Global Outdoor Power Equipment Market: Report to 2027
DUBLIN–(BUSINESS WIRE)–The “Global Outdoor Power Equipment Market: Analysis By Energy Source, By Type, By Sales Channel, By Region Size And Trends With Impact Of COVID-19 And Forecast Up To 2027” report has been added to ResearchAndMarkets.com’s offering.
The global outdoor power equipment market in 2021 was valued at US$32.22 billion. The market value is projected to reach US$46.49 billion by 2027.
Outdoor power equipment (OPE) is an equipment with small motors or engines primarily used for exterior service. The outdoor power equipment generally includes, brush cutters, edger, chain saws, power rakes, and more. Outdoor power equipment is commonly used by end users, such as lawn & plant care providers and landscape service providers, for commercial purposes.
The market value is expected to grow at a CAGR of 6.30% during the forecast period of 2022-2027, with gas-driven segment being the dominant energy source.
Buyers increasingly prefer OPE as they are more environmentally-friendly, and deliver power and performance that can rival traditional products. Infact, the increase in the development of parks and small scale gardens in the residential building and in cities to curb the effect of pollution have led to increase in the demand for outdoor power equipment such as lawn mower, chainsaw, blower, etc.
Impact Analysis of COVID-19 and Way Forward:
The pandemic in 2020 did cast a gloomy outlook on almost all industries, worldwide. The outbreak of COVID-19 impacted market growth during the initial few months of 2020. However, in later months, demand for various outdoor power equipment has witnessed strong growth with the resumption of operations in multiple industries. A considerable increase in the market for Do-it-yourself (DIY) equipment and do-it-for-me (DIFM) services in the commercial and residential segments are expected to drive market growth.
Market Dynamics
Growth Drivers
- Rapid Urbanization
- Growing Number Of Golf Club
- Falling Costs of Lithium-Ion Batteries
- Inclining Construction Activities
- Growing Penetration of Cordless Outdoor Power Equipment
Challenges
- High Maintenance Costs and Fluctuating Raw Material Prices
Market Trends
- Technological Advancements
- Gardening Trend
- Growing Popularity of Do it Yourself (DIY) Trend
Companies Mentioned
- Chervon Holdings Limited
- Robert Bosch GmbH
- Techtronics Industries Ltd.
- Stanley Black & Decker, Inc.
- Husqvarna Group
- Makita Corporation
- Honda Motor Co., Ltd.
- Briggs & Stratton Corporation
- The Toro Company
- Deere & Company
- Yamabiko Corporation
- Ariens Company
Market Segmentation Analysis:
- By Energy Source: The report provides the bifurcation of the market into four segments based on the energy source: gas-driven, cordless, parts & attachments and corded. In 2021, in terms of value, gas-driven segment held the major share in the market, followed by parts & attachments. The presence of renewable fuel gas resources, such as ethanol fuel and other bio fuels has driven the demand for the gas-driven outdoor power equipment. Besides, cordless OPE is expected to witness rising popularity among customers owing to its portability, convenience and falling battery prices.
- By Type: The report provides the bifurcation of the market into into seven segments based on the type: lawn mower, chainsaw, trimmer & edger, blowers, tillers & cultivators, snow throwers and other outdoor power equipment. In 2021, lawn mower held the major share in the market, followed by trimmer and edger. The increase in the development of parks and small scale gardens in the residential building and in cities to curb the effect of pollution have led to increase in demand for lawnmowers to make the parks and gardens look pleasant. The increase in services in sports lawns and rising number of golf courses across the world is expected to contribute to the growth of trimmers and edgers.
- By Sales Channel: The report provides the bifurcation of the market into into two segments based on the sales channel: offline and online. In 2021, offline channel hold a dominant position in the outdoor power equipment market due to increasing reliance on retail outlets. The outdoor power equipment’s sales through direct purchase are declining as manufacturers of lawn and garden products are increasingly finding success on e-commerce platforms. Thus, the online segment is expected to register the highest CAGR over forecasted years.
For more information about this report visit https://www.researchandmarkets.com/r/ehy0z0
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