Outdoor Power Equipment Market Is Likely To Witness Growth Rate of Nearly 3.9% CAGR during the Forecasted Years

2 months ago 40

The global outdoor power equipment market is expected to grow at a CAGR of 3.9% from 2022 to 2032, with a market valuation of USD 44.8 billion in 2022 and exceeding USD 63.3 billion by 2032.

As people shift to greener energy sources to reduce carbon emissions and improve environmental safety, the world is moving toward more environmentally friendly technologies.

The outdoor power equipment market is mature, and its growth is primarily influenced by factors such as population and age distribution, consumer spending, housing and other constructions, location, and recreational and leisure activities worldwide, which increase consumer sales.

However, robotics and battery technology are expected to play a significant role in the industry's future growth.

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In recent years, the construction industry has shown signs of progress. The number of people living in a home has a direct impact on outdoor power equipment sales.

According to Oxford Economics, the construction and development industry will more than double in size over the next decade, expanding at an exponential rate to reach USD 7 trillion in the short term, accounting for 17.2 % of GDP.

Technology, price trends, environmental and regulatory challenges, and trade activities all play a role, though for producers rather than consumers. Marketing strategies and distribution methods, on the other hand, have an impact.

Report Attributes

Details

Base Year Value (2021A)

USD 43.2 Billion

Estimated Year Value (2022E)

USD 44.8 Billion

Projected Year Value (2032F)

USD 63.3 Billion

Global Growth Rate (2022-2032)

 CAGR 3.9%

Key Takeaways:

·         In 2021, the North American outdoor power equipment market will account for more than two-fifths of the global outdoor power equipment market.

·         In the United States, over 50 firms have acquired more than one-third of the region's market share.

·         The East Asian outdoor power equipment market is expected to grow significantly in the global market.

·         By fuel type, demand for robotic lawnmowers is likely to rise and is expected to grow at a CAGR of nearly 3.4 % between 2022 and 2032.

·         As battery technology advances, there is a greater demand for electric outdoor power equipment.

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Global Outdoor Power Equipment Market Report Scope

  • By Equipment :-
    • Outdoor Power Equipment for Lawn Care
    • Outdoor Power Equipment for Trimmer
    • Outdoor Power Equipment for Tree Care
    • Outdoor Power Equipment for Leaf blower
    • Outdoor Power Equipment for  Snow Blower
    • Outdoor Power Equipment for Maintenance
    • Outdoor Power Equipment for HLE (Heavy Landscaping Equipment)
  • By Capability :-
    • Self-Propelled Mower
    • Riding Lawn Mower
    • Automatic Lawn Mower
    • Push Lawn Mower
    • Others
  • By Fuel Type :-
    • Diesel based Outdoor Power Equipment
    • Electric Outdoor Power Equipment
    • Battery Outdoor Power Equipment
  • By Price Range ($) :-
    • 0-100 dollar Outdoor Power Equipment
    • 100-400 dollar Outdoor Power Equipment
    • 400 & Above
  • By Sales Channel :-
    • Outdoor Power Equipment sales through Retail
    • Outdoor Power Equipment sales through Distributor
    • Outdoor Power Equipment sales through Online
  • By End-Use :-
    • Outdoor Power Equipment for Residential use
    • Outdoor Power Equipment for Commercial use
    • Outdoor Power Equipment for Public Places

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Market participants are spending money on R&D to broaden their geographic and product offerings. In order to gain a competitive advantage, important players are eager to work with new entrants.

The seven to ten businesses, which control about one-fourth of the market, plan to increase their operations in quickly developing nations like China and India in order to reduce their production costs and other expenses.

In a recently released report, Fact.MR gave comprehensive details about price points of top outdoor power equipment manufacturers positioned across regions, sales growth, production capacity, and hypothetical technological expansion.

For instance:

·         Honda Motors Co. Ltd. introduced the Honda eGX, an electrified powertrain, on June 8th, 2021. The world's first battery-powered motor, the Honda eGX, was created to be incorporated into original equipment manufacturers' power equipment for both indoor and outdoor use.

·         Deere & Company and Kreisel Electric, Inc., an Austrian company that develops battery technology, have a deal in place to buy the majority of the company's shares. This agreement was made on December 14th, 2021.

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