Outdoor Power Equipment Market: Overview
The market size for outdoor power equipment was USD 25.9 billion in 2021, and it is projected to grow at a CAGR of 6 percent during the forecast period. The outdoor power equipment market has seen enormous technological advancements thanks to significant R&D investments from international players. These advancements range from the use of cordless tools and sensors to the adoption of industry 4.0 and robotics to produce autonomous equipment. These developments, as well as a rising culture of lawn and garden maintenance, rising interest in sports on artificial surfaces like golf, growth in the number of fleets providing landscaping services, and rising potential for the construction industry to adopt outdoor power equipment, all contribute to the rising demand for outdoor power equipment. The adoption of sustainable landscaping and green infrastructure projects by governments and municipalities worldwide has also had a favourable effect on the demand for outdoor power equipment.
The market for outdoor power equipment is anticipated to rise as a result of factors including rising urbanisation, disposable income, and infrastructure development, as well as rising demand for landscaping services. Additionally, as people become more aware of environmental issues, more lithium-ion batteries are being used in outdoor power equipment because they are environmentally benign and increase energy output. Many businesses are concentrating on innovation in lithium-ion batteries. For instance, Techtronic's Industries began using red lithium-ion batteries in 2021 for its cordless power tools because they operate more quickly and provide more performance throughout the course of the battery's life.
The popularity of gardening has quickly grown, especially among younger generations. The majority of young people choose to cultivate their own fruits, vegetables, and herbs. The equipment, plants, and tools that young people need should be able to fit in smaller places because they are more likely to reside in smaller yard lots. The gardening and lawn care sector is evolving to meet varied consumer demands by introducing equipment that is lighter and more comfortable to use. Additionally, the popularity of home renovation projects is encouraging for the expansion of the market for garden and outdoor power equipment during the anticipated period. Businesses including The Toro Company, Husqvarna, and ANDREAS STIHL AG & Co. KG profited from the pandemic's stay-at-home trend, which lengthened the gardening season.
Outdoor Power Equipment Market: COVID-19 Impact
The worldwide economy and all global industries have been greatly impacted by COVID-19. The COVID-19 epidemic had an impact on market expansion in the first one to two months of 2020. Companies operating in hard-hit nations like the US, Germany, China, and the UK have experienced operational disruptions as a result of the pandemic, making it more difficult for them to complete their financial accounts. Due to COVID-19, a few businesses have experienced significant income losses and have been forced to cease operations. According to estimates, the majority of businesses operate on the just-in-time (JIT) paradigm or are micro, small, and medium-sized businesses (MSMEs). In addition, the epidemic has disrupted the supply chain, which has cost some businesses money. However, with the recovery of several businesses following the pandemic, there has been an increase in demand for outdoor power equipment. The COVID-19 pandemic has had a significant influence on the market's value chain, but there has been a continual resurrection of the value chain, which has resulted in sustained market expansion.
Outdoor Power Equipment Market: Drivers
Growing Interest among Homeowners in Gardening Activities and Rising Demand for Landscaping Services to Drive Market Growth
The market for outdoor power equipment is primarily driven by the rising demand for landscaping services from both business users and homeowners looking to improve the aesthetics of their properties. For various landscaping tasks like lawn upkeep, hardscaping, tree care, lawn renovation, organic or natural lawn care, and snow removal, a variety of outdoor power tools like lawn mowers, hedge trimmers, blowers, and saws are employed. The market for outdoor power equipment is being driven by homeowners' increasing propensity to spend more time engaging in outdoor and gardening activities in industrialized nations. Golf course design and maintenance also involve the usage of outdoor power equipment. The demand for outdoor power equipment is anticipated to rise in the coming years as a result of an increase in golfers and the construction of new golf courses and clubs.
Growing Attention to Technological Advances Driving Market Growth
In order to maintain the lawn, the landscape, the garden, the golf course, or the ground, outdoor power equipment is frequently powered by gasoline engines, electric motors, or battery-powered motors. Battery-powered equipment is in extremely high demand across a wide range of places as a result of the growth of remote working, fluctuating gas prices, and a focus on environmental conservation. To offer customers the greatest possible option, major industry players are pushing for more environmentally and consumer-friendly products. Society is changing due to electrification, which is also essential for developing a low-carbon economy.
Outdoor Power Equipment Market: Restraints
Availability of Outdoor Power Equipment for Lease and High Maintenance Costs to Hamper Market Growth
Lawn mowers and hedge trimmers are examples of outdoor power equipment. Many components of this outdoor power equipment, including the motors, air filters, and fuel filters, need routine maintenance. Outdoor power equipment needs to be calibrated on a regular basis to ensure exact operations. Oiling, sharpening, changing parts, and other repairs necessary for the correct operation of tools are all included in routine maintenance. As a result, maintaining outdoor power equipment is rather expensive. Consumers, especially those in developing nations, are unwilling to spend a lot of money maintaining this equipment because laborers are readily accessible for less money. These maintenance and repair requirements also raise the expense of owning outdoor power equipment.
