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Pune, India, Jan. 11, 2022 (GLOBE NEWSWIRE) -- The outdoor power equipment market was estimated to value USD 23,347 million in 2021 and is projected to grow at a CAGR of 3.50% during the forecast period, as per a recent comprehensive market study by Quince Market Insights . Outdoor power equipment means equipment using small engines or the motors.
Growing demand by homeowners for landscaping services in order to make their homes aesthetically beautiful and pleasing, as well as by the commercial users to boost the appearance of their properties are some important factors, which are driving the demand for the outdoor power equipment market.
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In the landscaping industry, a large variety of outdoor power equipment like hedge trimmers, blowers, saws and lawn mowers are used in diverse landscaping activities, which include organic or natural lawn care, hardscaping, tree care, lawn renovation, snow removal, and lawn maintenance.
The growing interest of homeowner toward spending time in indoor and outdoor gardening activities are uplifting the demand for outdoor power equipment. Outdoor power equipment is also used for maintaining and designing golf courses. In the next few years, with a growing new golf courses/clubs and number of players, the market for outdoor power equipment is expected to increase.
Lawn trimmers are some of the important instruments. Most of the parts like fuel filters, motors, and air filters, needs regular maintenance which is expensive. Regular maintenance which includes oiling, replacing parts, and sharpening and some other repairs required for the proper working of instrument. Hence, the cost for the maintenance of outdoor power equipment is considerably high.
Impact of COVID-19 Pandemic
QMI team is closely monitoring on the impact of COVID-19 on outdoor power equipment market and it is been observed that the outbreak of COVID-19 had forced many businesses to halt most of the operations and to shut down their manufacturing plants during the initial period of 2 to 3 months. During the pandemic, the main aim of the companies was to encourage their businesses by finding some safe ways to continue manufacturing operations or find other sustainable ways to get the revenue stream flowing.
Post pandemic, both the commercial and residential application segments made a strong comeback and started recovering with a higher pace. As a result of this rising demand, the outdoor power equipment market can be seen growing slowly and steadily.
By Equipment Type
On the basis of equipment type, the outdoor power equipment market is bifurcated into lawn movers, riding lawn movers, non-riding movers, chainsaws, trimmers & Edgers, blowers, snow throwers, tillers & cultivators and others. The lawn mowers segment is estimated to account for the fastest growing segment owing to the growing demand for lawn mowers can be attributed to the increasing affinity of residential users for garden and lawn care activities as well as the increasing demand for landscaping services.
On the basis of application, the outdoor power equipment market is divided into residential/DIY and commercial. Among these, the residential/DIY application segment is estimated to account for the fastest growing segment of the outdoor power equipment market. On account of residential end users can be do-it-yourself (DIY) enthusiasts and homeowners. There has been already flourishing and established culture of garden and lawn care across Europe and North America, which is further increasing across other regions also.
By Power Source
On the basis of the power source, the outdoor power equipment market if divided into fuel powered and electric powered. The fuel powered segment is estimated to account fastest growing segment in the outdoor power equipment market. Fuel-powered equipment can work on diesel or petrol, gas, and deliver better torque and power, due to which they are being increasingly adopted by professional loggers and arborists for wood clearing activities and deforestation.
On the basis of functionality, the outdoor power equipment market if bifurcated into connected/smart and conventional. The connected/smart segment is estimated to account fastest for the outdoor power equipment market. With the growing adoption of IoT devices and the increasing popularity of smart and connected products, manufacturers are focusing on offering connected equipment.
Additionally, advancements in technologies and adoption of wireless connectivity practices have led to the innovation of smart and connected tools. Leading and emerging outdoor power equipment manufacturers are focusing more on the production of smart and connected outdoor power equipment.
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On the basis of region, the outdoor power equipment market is bifurcated into including North America, Europe, Asia Pacific, Middle East & Africa, and South America. The North America is projected to hold the fastest growing segment in the forecast period. On account of an increase in investment in infrastructure and housing markets is anticipated to lead to an increase in the construction sector in the APAC region.
Major Developments in the Outdoor Power Equipment Market
- September 2021, STIHL (Germany), have introduced the MSA 300 cordless chainsaw which delivers higher energy content but with a lower weight. This comes with the STIHL AP 500 S battery pack and it is designed for professional use such as landscaping, horticulture and forestry.
- In July 2021, Honda India Power Products (Japan), previously Honda Siel Power Products Ltd., introduced the new compact tiller FQ650. The product features an overhead valve and a 4-stroke engine to deliver enhanced fuel efficiency and greater performance. The machine is lightweight and durable and is launched with the aim of increasing farm mechanization at an affordable price tag.
Profiles of major market players operating in the global outdoor power equipment market, which include Husqvarna (Sweden), Deere & Company (U.S.), Honda Motor Co., Ltd. (Japan), Blount International, Inc. (U.S.), The Toro Company (U.S.), STIHL Holding AG & Co. KG (Germany), Stanley Black & Decker Inc. (U.S.), Makita Corporation (Japan), MTD Products (U.S.), Emak S.p.A. (Italy), and Techtronic Industries Co. Ltd. (TTI) (Hong Kong).
Browse key industry insights from the report, “ Outdoor Power Equipment Market , By Equipment Type (lawn movers, riding lawn movers, non-riding movers, chainsaws, trimmers & Edgers, blowers, snow throwers, tillers & cultivators and others), By Application (Residential/DIY, Commercial) By Power Source (Fuel Powered, Electric powered), By Functionality (Connected/Smart, Conventional), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America)” in-depth analysis along with the table of contents (ToC).
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