The latest market report published by Credence Research, Inc. “Global Outdoor Power Equipment Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global Outdoor Power Equipment market is anticipated to grow at a substantial CAGR of 6.80% in the upcoming years. The global Outdoor Power Equipment industry was estimated to be worth USD 26.9 billion in 2022 and was expected to be worth USD 42.63 billion by 2030.
The North American region, in particular, dominated the global Outdoor Power Equipment market in 2022 due to its larger geographical area relative to its population, which results in more lawns and fields requiring outdoor power equipment. Additionally, increasing government infrastructure spending is expected to further fuel regional market growth.
Key market players, including Husqvarna AB, Makita Corp, Honda Motors Co. Ltd, Briggs & Stratton Corp., and MTD Holdings Inc., are continuously investing in product innovation, acquisitions, and R&D spending. For instance, the Toro Company recently secured $1.5 billion in a debt issue to fund growth plans, and The Home Depot, Inc. invested $100 million in YardForce, a producer of robotic lawnmowers.
One of the major trends driving the market is the growing demand for gardening and landscaping services, particularly in the United States. This increase in demand, coupled with rising disposable incomes, is expected to lead to significant growth in the commercial outdoor power equipment market.
Furthermore, the Asia Pacific market is predicted to grow at the fastest CAGR during the anticipated period due to changing lifestyles and increased disposable income in developing nations like China and India. Major sporting events in the region are also expected to boost demand for outdoor power equipment.
Outdoor Power Equipment Market Major Challenges are multifaceted and pose significant obstacles to the growth of this industry. One of the most prominent challenges is the increasing demand for environmentally-friendly products and practices. With growing concern over climate change, consumers are gravitating towards eco-friendly options that have a lower carbon footprint. This shift in consumer behavior has put pressure on companies in the outdoor power equipment market to develop more sustainable products and production methods. Additionally, increased competition from low-cost imports has led to pricing pressures and reduced margins for manufacturers in this space, which can threaten their long-term viability.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Outdoor Power Equipment Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Component and Deployment
- Major nations in each region with their import/export statistics
- The global Outdoor Power Equipment Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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