PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1424946
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1424946
Global Outdoor Power Equipment (OPE) Market is valued at approximately USD 31.80 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5.3% during the forecast period 2023-2030. Outdoor Power Equipment (OPE) is a category of tools and machinery designed for use in outdoor spaces, typically for tasks related to lawn and garden maintenance, landscaping, and other outdoor activities. This equipment is powered by various sources, including gasoline engines, electric motors, or rechargeable batteries, depending on the specific type of tool. The Outdoor Power Equipment category encompasses a wide range of devices, including lawn mowers, chainsaws, leaf blowers, hedge trimmers, brush cutters, and various types of garden tools. These tools are essential for homeowners, landscaping professionals, and anyone involved in maintaining outdoor spaces. The Outdoor Power Equipment (OPE) Market is expanding because of factors such as the growing Do-It-Yourself (DIY) trend, increasing interest in landscaping and outdoor aesthetics and rising technological advancement.
The development of advanced and more efficient rechargeable battery technologies has led to the popularity of cordless OPE. This trend aligns with the growing preference for quieter and environmentally friendly equipment. For instance, In June 2020, Lowe's Companies, Inc., a leading retailer of outdoor power equipment, unveiled the introduction of EGO, the leading brand in battery-powered outdoor power equipment. Lowe's has become the designated global home center to offer EGO's highly regarded assortment of top-rated battery-powered mowers, blowers, string trimmers, hedge trimmers, edgers, chainsaws, and snow blowers, renowned for their quality and innovation. In addition, the rise in homeownership and rising adoption of online retail channels are creating new opportunities for market growth. However, the high cost of Outdoor Power Equipment (OPE) and availability of other alternatives stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Outdoor Power Equipment (OPE) Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022. The expansion of both do-it-yourself (DIY) and commercial landscaping for lawns and parks is on the rise in the region. Additionally, the prevalence of technological tools is significantly shaping the way outdoor tasks are approached. Key outdoor equipment, including leaf blowers, chain saws, and lawnmowers, is extensively employed in daily operations across gardens, parks, corporate settings, and residential sectors Asia Pacific is expected to grow at the fastest rate over the forecast period owing to rising automation and electronics, growing urbanization and construction industry in the region.