawn and garden maintenance activities.
Technological Advancements Power Market Growth
Outdoor power equipment is powered by gasoline engines, electric motors, or battery-powered motors, with battery-powered equipment witnessing high demand. Remote working, fluctuating gas prices, and environmental conservation concerns drive the popularity of battery-powered equipment. Major players are focusing on environmentally-friendly products, driving innovation in lithium-ion batteries. Electrification is a pivotal element in developing a low-carbon economy, further contributing to market growth.
Outdoor Power Equipment Market: Restraints
Equipment Maintenance Costs and Availability for Lease Limit Growth
Routine maintenance of outdoor power equipment, including motors, air filters, and fuel filters, incurs substantial costs. Regular calibration and maintenance ensure accurate equipment operation. These maintenance requirements increase the overall cost of ownership, discouraging some consumers, particularly in developing countries, from investing in outdoor power equipment. Availability of inexpensive labor for maintenance tasks further deters ownership.
Outdoor Power Equipment Market: Segment Overview
Lawn Mowers Lead Market due to Growing Lawn Maintenance Trend
Lawn mowers dominated the outdoor power equipment market in 2021 and are expected to continue their dominance in the forecasted period. The rise in lawn and garden maintenance activities among residential users and the increasing demand for landscaping services contribute to the high demand for lawn mowers. Golf course maintenance also relies heavily on these tools, further driving market growth.
Residential Sector Dominates Due to Growing Interest in Gardening
In 2021, the residential sector accounted for over 49.37% of the market share. The increasing trend of spending time outdoors and engaging in gardening activities among residential users drives market growth in this sector. The stay-at-home trend during the pandemic also boosted DIY outdoor power equipment sales. The commercial segment is projected to expand at a CAGR of 5.3% during the forecasted period, fueled by the rise of smart cities due to urbanization.
Outdoor Power Equipment Market: Regional Landscape
North America Holds Dominance Due to Increasing Preference for Online Shopping
The outdoor power equipment market is segmented across North America, Europe, Asia Pacific, and the rest of the world. North America leads the market due to the presence of major players. The adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technologies has fueled growth. Europes market is driven by automation and a push towards reducing carbon dioxide emissions. Germanys numerous national parks and botanical gardens have contributed to the demand for robotic lawn mowers. The Asia Pacific region, particularly India, China, and Japan, is witnessing substantial investments, while green infrastructure initiatives boost demand for electric equipment.
Global Outdoor Power Equipment Market: Competitive Landscape
Toro unveiled a new autonomous, smart-connected robotic lawnmower in development, set to launch in spring 2023. Karcher introduced an advanced robotic scrubber powered by Brain Corporation Brain OS. Industry players like Husqvarna, The Ariens Company, Mtd Products, Deere & Co., and others continue to innovate and expand their offerings, capitalizing on the demand for outdoor power equipment.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/outdoor-power-equipment-market
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COMTEX_439235550/2840/2023-08-30T06:41:27