NEW YORK, Jan. 12, 2021 /PRNewswire/ -- The global outdoor power equipment market size is expected to reach USD 28.96 billion by 2027 according to a new study conducted by Polaris Market Research the market is anticipated to register a CAGR: 3.4% From 2020 to 2027. Growing demand for landscaping services, increasing consumer spending on durable goods, and a rising trend among homeowners to beautify their gardens are some of the key factors driving the growth of the global market. Increasing concerns for environmental pollution resulting in a growing preference for energy sources to reduce carbon emissions is among one of the major trends augmenting the growth of the outdoor power equipment market. Also, various governments across the globe are undertaking different initiatives to boost the construction industry thus, positively impacting the market. Moreover, increasing technological advancements and rising investment in R&D activities to improve the performance of equipment, attracting consumers for the adoption of this advanced equipment.
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Key Trends and Major Developments in Outdoor Power Equipment Market
- The residential segment contributed the largest revenue in the global outdoor power equipment market on account of the increased per capita income and availability of low mortgage rates. In addition to this, the growing inclination of homeowners towards the renovation of their houses augments the segmental growth.
- The Saws segment is expected to grow at a substantial rate owing to its growing adoption for bucking and cutting trees. Moreover, various benefits offered by electric-powered saws such as easy to use, no fuel emissions, and affordability, foster the market growth.
- With the sudden outbreak of the COVID-19 pandemic, people across the globe are searching for different gardening equipment and tools. People looking for focusing on activities such as gardening to keep themselves busy during the phase of social distancing and stay home phase.
Regional Insight & Trend Analysis :
Based on a regional outlook, the Asia Pacific region is predicted to lead the market growth in terms of revenue generation. The regional growth is attributed to the increasing adoption of outdoor power equipment on account of rising development projects across infrastructure and residential markets. In addition to this, growing urbanization and rising concerns related to pollution have resulted in increasing demand for the construction of sustainable buildings, fueling the regional market growth. In North America, there is a huge surge in the adoption of such equipment for residential and commercial applications. Moreover, the growing do-it-yourself trend among the regional population is anticipated to boost demand for outdoor power equipment. Europe is also projected to witness steady growth due to increasing the adoption of robotic lawnmowers.
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Market players are looking to accelerate their business by bringing innovative products that cater to emerging needs. They are also looking to strengthen their market position through strategic collaborations, partnerships, and acquisitions. Leading players working in the outdoor power equipment market are Honda Motor Co., Ltd., Makita Corporation, Blount International, Inc., Techtronic Industries Co. Ltd., Husqvarna, STIHL Holding AG & Co. KG, MTD Products, Deere & Company, Emak S.p.A., and The Toro Company.
- Supply Side: Outdoor Power Equipment Manufacturers, Distributors, and Suppliers
- Demand Side: Garden, Park, Forest, Sports Ground
- Regulatory Side: Essential health and safety requirements (EHSR)
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Polaris Market Research has segmented the outdoor power equipment market report on the basis of equipment, power source, and region
Outdoor Power Equipment, By Equipment Outlook (Revenue – USD Million, 2016 – 2027)
- Trimmers & Edgers
- Backpack Blowers
- Handheld Blowers
- Tillers & Cultivators
- Snow Throwers
Outdoor Power Equipment, By Power Source Outlook (Revenue – USD Million, 2016 – 2027)
Outdoor Power Equipment Regional Outlook (Revenue – USD Million, 2016 – 2027)
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
List of Key Players of Outdoor Power Equipment Market
- Briggs & Stratton Corp.
- Stanley Black & Decker, Inc.
- AL-KO KOBER GROUP
- Yamabiko Corp.
- Techtronic Industries Company Ltd.
- Excel Industries, Inc.
- CHERVON (China) Trading Co., Ltd.
- Andreas Stihl AG & Company KG
- MTD Holdings Inc.
- Makita Corp.
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