PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1448844
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1448844
The outdoor power equipment market size is expected to grow from USD 31.0 billion in 2024 to USD 36.5 billion by 2029, at a CAGR of 3.3% during the forecast period. The outdoor power equipment market is driven by factors such as the growing global gardening culture, increased demand for commercial landscaping services, and the expanding opportunities in construction and real estate sectors due to population growth. Moreover, rising consumer disposable income and the preference for battery-powered equipment are also significant contributors to market growth.
Scope of the Report | |
---|---|
Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Equipment Type, Power Source, Functionality, Application and Region |
Regions covered | Asia Pacific, North America, Europe, and Rest of the World |
"Saws segment is expected to grow at the highest CAGR during the forecast period"
Saws segment is expected to grow at the highest CAGR during the forecast period. Increasing demand for saws in both residential and commercial applications, driven by the need for tree maintenance, land clearing, and other outdoor tasks. Additionally, advancements in saw technology, such as the development of more efficient and user-friendly models, are attracting consumers and professionals alike. Moreover, the growing popularity of DIY projects and outdoor hobbies among homeowners is further boosting the demand for saws. Furthermore, expanding construction activities and infrastructure development projects worldwide are driving the need for saws in the professional sector. Overall, these factors are expected to propel significant growth in the saws segment of the outdoor power equipment market in the coming years.
"Commercial application is expected to grow at the highest CAGR during the forecast period"
The commercial application is expected to grow at the highest CAGR during the forecast period. Expansion of urban areas leading to increased construction projects, a growing focus on enhancing the appearance of outdoor spaces in corporate and institutional settings, and a rising trend among businesses to outsource their outdoor maintenance needs. Additionally, advancements in technology, such as the integration of smart features and eco-friendly options, are expected to drive demand for outdoor power equipment among commercial users seeking efficiency and sustainability. As a result, substantial growth is anticipated in the commercial segment of the outdoor power equipment market in the foreseeable future.
"Electric equipment is expected to grow at the highest CAGR during the forecast period"
Electric equipment is expected to grow at the highest CAGR during the forecast period. Corded electric tools provide convenient plug-and-play functionality, while cordless counterparts are valued for their ease of use, efficiency, and portability. The ergonomic advantages of cordless equipment have led to a preference among users over traditional gas-powered options. Recent innovations in cordless technology have not only increased power but have also introduced features for precise operation, even in challenging environments. The growing demand for portable tools and their uptake among homeowners, due to reduced operating costs resulting from advancements in battery technology and overall performance, are driving the expansion of the electric segment.
"Asia Pacific is expected to grow at the highest CAGR during the forecast period"
Asia Pacific is expected to grow at a higher CAGR during the forecast period. The surge in the outdoor power equipment market across the Asia Pacific region is driven by the rapid urbanization and infrastructural development projects across emerging economies like China, India, and Southeast Asian countries are driving the demand for landscaping and gardening equipment. In addition, increasing disposable incomes and a growing middle class are fueling the demand for outdoor power tools and lawn care equipment among homeowners. Additionally, government initiatives promoting green spaces and environmental conservation are encouraging the adoption of electric and eco-friendly outdoor equipment, serves as a significant factor contributing to the expansion of the outdoor power equipment market in the Asia Pacific region.
Breakdown of primaries
Major companies operating in the outdoor power equipment market include Husqvarna Group (Sweden), The Toro Company (US), Deere & Company (US), Stanley Black & Decker, Inc. (US), ANDREAS STIHL AG & Co. KG (STIHL) (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Honda Motor Co., Ltd. (Japan), YAMABIKO Corporation (Japan), Makita Corporation (Japan), Robert Bosch GmbH (Germany), among others.
The report will help the market leaders/new entrants with information on the closest approximate revenues for the outdoor power equipment market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.