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The outdoor power equipment (OPE) market size is forecast to increase by USD 11.51 billion, at a CAGR of 6.44% between 2023 and 2028. The growth rate of the market depends on several factors such as the increasing demand for outdoor natural aesthetics, the innovations in landscaping and gardening practices, and the presence of government initiatives that promote gardening.
The report includes a comprehensive outlook on the Outdoor Power Equipment Market, offering forecasts for the industry segmented by Type, which comprises gasoline, electric corded, and battery. Additionally, it categorizes End-user into residential and commercial, and covers Regions, including North America, Europe, APAC, Middle East and Africa, and South America. The market report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Outdoor Power Equipment Market Forecast 2024-2028
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Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
There is in upsurging demand due to several factors such as the growth of global outdoor living spaces, increasing pollution levels influencing demand for green spaces, and increasing pollution levels influencing demand for green spaces. Outdoor living includes outdoor activities, amenities, and recreation. Outdoor living spaces are decorated with products such as barbecues, furniture, ornaments, garden buildings, and accessories.
Further, to combat pollution level issues, the demand for green spaces is increasing rapidly in developing countries. Thus, the increasing demand for green spaces globally is expected to drive market growth. Besides, rooftop and vertical landscaping reduces the amount of carbon dioxide present in the air in the interiors of office spaces. As it cools the air naturally, the amount of energy consumed for internal cooling purposes is also greatly reduced. Owing to such advantages, the demand is increasing, which will boost the growth of the market during the forecast period.
Smart gardening practices refer to the inclusion of smart devices to perform gardening tasks. Advances in technology allow end users to simplify gardening and allow for quick maintenance. With smart gardening, end users can receive notifications to add nutrients and water to plants in time. The growing inclination of end-users toward smart gardening encouraged (OPE) market players to develop innovative tools that can be integrated with smart gardening. Technology advancements will lead to the development of a more autonomous version of the current robotic lawnmower devices.
Moreover, some market players that offer robotic garden and lawn tools are Husqvarna and Robert Bosch. Robert Bosch offers Indego robotic lawnmowers that feature a Logicut navigation system and cover a lawn area of up to 400 square meters. Robotic garden and lawn tools help end-users minimize manual intervention in gardening activities. Hence, the rising demand for smart gardening and the adoption of robotic garden and lawn tools are likely to accelerate the growth momentum of the market during the forecast period.
Landscaping is a highly seasonal business, which essentially translates to fluctuating revenues for landscapers. The demand during the spring and summer seasons, while during winter, the demand is generally low. Shorter and wetter days and lack of sunlight prevent the healthy growth of quite a few kinds of plants. Low temperatures and the accumulation of ice on leaves during winter damage plants. A wide variety of plants require more sunlight to grow, whereas some can grow even in shady areas.
Additionally, during winter, most contractors take up alternative activities such as leaf cleaning and snow removal. The seasonal nature of the business makes it difficult to plan staff requirements. Maintaining a full staff even during non-seasonal times of the year affects the profit margins; however, at the same time, contractors need to be prepared to fill in vacancies when the peak season arrives. Hence, the changing nature of the landscaping business impedes the growth of the market during the forecast period.
The gasoline segment will account for a major share of the market's growth during the forecast period.? Engine-driven usually has gasoline-powered internal combustion or external combustion mechanisms. Common examples of these tools include chainsaws and acetylene welders. These tools are highly useful in places without an electric power source but also have many disadvantages.
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The gasoline segment was valued at USD 14.08 billion in 2018. Engine-driven equipment is extremely noisy and generates emissions that are harmful to the user and the environment. These tools have seen a significant decline in demand due to being replaced with electric tools, which is likely to slightly decline the growth of the gasoline segment in the global equipment market during the forecast period.
Based on end-user, the market has been segmented into residential and commercial. The residential segment will account for the largest share of this segment.?The segment comprises used in homes. Grass lawns are cooler than cement and bare soil and provide fresh air across home surroundings. Hence, homeowners are expanding their garden and lawn spaces, which is increasing the sales of garden and lawn tools. Some of the market players offering garden and lawn tools, includingequipment, are also focusing on expanding their product offerings in the residential segment. Additionally, technological developments have produced more effective and user-friendly power tools such as outdoor that are increasingly sought after by homeowners. Therefore, the residential segment in the market is expected to grow significantly during the forecast period.
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North America is estimated to contribute 39% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The US is the leading country for the market in North America. In the US, gardening is gaining popularity, and the percentage of households that grow food in homes or community gardens is increasing. Some of the associations in the region are focusing on supporting the development of landscapes.
Furthermore, golf is a very popular sport in countries, notably in the US and Canada. The increasing number of golf courses may increase the requirement for equipment for gardening and lawn. Thus, such factors will increase the sales of garden and lawn equipment in North America, which, in turn, will fuel the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
AriensCo, BAD BOY JOE LLC, Briggs and Stratton LLC, D and D Motor Systems Inc., Deere and Co., Emak Spa, Generac Holdings Inc., Greenworks Tools, Honda Motor Co. Ltd., Husqvarna AB, Kubota Corp., Makita Corp., Maruyama Mfg. Co. Inc., Robert Bosch GmbH, Sharpex Engineering Works, Stanley Black and Decker Inc., STIGA S.p.A., Techtronic Industries Co. Ltd., and The Toro Co.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis and report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028
Outdoor Power Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.44% |
Market Growth 2024-2028 |
USD 11.51 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.04 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 39% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ANDREAS STIHL AG and Co. KG, AriensCo, BAD BOY JOE LLC, Briggs and Stratton LLC, D and D Motor Systems Inc., Deere and Co., Emak Spa, Generac Holdings Inc., Greenworks Tools, Honda Motor Co. Ltd., Husqvarna AB, Kubota Corp., Makita Corp., Maruyama Mfg. Co. Inc., Robert Bosch GmbH, Sharpex Engineering Works, Stanley Black and Decker Inc., STIGA S.p.A., Techtronic Industries Co. Ltd., and The Toro Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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