Outdoor Power Equipment Market to Propel Growth at USD 76.61 Billion by 2031 | SkyQuest Technology

/EIN News/ -- Westford, USA, Nov. 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Outdoor Power Equipment Market will reach a value of USD 76.61 Billion by 2031, with a CAGR of 5.9% during the forecast period (2024-2031). Residential and commercial customers use outdoor power equipment for many jobs that range from landscape care of lawns, gardens, and golf courses. It is used more often because the equipment is strong and energy efficient. The equipment powers itself using an electric motor, gasoline engine or batteries. Due to increased urbanization and developing requirement for smart cities and infrastructure, demand for this machinery is increasing for construction projects. Besides, this equipment is also utilized by household customers for maintaining their real estate & also for gardening works which in turn is propelling growth of outdoor power equipment market.

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Browse in-depth TOC on the “Outdoor Power Equipment Market"  

• Pages - 197  
• Tables - 95  
• Figures – 76  

Outdoor Power Equipment Market Overview:  

Report Coverage	Details
Market Revenue in 2023	$ 49.26 Billion
Estimated Value by 2031	$ 76.61 Billion
Growth Rate	Poised to grow at a CAGR of 5.9 %
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Power Source, Sales Channel, Application, and Region
Geographies Covered	North America, Europe, Asia-Pacific, and the Rest of the world
Report Highlights	Increasing interest in gardening activities
Key Market Opportunities	Growing popularity for connected outdoor power equipment
Key Market Drivers	Rising demand for landscaping services

Growing Demand for Gasoline-Powered Outdoor Equipment due to Better Power Output and Improved Performance

The gasoline segment accounts for the largest outdoor power equipment market share in terms of fuel type. Gasoline-powered outdoor equipment includes lawnmowers, chainsaws and generators, as this type of machine is favoured due to its overall power output and performance. Gasoline is the best choice for low to high impact jobs since these instruments often require superior strength compared to what battery- and electric-operated equipment can provide. Gasoline models are more at an advantage for their portability feature because electric equipment almost always needs a plug and have less batter lifespan. This is convenient for users who are required to use the equipment in remote locations or large outdoor areas. Gasoline engines usually provide longer running hours between fillings than battery-powered alternatives, which can be an advantage if the operator needs to use the device for long periods of time without having to stop and recharge every now and then.

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Increasing Requirement of Advanced Outdoor Power Equipment in Commercial Sector due to Rapid Urbanization

Among the end-user type, the commercial segment is projected to witness the fastest growth in the outdoor power equipment market during the forecast period owing to the increase in demand across sectors such as landscaping, construction and agriculture. Increased focus on efficiency and productivity among businesses, coupled with growing adoption of advanced outdoor equipment for different maintenance and operational tasks are among the key factors responsible for driving outdoor power equipment market growth. Moreover, the global urbanization trend and continuous development of infrastructure projects are also propelling this upward trend. With expansion of cities and infrastructure development projects, the focus has widely shifted to commercial businesses making more investments in high-performance equipment that can fulfil these project requirements. This growing emphasis on cutting-edge equipment is anticipated to play a key role in driving the commercial sector's growth.

North America to Dominate Outdoor Power Equipment Market due to Growing Popularity of Gardening and Landscaping

The outdoor power equipment market is being dominated by North America. Demand for gardening and landscaping has been growing steadily, fuelling market growth. This growth is backed by both residential and business sectors. The market is also boosted by growing urbanization and increasing popularity for aesthetically beautiful gardens and lawns. The commercial sector, which includes services such as municipal maintenance and landscaping, continues to be a dominant force for the growth of the market. As the impact of gas-powered tools on the environment is becoming increasingly scrutinized, eco-friendly options are gaining traction. The outdoor power equipment is also being embedded with smart technologies and the internet of things, allowing customers to monitor and manage their equipment from smartphones and other devices.

Outdoor Power Equipment Market Insights

Drivers

• Increasing demand for landscaping services
• Growing household and gardening activities
• Rising government initiatives for infrastructure development 

Restraints

• Rising competition from electric alternatives
• High maintenance expense of equipment
• Fluctuating raw material prices

Key Players Operating in Outdoor Power Equipment Market

The following are the Top Outdoor Power Equipment Companies

• Husqvarna Group
• Deere & Company
• STIHL Holding AG & Co. KG
• Briggs & Stratton Corporation
• MTD Products Inc.
• Honda Motor Co., Ltd.
• TTI Inc.
• Stanley Black & Decker Inc.
• Techtronic Industries Co. Ltd. (TTI)
• Kubota Corporation
• Ariens Company

Key Questions Answered in Outdoor Power Equipment Market Report

• What are the major driving factors of outdoor power equipment market?
• Which is the fastest growing region in the outdoor power equipment market report?
• Who are the key players in outdoor power equipment market?

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This report provides the following insights:    

Analysis of key drivers (Increasing demand for landscaping services, growing household and gardening activities), restraints (Rising competition from electric alternatives, High maintenance expense of equipment), opportunities (Rising government initiatives for infrastructure development), and challenges (Fluctuating raw material prices) influencing the growth of outdoor power equipment market   

• Market Penetration: Comprehensive information on the product offered by the top players in the outdoor power equipment market    

• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the outdoor power equipment market    

• Market Development: Comprehensive information on emerging regions    

• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market    

• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.    

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