Outdoor Power Equipment Market: Segment Overview
Lawn Mowers to Dominate Market due to Rising Popularity of Lawn Maintenance
In 2021, lawn mowers accounted for the majority of outdoor power equipment usage. Between 2022 and 2027, it is anticipated that the outdoor power equipment market would be dominated by the category of lawn mowers. The rising popularity of lawn and garden maintenance tasks among residential users and the rising need for landscaping services are both contributing factors to the rising demand for lawn mowers. Municipalities and landscaping service companies are some more significant end consumers of lawn mowers. The popularity of turf sports like golf is also driving up the demand for lawn mowers.
With Increased Interest of Homeowners in Gardening Activities, Residential Category Dominated Market
In 2021, the residential market share was greater than 49.37%. Demand for outdoor power equipment is anticipated to increase as residential users' propensity to spend more time outdoors and gardening grows. Additionally, the pandemic's impact on DIY outdoor power equipment sales will probably spur category expansion. During the projection period, the commercial segment is anticipated to expand at a CAGR of 5.3%. The expansion of this market is anticipated to be fueled by the rise of smart cities as a result of increased urbanization. The UN Department of Economic and Social Affairs (UN DESA) produced research in 2019 called World Urbanization Prospects, which predicted that the world's urban population, which is currently 55.7%, will reach 68.4% by 2050. Additionally, the demand for various outdoor power equipment is anticipated to rise in the commercial sector due to the increased number of golfers and golf club facilities.
Outdoor Power Equipment Market: Regional Landscape
North America to Dominate Market due to Growing Preference for Online Grocery Shopping
North America, Europe, Asia Pacific, and the rest of the world are all represented in the outdoor power equipment industry. Due to the presence of major firms there, the North American region dominated the industry. There are many different technical devices out there, like the Internet of Things, that uses Artificial Intelligence (AI) and link to smartphones via Bluetooth and WiFi. The two primary categories of electrical equipment—corded and non-corded—have low maintenance requirements and are readily available replacement parts. The industry is anticipated to grow in Europe due to rapid automation. IoT, which powers the apparatus, connects to customers' smartphones via Bluetooth and WiFi.
Germany has more than 500 national parks and almost 550 botanical gardens, which has led to an increase in the use of robotic lawn mowers. This element is anticipated to increase demand for power equipment. Additionally, efforts in European nations to reduce carbon dioxide emissions are probably going to help the sector flourish. The region's OPE market is expanding for several causes, but the two main ones are the rapidly expanding building sector and growing urbanization. Global firms' strategic investments in Asia open very significant market potential there. India, China, and Japan are the main rising nations in the Asia Pacific region because of significant investments. Additionally, the push for green infrastructure is growing among businesses and consumers, who are expected to encourage the sale of electric equipment to counteract the effects of increased urbanization and the ensuing deforestation.
Global Outdoor Power Equipment Market: Competitive Landscape
In May 2022, Toro has demonstrated a new robotic lawnmower that will be ready in the spring of 2023. The new autonomous, smart-connected robotic mower is in its final year of research and development. Without the need for additional boundary wire installation, wireless navigation and vision-based localization technologies enable quick setup and customization to each plot. It can be fairly practical and has theft-proof features and slope-friendly cutting capabilities. Moreover, in April 2022, Karcher unveiled an advanced robotic scrubber and expanded its portfolio of autonomous products by introducing an autonomous floor scrubber. This robot, designated KIRA B 100 R, is powered by Brain Corporation Brain OS. It serves as the software foundation for autonomous mobile robots (AMRs) and their useful interior public spaces on a worldwide scale. KIRA, which stands for Karcher application of intelligent robotic application, is another abbreviation.
Few of the players in the Outdoor Power Equipment Market include Husqvarna, The Ariens Company, Mtd Products, The Toro Company, Deere & Co., Stanley Black & Decker, Techtronic Industries (Tti), Honda, Yamabiko Corporation, Stihl Group, Al-Ko Kober Group, Makita, Stiga S.P.A., Briggs & Stratton Corporation, Robert Bosch, Emak S.P.A., Schiller Grounds Care, Excel Industries, Inc., Chervon (China) Trading Co., Ltd, Jacobsen (Textron) Company, Snow Joe Llc, Ningbo Daye Garden Machinery Co., Ltd, Greenworks, Champion Power Equipment, Spartan Mowers.
Regional Classification of the Global Outdoor Power Equipment Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Outdoor Power Equipment Market
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