The global outdoor power equipment market is robust and diverse, driven by various factors including the rising adoption of battery-powered equipment and increased interest in gardening and landscaping. Here’s an overview of the key players and trends in the market:
Market Leaders: Major players in the outdoor power equipment market include Husqvarna Group (Sweden), The Toro Company (US), Deere & Company (US), Stanley Black & Decker, Inc. (US), and ANDREAS STIHL AG & Co. KG (Germany). These companies are recognized for their innovation and wide product range, from lawn mowers to chainsaws and leaf blowers (MarketsandMarkets) (Research & Markets).
Market Segmentation:
By Equipment Type: The market is segmented into lawn mowers, trimmers and edgers, blowers, chainsaws, snow throwers, and tillers & cultivators. Lawn mowers hold the largest market share due to their widespread use in both residential and commercial applications (Research & Markets).
By Power Source: Equipment can be fuel-powered, electric (corded), or battery-powered (cordless). While gasoline-powered equipment currently dominates, battery-powered equipment is rapidly gaining popularity due to environmental concerns and advancements in battery technology (Fortune Business Insights) (Research & Markets).
By Application: The market is divided into residential/DIY and commercial segments. The residential segment has seen significant growth due to the increase in home gardening activities (MarketsandMarkets) (Research & Markets).
By Sales Channel: Outdoor power equipment is sold through offline retail outlets and online platforms. While offline sales remain dominant, online sales are growing rapidly, driven by the convenience of e-commerce (Fortune Business Insights) (Research & Markets).
Regional Insights:
North America: This region holds the largest market share, driven by high demand for DIY and commercial lawn care products. Key products include leaf blowers, chainsaws, and lawn mowers (Fortune Business Insights) (Research & Markets).
Europe: Known for its emphasis on sustainability, Europe is seeing a shift towards battery-powered and electric equipment, with robotic lawn mowers becoming particularly popular (Fortune Business Insights) (Research & Markets).
Asia-Pacific: Rapid urbanization and growth in the construction industry are boosting demand for outdoor power equipment in countries like China, Japan, and India. This region is expected to witness the highest growth during the forecast period (MarketsandMarkets) (Research & Markets).
Overall, the global outdoor power equipment market is expected to continue its growth trajectory, driven by technological advancements, increasing urbanization, and a growing preference for environmentally friendly products.
The global Outdoor Power Equipment market size is projected to grow from $33.50 billion in 2023 to $48.08 billion by 2030, at a CAGR of 5.3%.
Emergence and adoption of advanced smart technologies can spark opportunities
Launching new products with emerging technologies has always been an important market driver and industry growth to attract more customers and fulfill the growing demand. Hence, key players emphasize on innovation and development of new products with cutting-edge technologies to cater to the diverse needs and preferences of end-users in order to remain competitive in terms of market share. For instance, in 2021, Hantechn launched a backpack leaf blower that is more powerful than any other recently launched model by any other manufacturer in China. The leaf blower offers superior performance centered on power, light weight, and higher productivity. In addition, end users such as professionals or consumers prefer technologically advanced products. They are willing to spend money on products with advanced features and new technologies, thus driving the growth of emerging technologies in the outdoor power industry.
Technological advancements coupled with broad-based economic growth will support the market
Launching new products with evolving technologies has been a key driver of market and industry growth, enabling companies to attract more customers and meet growing demand. With the adoption of IoT devices and the popularity of smart and connected products, manufacturers are focusing on providing connected devices. Technological advancements and adoption of wireless networking technologies have led to the development of smart and connected tools. Manufacturing of smart and connected OPEs is becoming increasingly important for leading manufacturers. For instance, the market is expected to benefit from the increasing expansion of robotic lawn mowers owing to technological advancements. Moreover, the demand for battery-powered and cordless saws in the construction industry is a major factor driving the growth of the segment.
Increased family activity and homeowner interest in gardening has increased the use of outdoor power equipment in DIY projects
Greenery is not only associated with places where plants are grown, but also places where people can relax, center their attention, and connect with nature and each other. Today, gardening can provide many mental health benefits to our daily lives. The major drivers of this market are the increased demand for landscaping services to make their homes more aesthetically pleasing and the need for commercial users to improve the appearance of their properties. Lawn mowers, blowers, green machines, and saws are used for various landscaping operations such as lawn maintenance, hard landscaping, lawn renovation, tree care, organic or natural lawn care, and snow removal in the landscaping sector. The growth of urban lifestyle and surge in demand for outdoor equipment such as landscaping and gardening. With rapid economic growth, it is expected that around 70% of the world’s population will live in or near cities, triggering various urbanization activities. As a result, growing urbanization will increase demand for smart cities and green spaces, maintenance of new buildings and public green spaces and parks, and equipment procurement. Against this backdrop, a number of companies such as Makita are offering alternatives to gas-fired equipment to meet the growing demand through the continuous development of cordless OPE systems, with around 50 products in the segment, making the tools convenient and easy to use, and providing sustainable solutions to meet the needs of an aging population.
Increased focus on technological advances to support market expansion
Power is usually provided by gasoline engines, electric motors, and battery-powered engines, which are used for dry lawns, landscaping, gardens, golf courses, or ground care. Battery-powered equipment is becoming one of the most extreme needs in different locations due to the development of dry remote work, fluctuating gas prices, and environmental concerns. Key market players are advocating for more ecological and user-friendly products and providing the best solutions to their customers. Electrification is transforming the society and is crucial for achieving a low carbon economy.
Gasoline power source dominates the market share due to its acceptance in heavy duty applications
On the basis of power source, the market is segmented into gasoline power, battery power, and electric motor/wired power. The gasoline-powered segment accounted for the dominant market share but is expected to decline marginally due to its noisy nature and carbon emission generated by the use of gasoline as fuel. In addition, the battery powered segment held a significant share of the market as they do not emit carbon and produce less noise as compared to gasoline powered devices, adoption of outdoor powered devices due to government regulations to reduce the impact on the environment has made the battery powered segment the fastest growing segment during the forecast period as well. These are also driving the demand for power equipment in different regions.
Analysis by Sales Channel
Direct sales channel dominates the market due to store segmentation
Based on sales channel, the market is segmented into e-commerce and direct purchase through retail stores. The direct purchase segment leads the market as most of the customers rely on direct purchase through retail stores in North America, Europe, and Asia Pacific. Outdoor power equipment sales through direct purchases are declining as lawn and garden product manufacturers are increasingly succeeding on e-commerce platforms such as Amazon and Home Depot. The e-commerce segment occupies the second largest segment of the market; sales on online platforms have increased due to the new Crown Pneumonia (COVID-19) and are expected to continue to grow in the coming years.
Analysis by application
Residential DI applications dominated the market share due to increase in gardening activities
The market is segmented into residential/DIY and commercial applications. Both the sectors have witnessed an increase in demand with the growth of DIY (Do-It-Yourself) projects and landscaping services. After a two to three month decline following the outbreak of a new virus, residential and commercial applications rebounded strongly and began to recover at a faster pace. The residential/DIY segment led the market due to significant growth in domestic use, and demand for outdoor power equipment in residential/DY increased as the pandemic forced people to stay home and spend time upgrading gardens and numbered viewing areas.
Post time: May-16-2024