The outdoor power equipment market is anticipated to expand at a compound annual growth rate (CAGR) of 6.3% during the forecast period of 2024 to 2032. Technological advancements, rising demand for landscaping services, and an increasing emphasis on sustainability will all contribute to this expansion. Although gasoline-powered equipment generated the most revenue in 2023, the highest growth rate is anticipated for battery-powered equipment. Likewise, although sales were primarily driven by residential consumers in 2023, it is anticipated that the commercial/government sector will undergo the most substantial expansion. Although lawnmowers generated the most revenue in 2023, snow throwers are anticipated to experience substantial growth over the same time frame. Asia-Pacific is positioned for significant expansion from a geographical standpoint, whereas North America and Europe will persist as pivotal revenue-generating areas. Prominent organizations including Husqvarna, Deere & Company, STIHL, and Toro are employing effective strategies to sustain their competitive standings and take advantage of prevailing market conditions.
The expansion of the market has been substantially influenced by technological advances in outdoor electrical equipment. Organizations have allocated resources towards research and development endeavors to introduce groundbreaking products that boast improved functionality and attributes. As an illustration, Husqvarna, a market leader, introduced cutting-edge chainsaws and trimmers featuring ergonomic constructions and environmentally sustainable motors to meet the changing demands of customers. In a similar vein, Deere & Company unveiled precision lawn mowers equipped with GPS technology, which enhanced productivity for commercial users by facilitating efficient lawn maintenance and precise mowing patterns.
The adoption of outdoor power equipment has been propelled by the increasing demand for landscaping services, which is a result of urbanization and the growing preference for aesthetically appealing outdoor spaces. To maintain lawns, gardens, and green spaces, professional landscapers and gardening enthusiasts utilize power instruments such as lawnmowers, trimmers, and blowers. Prominent corporations such as STIHL and Toro have observed a surge in product sales as a result of the growing clientele comprising landscaping enterprises and residential consumers in search of effective outdoor maintenance alternatives.
The increasing focus on sustainability in the domains of lawn care and landscaping has generated a surge in the market for environmentally friendly outdoor power equipment. As consumer awareness of environmental impact grows, there is a growing demand for alternatives to conventional gasoline-powered equipment. The aforementioned pattern has resulted in the widespread availability of electric corded and battery-powered outdoor power tools, which provide noise reduction and emission-free functionality. EGO Power+, a well-established manufacturer of battery-operated outdoor equipment, witnessed substantial revenue expansion, primarily attributable to the environmentally aware consumer demographic interested in more sustainable options for lawn upkeep.
Notwithstanding the advantageous market circumstances, the outdoor power equipment industry is constrained by environmental and regulatory concerns. Manufacturers encounter conformance challenges due to the stringent emission regulations enforced by government authorities, specifically those engaged in the production of gasoline-powered equipment. Strict regulatory standards and the investment in emission control technologies by businesses result in increased production expenses and a decline in profit margins. Moreover, the ecological implications of outdoor power equipment, including noise pollution and carbon emissions, have prompted demands for more stringent regulations and an increased focus on sustainability endeavors within the sector.
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Market Segmentation Analysis: Power source, end-use, and type are market segments that can be applied to the outdoor power equipment market, and each segment presents unique growth opportunities.
Market Segmentation by Power Source: Electric corded equipment, petroleum, and batteries comprise the market segmentation by power source. Revenues were highest in 2023 from gasoline-powered equipment, owing to its extensive use in commercial applications and high power output. Conversely, battery-powered equipment is anticipated to experience the most substantial compound annual growth rate (CAGR) from 2024 to 2032. This growth can be attributed to technological advancements in batteries, enhanced efficiency, and environmental advantages.
Market Segmentation by End-Use: The residential and commercial/government sectors comprise the market. In 2023, the majority of sales were attributed to residential users, reflecting the growing trend among householders to acquire outdoor power equipment for lawn maintenance and gardening. Nevertheless, government initiatives promoting green spaces and urban beautification projects, as well as the increasing demand for professional landscaping services, are anticipated to propel the commercial/government sector to its highest CAGR between 2024 and 2032.
Market Segmentation by Type: In addition to snow throwers, lawn mowers, chainsaws, trimmers & edgers, blowers, tillers & cultivators, and snow throwers are segmented by type. The maximum revenue was generated by lawnmowers in 2023, which can be attributed to their extensive utilization for grass cutting and lawn maintenance. During the forecast period, snow throwers are anticipated to experience the maximum CAGR due to rising demand for snow removal equipment in regions with severe winters.
The outdoor power equipment market demonstrates diverse regional trends from a geographical standpoint. Historically, North America and Europe have been significant markets on account of their established landscaping industries and higher disposable incomes. Asia Pacific, on the other hand, is anticipated to experience the highest CAGR throughout the forecast, due to the region's brisk urbanization, expanding infrastructure, and rising adoption of mechanized landscaping and gardening techniques. Additionally, seasonal demand for outdoor power equipment is anticipated to continue generating substantial revenue in regions with temperate climates, including North America and Europe.
Prominent companies in the outdoor power equipment industry, including Deere & Company, STIHL, Toro, Stanley Black & Decker, Inc., Abdreas Stihl AG & Co. KG, Techtronic Industries Co. Ltd., Honda Motor Co., Ltd., Yamabiko Corporation, Makita Corporation, and Robert Bosch GmbH, are employing critical strategies to sustain their competitive advantage and broaden their market footprint. Product innovation, strategic alliances, and expansion into emerging markets are a few of these tactics. Husqvarna, a renowned manufacturer of outdoor power equipment, generated significant profits in 2023 and is anticipated to sustain its expansion through the introduction of technologically advanced products and the improvement of its distribution infrastructure. In a similar vein, Deere & Company, an industry leader in the production of construction and agricultural machinery, is emphasizing expanding its range of offerings and capitalizing on digital technologies to improve both customer satisfaction and operational effectiveness. In addition, STIHL and Toro are allocating resources toward research and development endeavors to introduce environmentally sustainable products and expand their market presence. In general, these organizations are strategically positioned to leverage the growing market demand for outdoor power equipment and sustain their market leadership positions.
