Outdoor Power Equipment Market Booming Worldwide, Worth USD 30.70 Billion by 2028 – Reports and Data
The global outdoor power equipment market size is expected to reach USD 30.70 Billion in 2028 and register a revenue CAGR of 3.5% over the forecast period, according to a latest report by Reports and Data. Factors such as high demand for battery-powered outdoor power equipment in a variety of commercial applications and increasing utilization of power tools for household activities are expected to drive market revenue growth between 2021 and 2028. Increasing consumer spending on durable goods, landscaping service, and recreational activities such as golf is also expected to boost adoption of advanced power equipment for outdoor purposes.
Rising demand for cordless power tools with extended battery life is expected to positively impact sales of outdoor power equipment globally. Lithium-ion batteries are widely utilized for battery-powered outdoor power equipment as these are lightweight, offer higher energy density, and enhanced efficiency. Stringent norms revolving around evaporative emissions imposed by regulatory bodies is driving demand for electric-powered outdoor power equipment over fuel-powered ones. Rising gas prices and ban on gas equipment implemented by hospitals, government municipalities, homeowner associations, and universities are projected to fuel demand for electric-powered tools.
Manufacturers are conducting research & development activities in order to enhance tool strength and improve life span of equipment. These companies are increasingly investing in technological advancement of traditional outdoor power equipment to cater to rising consumer demand for effective outdoor power equipment around the world.
Some Key Highlights in the Report
- In March 2019, Husqvarna, which is a leading manufacturer of robotic mowers, launched Husqvarna Automower 435X AWD, an AI-enabled robotic mower. It is a game changing robotic mower for homeowners with connected homes and challenging lawns. In addition, the product can climb steep slopes as it is designed to manage rough terrain and slopes with an incline of up to 70%, and works with Alexa, Amazon, and Google Home, while providing an open Application Programming Interface (API) for smart home integration.
- Lawn mowers segment is expected to account for largest revenue share over the forecast period. This is due to increasing consumer spending on landscaping services and recreation of outdoor spaces. Lawn mowers are widely used for trimming, chopping, or mowing grass patches, fields, lawns, and gardens to ensure that grass is well-groomed, while growing at an appropriate and even height.
- Electric-powered segment is expected to account for significantly steady revenue share over the forecast period. Rising prices of gas and development of technologically advanced batteries would lead to high demand for electric-powered outdoor power equipment.
- Residential segment is expected to account for a steady revenue share in the global outdoor power equipment market. This is attributed to rising awareness among consumers regarding various benefits of battery-powered outdoor power equipment, compared to gas-powered tools.
- Outdoor power equipment market in North America is expected to account for largest revenue share over the forecast period. Manufacturers such as Deere & Company, DELTA SYSTEMS, The Toro Company, Ariens Company, MTD Products, and Stanley Black & Decker, Inc., are investing in research & development activities to introduce technologically advanced outdoor power equipment and further offer a wide range of electric, as well as robotic equipment for commercial and residential markets.
- Major companies profiled in the market report include Husqvarna, Deere & Company, Honda Motor Company, Ltd., The Toro Company, Stihl Group, MTD Products, Ariens Company, Yamabiko Corporation, Stanley Black & Decker, Inc., and Techtronic Industries (TTI).
Outdoor Power Equipment Growth Overview
The report explains the market share and sales volume of each company, along with the key details of the operations of these companies. The report further offers extensive coverage of their product portfolio, business expansion plans, gross profit margins, revenue contribution, investment plans, and financial standings. The report also covers the strategic alliances observed within these key companies such as mergers and acquisitions, joint ventures, corporate and government deals, partnerships and agreements, and brand promotions and product launches.
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