NEW YORK, May 30, 2024 /PRNewswire/ — The global outdoor power equipment market size is estimated to grow by USD 11.51 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.44% during the forecast period.
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Technavio has announced its latest market research report titled Global Outdoor Power Equipment Market 2024-2028
Segment Overview
Type
1.1 Gasoline
1.2 Electric corded
1.3 Battery
End-user
2.1 Residential
2.2 Commercial
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 Middle East and Africa
3.5 South America
1.1 Gasoline- The outdoor power equipment market features gasoline-powered tools like chainsaws and acetylene welders. These engine-driven devices are valuable in areas without electric power. However, they come with drawbacks, including high noise levels and harmful emissions. The shift towards electric tools is reducing demand for gasoline-powered equipment, potentially impacting market expansion during the forecast period.
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Outdoor Power Equipment Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.44% |
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Market growth 2024-2028 |
USD 11.51 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
6.04 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 39% |
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Key countries |
US, Canada, China, Germany, and UK |
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Key companies profiled |
ANDREAS STIHL AG and Co. KG, AriensCo, BAD BOY JOE LLC, Briggs and Stratton LLC, D and D Motor Systems Inc., Deere and Co., Emak Spa, Generac Holdings Inc., Greenworks Tools, Honda Motor Co. Ltd., Husqvarna AB, Kubota Corp., Makita Corp., Maruyama Mfg. Co. Inc., Robert Bosch GmbH, Sharpex Engineering Works, Stanley Black and Decker Inc., STIGA S.p.A., Techtronic Industries Co. Ltd., and The Toro Co. |
Market Driver
The outdoor power equipment market experiences growth due to the increasing popularity of smart gardening practices. Smart gardening incorporates technology to simplify tasks, providing real-time notifications for plant care and weather data.
Vendors like Husqvarna and Robert Bosch innovate with robotic lawnmowers, such as Robert Bosch’s Indego with Logicut navigation, covering up to 400 square meters. These tools minimize manual intervention, fueling the market’s expansion during the forecast period.
The Outdoor Power Equipment market is thriving with various trends shaping its growth. Chainsaws, blowers, trimmers, and mowers are popular equipment types in high demand. Gardens and landscapes require regular maintenance, leading to increased sales of these tools.
Cordless and battery-operated equipment are becoming increasingly preferred due to their convenience and eco-friendliness. Robotic mowers and manual push mowers also hold significant market share. Tillers, cultivators, and aerators are other essential equipment for yard care. The market is expected to grow further with advancements in technology and consumer preferences.
Market Challenges
The landscaping industry experiences seasonal fluctuations, leading to unpredictable revenue streams for outdoor power equipment market participants. Demand peaks during spring and summer due to increased plant growth and outdoor activities.
Conversely, winter brings low demand due to shorter days, lack of sunlight, and alternative activities like leaf cleaning and snow removal. This seasonality makes it challenging for contractors to manage staffing levels, impacting profitability and market growth during the forecast period.
The Outdoor Power Equipment market faces several challenges. These include increasing competition from automated and robotic tools, rising costs of raw materials, and changing consumer preferences towards energy-efficient and eco-friendly products. Additionally, regulatory requirements and stringent safety standards add to the complexity of the industry.
Furthermore, the market is subject to seasonal fluctuations, with demand peaking during warmer months. To remain competitive, manufacturers must focus on innovation, cost reduction, and sustainability. They must also adapt to evolving consumer needs and trends. Overall, the Outdoor Power Equipment market requires a strategic approach to address these challenges and capitalize on growth opportunities.
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Research Analysis
The Outdoor Power Equipment Market encompasses a wide range of machinery designed for maintaining and enhancing outdoor spaces. This market includes various product categories such as Lawn Mowers (Riding Mowers, Zero-Turn Mowers, Push Mowers, Robotic Mowers), Chainsaws, Trimmers, Blowers (Snow Blowers), Pressure Washers, Generators, Hedge Trimmers, Brush Cutters, Chippers, Shredders, Edgers, Tillers, Cultivators, Log Splitters, Pole Saws, Earth Augers, Stump Grinders, and Lawn Tractors.
These tools are available in different power sources, including Electric Tools, Gasoline Tools, and Cordless Tools, catering to diverse user preferences and requirements. Handheld Tools are also a significant part of this market, offering convenience and versatility for various gardening and landscaping tasks.
Market Research Overview
The Outdoor Power Equipment Market encompasses a wide range of products designed for exterior applications. These include lawn mowers, blowers, choppers, trimmers, generators, hedge trimmers, cultivators, pumps, and various other tools. The market caters to both residential and commercial consumers, with a focus on efficiency, durability, and ease of use.
Innovations in technology have led to the development of cordless and battery-operated equipment, offering convenience and reduced emissions. The market is driven by factors such as increasing urbanization, growing awareness of environmental sustainability, and rising disposable income. Additionally, trends towards automation and smart technology are influencing the design and functionality of outdoor power equipment.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Gasoline
Electric Corded
Battery
End-user
Residential
Commercial
Geography
North America
Europe
APAC
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio