Outdoor Power Equipment Market to Register Remarkable Growth by 2028
The outdoor power equipment market was valued at US$ 25.55 Bn in 2019 and is expected to grow at a CAGR of 3.8% from 2020 to 2027 to reach US$ 34.11 Bn by 2027.
The global Outdoor Power Equipment Market accounted for US$ 25.55 Bn in 2019 and is expected to grow at a CAGR of 3.8% over the forecast period 2020–2027, to account for US$ 34.11 Bn by 2027. The outdoor power equipment market has witnessed eminent growth in the last couple of years globally. The outdoor power equipment market is going through a gradual shift from manual equipment to technically advanced and automated equipment. Robotic lawn mower is one such example. The demand for alternative power sources, connected interfaces, and technology integration in outdoor power equipment is growing at an impressive pace globally. Hence, companies are taking interest in the development of fully and semi-autonomous landscaping and lawn equipment for both residential and commercial customers. Rising urbanization, infrastructure activities, and disposable incomes coupled with increasing investments from companies are among the factors that are projected to boost the demand for robotic lawn mowers and other advanced outdoor power equipment during the forecast period.
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The demand for landscaping services is increasing owing to factors such as rising urbanization, infrastructure development, high disposable incomes, and presence of large commercial spaces. On the contrary, due to high maintenance costs of equipment that are used for heavy applications may restrain the growth of outdoor power equipment market. The growing traction of robotic lawn mowers among end users and demand for connected equipment will boost the outdoor power equipment market growth during the forecast period.
Globally, outdoor power equipment market is experiencing an intense growth with regards to continuous infrastructural developments taking place across the globe. In addition, the growing investments in infrastructure and construction industry is fuelling the demand for this equipment in the commercial sector. The increasing focus on sustainable environmental growth, rising construction industry, and growing number of electric-powered equipment are among the key driving factors for the growth of the global outdoor power equipment market. North America held the largest share of the outdoor power equipment market in 2019 and is expected to continue its dominance during the forecast period of 2020–2027. Europe and APAC held the second and third position in the global outdoor power equipment market in 2019 respectively.
The overall outdoor power equipment market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the outdoor power equipment market. It also provides the overview and forecast for the global outdoor power equipment market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the outdoor power equipment market.
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