The outdoor power equipment market in North American stands as the top revenue contributor, with Europe and the Asia Pacific following closely. In 2021, the North American outdoor power equipment market represented over 40% of the global outdoor power equipment market.
The global outdoor power equipment market was valued at approximately USD 44.8 billion in 2022. Projections indicate that this market is set to achieve substantial growth, surpassing USD 63.3 billion by 2032. This growth is expected to occur at a steady Compound Annual Growth Rate (CAGR) of 3.9% from 2022 to 2032.
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The global outdoor power equipment market is experiencing a remarkable surge in growth as the demand for landscaping and lawn care services continues to rise. This growth trend can be attributed to several key factors, including increased urbanization, a growing focus on outdoor aesthetics, and the adoption of advanced technologies in the industry.
Transforming Landscapes: A Driving Force in the Outdoor Power Equipment Market
One of the primary catalysts propelling the outdoor power equipment market’s expansion is the growing emphasis on well-groomed outdoor spaces. Whether it pertains to residential homeowners aiming to elevate their property’s visual appeal or commercial property owners endeavoring to establish welcoming outdoor environments, the focus on landscaping has never been more prominent. This shift towards landscape transformation has triggered a notable upswing in the demand for outdoor power equipment.
Urbanization and the Rise of Compact Outdoor Spaces
The worldwide trend of urbanization has brought about a shift from larger, conventional gardens to more modest outdoor spaces, such as balconies and rooftop gardens. This evolving housing landscape has given rise to a requirement for compact and highly efficient outdoor power equipment, including cordless trimmers, portable generators, and electric mowers. In response to this demand, manufacturers in the industry have innovated with designs that are both space-saving and practical.
Tech Integration: Revolutionizing Outdoor Power Equipment
The infusion of technology into outdoor power equipment has ushered in a transformative era. Consumers are now actively seeking smart, connected devices that offer enhanced convenience and efficiency. In the contemporary market, numerous outdoor power equipment products arrive with an array of features, including smartphone applications for remote control, GPS tracking, and automated scheduling. These advancements not only elevate the user experience but also contribute significantly to the overall growth of the industry.
Competitive Analysis:
In the realm of market competition, industry leaders are channeling investments into Research and Development (R&D) to expand their product portfolios and extend their geographic footprint. These key players exhibit a strategic interest in forming partnerships with emerging entrants to attain a distinct competitive advantage.
A select group of seven to ten enterprises currently command approximately one-fourth of the overall market share. They have strategic plans in motion to broaden their operations, particularly in rapidly evolving regions like India and China. These endeavors aim to drive down production costs and other associated expenses, enhancing overall competitiveness.
The latest report from Fact.MR provides comprehensive insights into various aspects of the outdoor power equipment market. It covers essential details such as pricing strategies adopted by prominent manufacturers across different regions, their sales growth trajectories, production capabilities, and their speculative ventures into technological expansion.
For example:
- On June 8th, 2021, Honda Motors Co. Ltd. introduced the Honda eGX, a pioneering electrified power unit. The Honda eGX represents a groundbreaking achievement as the world’s first battery-powered motor. It has been meticulously engineered to seamlessly integrate into Original Equipment Manufacturer (OEM) power equipment, suitable for both indoor and outdoor applications.
- On December 14th, 2021, Deere & Company entered into a significant agreement to acquire a majority stake in Kreisel Electric, Inc., a distinguished battery technology developer headquartered in Austria. This strategic move underscores their commitment to harnessing advanced battery technology to bolster their product offerings and market positioning.
Global Outdoor Power Equipment Market Report Scope
- By Equipment :-
- Lawn Care
- Trimmer
- Tree Care
- Leaf blower
- Snow Blower
- Maintenance
- HLE (Heavy Landscaping Equipment)
- By Capability :-
- Self-Propelled Mower
- Riding Lawn Mower
- Automatic Lawn Mower
- Push Lawn Mower
- Others
- By Fuel Type :-
- Diesel
- Electric
- Battery
- By Price Range ($) :-
- 0-100 dollar
- 100-400 dollar
- 400 & Above
- By Sales Channel :-
- Retail
- Distributor
- Online
- By End-Use :-
- Residential use
- Commercial use
- Public Places
- By Region :-
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa (MEA)
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Market Opportunities
The rise in demand for outdoor power equipment is not limited to any specific region. North America, Europe, Asia-Pacific, and other parts of the world are all experiencing growth in this sector. Emerging markets are becoming particularly attractive as economies develop and disposable incomes rise, creating opportunities for homeowners and businesses to invest in landscaping and lawn care.
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