Expansion of the Construction Industry: A Key Driver Transforming the Outdoor Power Equipment Market 2024
Outdoor Power Equipment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The outdoor power equipment market is projected to grow steadily, from $28.28 billion in 2023 to $28.89 billion in 2024, with a CAGR of 2.1%. Key drivers include urbanization, landscaping and gardening trends, commercial landscaping services, farming, and sports field maintenance.
Global Outdoor Power Equipment Market Size Forecast and Annual Growth Rate Predictions
The market is projected to grow steadily, reaching $33.08 billion by 2028 at a CAGR of 3.4%. This growth is attributed to diverse work environments, government initiatives, preparedness for extreme weather, rental and leasing services, and seasonal demand. Trends in this sector include technological advancements, sustainable landscaping, battery-powered equipment, electric lawnmowers, and smart, connected tools.
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What Are The Major Factors Driving The Growth Of The Outdoor Power Equipment Market?
The expansion of the construction industry is expected to drive demand for outdoor power equipment. This equipment is essential for site preparation, such as clearing soil and cutting plants, and for maintaining grounds. According to FMI Corporation, engineering and construction investment is projected to increase by 5% in 2022 compared to 2021, further accelerating the growth of the market.
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Which Major Market Players Are Propelling the Outdoor Power Equipment Market?
Major companies operating in the market include Briggs & Stratton Corporation, Deere & Company, Honda Motor Co. Ltd., The Husqvarna Group., Makita Corporation., Yamabiko Corporation, STIHL AG & Co. KG, Techtronic Industries Company Ltd., The Toro Company, Andreas Stihl AG & Co.KG, AriensCo, Oregon Tool Inc., Snow Joe LLC., Craftsman, Positec Tool Corporation., AL-Ko Kober Group, Excel Industries Inc., Chevron Trading Co Ltd., MTD Holdings Inc., Stanley Black and Decker Inc., Robert Bosch GmbH, Greenworks Tools, EGO Power Plus, Ryobi Limited, Snapper Inc., Troy-Bilt LLC., Remington Arms Company LLC., Swisher Acquisition Inc.
What Trends Are Shaping the Future of the Outdoor Power Equipment Market Size?
Companies in the market are innovating with products like motor controllers to enhance revenue. Motor controllers regulate electric motor performance, managing speed, direction, and efficiency. In October 2022, Delta Systems Inc., a US-based manufacturer of equipment for outdoor power tools, launched motor controllers to improve speed control for brushless DC (BLDC) and permanent magnet AC (PMAC) motors, widely used in battery-powered devices. These motor controllers come with IP67A sealing for durability in harsh conditions and integrate a vehicle control module (VCM) to eliminate the need for external components.
What Is the Segmentation of the Global Outdoor Power Equipment Market?
The outdoor power equipment market covered in this report is segmented –
1) By Equipment Type: Trimmers and Edgers, Lawn Mowers, Blowers, Tillers nd Cultivators, Snow Throwers, Other Equipment Types
2) By Power Source: Fuel Powered, Electric Powered
3) By Application: Residential, Commercial
Regional Insights: North America's Dominance in the Outdoor Power Equipment Market
North America was the largest region in the market in 2023. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Defining the Outdoor Power Equipment Market
Outdoor power equipment is machinery powered by an engine or electric motor and used for non-agricultural landscaping or land cultivation. These include devices, such as a saw, shovel, or drill, used to perform or facilitate manual or mechanical work. It is used outside for cutting lawns, gardens, golf courses, landscaping, or ground maintenance.
The Outdoor Power Equipment Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Outdoor Power Equipment Market Report: Trends, Opportunities, Strategies, and More
The Outdoor Power Equipment Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into outdoor power equipment market size, outdoor power equipment market drivers and trends, outdoor power equipment market major players, outdoor power equipment competitors' revenues, outdoor power equipment market positioning, and outdoor power equipment market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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