DUBLIN, June 3, 2019 /PRNewswire/ -- The "Outdoor Power Equipment Market by Equipment Type (Lawn Mower (Lawn Tractor, Zero-turn, Walk-behind, Robotic), Chain Saw, Trimmer & edger), Application (Commercial, Residential), Power Source (Fuel, Electric), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Outdoor Power Equipment 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 outdoor power equipment market. However, high maintenance cost and availability of outdoor power equipment at lease are likely to hamper the growth of the market. The outdoor power equipment market offers several opportunities for manufacturers to focus on manufacturing smart and connected outdoor power equipment.
Fuel-powered equipment to hold the largest market for outdoor power equipment from 2019 to 2024
Fuel-powered outdoor power equipment is expected to lead the outdoor power equipment market from 2019 to 2024. However, the demand for electric-powered equipment is expected to grow at a higher rate owing to the increasing demand for do-it-yourself (DIY) techniques among household consumers. The commercial application segment is dominated by fuel-powered equipment; however, manufacturers are introducing battery-operated equipment for commercial applications. Most of the fuel-powered equipment is equipped with small gas engines. Gas-powered equipment has the power to handle any size of lawn and challenging terrain and conditions, including tall thick grass. Conversely, electric and battery-powered outdoor power equipment such as mowers work best for small, even lawns that are mowed regularly because they do not have the power to handle thick grass.
Market for electric-powered equipment to grow at highest CAGR during the forecast period
Currently, the outdoor power equipment market is dominated by fuel-powered equipment. However, environmental concerns and government regulations for emissions in fuel-powered equipment, along with innovation in battery-operated products, are boosting the demand for electric-powered outdoor equipment, especially for cordless equipment. Corded electric-powered equipment is plug-n-play tools, whereas cordless tools are easy to operate, efficient, and handy. Due to their ergonomic advantages, end-users prefer cordless equipment over conventional fuel-powered equipment.
North America to be the largest market for outdoor power equipment during the forecast period
North America is expected to lead the outdoor power equipment market, in terms of size, from 2019 to 2024. In North America, outdoor power equipment is extensively used for both commercial and residential applications. The DIY trend is already prevalent among consumers in this region and is likely to continue to drive the demand for outdoor power equipment, especially for battery-powered products. Europe is the second-largest market for outdoor power equipment and is leading in the adoption of robotic lawnmowers and other battery-powered products. The market in APAC is expected to grow at the highest CAGR from 2019 to 2024 owing to the increasing demand from commercial landscapers in Australia, India, and China.
Market Dynamics
Drivers
- Growing Demand for Landscaping Services and Increasing Interest of Homeowners in Gardening Activities
- Rising Adoption of Battery-Powered Outdoor Power Equipment for Maintaining Lawns and Gardening Activities
Restraints
- High Maintenance Cost and Availability of Outdoor Power Equipment at Lease
Opportunities
- Focus on Manufacturing Smart and Connected Outdoor Power Equipment
- High Preference for Rental Services of Outdoor Power Equipment
Challenges
- Safety Regulations and Strict Trade Policies
- Designing Ergonomic and Lightweight Outdoor Power Equipment
Value Chain Analysis
- Research and Development
- Component Manufacturers and Suppliers
- Outdoor Power Equipment Manufacturers
- Distributors and Retailers
- End Users
- Post-Sales Services
Companies Mentioned
- AL-KO Kober Group
- Ariens Company
- Briggs & Stratton Corporation
- Chervon (China) Trading Co., Ltd
- Deere & Company
- Emak S.p.A
- Excel Industries Inc.
- Honda
- Husqvarna
- Jacobsen (Textron Company)
- Makita
- MTD Products
- Robert Bosch
- Schiller Grounds Care
- Stanley Black & Decker
- STIGA S.p.A.
- Stihl Group
- Techtronic Industries (TTI)
- The Toro Company
- Yamabiko Corporation
For more information about this report visit https://www.researchandmarkets.com/r/7sxwnn
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SOURCE Research and Markets
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