Outdoor Power Equipment Market is expected to witness high growth during the forecast period. The global market is estimated to grow from USD 22.3 billion in 2019 to USD 26.1 billion by 2024, at a CAGR of 3.2%. Rising adoption of battery-powered outdoor power equipment for maintaining lawns and gardening activities, growing demand for landscaping services, and increasing interest of homeowners in gardening activities are the key factors driving the growth of the market. However, high maintenance cost and availability of outdoor power equipment at lease are likely to hamper the growth of the market. The market offers several opportunities for manufacturers to focus on manufacturing smart and connected outdoor power equipment.
The market for saws to grow at significant rate from 2019 to 2024
Chainsaws are used mainly in various wood cutting applications such as bucking, pruning, cutting, and felling trees. Chainsaws are used by both commercial and non-commercial end users. Chainsaws can be powered by electricity or gas engines. Based on the power source, gas chainsaws are likely to account for a significant share in the global market during the forecast period. In 2018, North America held the largest market share of chainsaws due to the increasing demand from professionals in the forestry sector. The global population is growing at a steady rate and is estimated to reach more than 9 billion by 2050. This growth in population will lead to a rise in the demand for land, which will lead to deforestation. This is propelling the demand for chainsaws worldwide.
Market for electric-powered equipment to grow at a higher CAGR from 2019 to 2024
Electric-powered equipment are primarily used by professionals and DIY users. Majority of these equipment are used by homeowners/do-it-yourself (DIY) users for residential gardening applications. Advances in battery technology, e.g., the development of high-density batteries that can last longer once charged, is the primary factor contributing to the increasing adoption of electric outdoor power equipment. Furthermore, manufacturers are also focusing more on cordless outdoor power equipment and launching innovative products in the market owing to the growing interest of consumers in these types of equipment. .
Commercial applications to exhibit high growth in outdoor power equipment market during forecast period
Outdoor power equipment are used for both commercial and residential applications. Outdoor power equipment are used by commercial end users including landscape service providers, and lawn and tree care providers. Residential end users include homeowners and DIY enthusiasts. Currently, the market is dominated by the residential/DIY application segment. However, the commercial application segment is expected to exhibit higher growth during the forecast period. Growth in the US housing and increasing garden activities is propelling the growth of the outdoor power equipment market for commercial applications. The commercial application segment is dominated by fuel-powered equipment; however, manufacturers are introducing battery-operated equipment for commercial applications.
Outdoor power equipment market in APAC to grow at fastest rate during forecast period
The outdoor power equipment market in APAC is expected to grow at the highest CAGR during the forecast period. Growing investments in residential and infrastructure markets are expected to boost the construction industry, which would, in turn, drive the use of outdoor power equipment in APAC. Japan is home to many outdoor power equipment and small gas engine manufacturers such as Honda, Yamabiko, Fuji Heavy Industries, Kawasaki, and Yamaha. China is investing heavily in infrastructural development and urban area planning. This investment in the construction industry is the major growth driver of the market. With growing urbanization in India, there has been a significant demand for outdoor power equipment that can support the construction industry for various urban development projects.
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Key Market Players
As of 2018, Husqvarna Group (Sweden), Deere & Company (US), Honda Motor Co., Ltd. (Japan), The Toro Company (US), Andreas Stihl AG & Company KG (Germany), MTD Products (US), Ariens Company (US), Yamabiko Corporation (Japan), Stanley Black & Decker Inc. (US), Techtronic Industries (Hong kong), Briggs & Stratton Corporation (US), STIGA S.p.A. (Italy), AL-KO kober Group (Germany), Robert Bosch (Germany), and Emak S.p.A. (Italy) were the major players in the outdoor power equipment market.
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