Outdoor Power Equipment Market Size Share Global Forecast to 2026 | MarketsandMa
Posted by Steve Stark on January 5th, 2022
The Global Outdoor Power Equipment Market is projected to reach USD 27.3 billion by 2026 from USD 23.4 billion in 2021; it is expected to register a CAGR of 3.2% from 2021 to 2026.
In the technical aspect, owing to major R&D investments by global players, there have been tremendous developments in the outdoor power equipment arena, starting from cordless tools, incorporation of sensors, to the adoption of industry 4.0 and robotics to create autonomous equipment. These developments, along with a growing culture of garden and lawn care, increasing affinity for turf sports such as Golf, increase in fleets of landscaping service providers, and increasing potential of the construction sector to adopt outdoor power equipment are contributors to the growing demand for outdoor power equipment. Furthermore, initiatives by government and municipalities across regions for adopting sustainable landscaping and green infrastructure projects have also positively impacted the demand for outdoor power equipment.
DRIVERS: Growing demand for landscaping services and increasing interest of homeowners in gardening activities
The outdoor power equipment market is mainly driven by the growing demand by homeowners for landscaping services to make their homes aesthetically pleasing, as well as by commercial users to boost the appeal of their properties. In the landscaping industry, a wide range of outdoor power equipment, such as lawn mowers, hedge trimmers, blowers, and saws, are used in diverse landscaping activities that include lawn maintenance, hardscaping, tree care, lawn renovation, organic or natural lawn care, and snow removal. According to the National Gardening Survey (US), 77% of households in the US participated in lawn and garden activities in 2018, which increased by 3% in comparison with 2017. Thus, the growing inclination of homeowners in developed countries toward investing more time in outdoor and gardening activities is driving the demand for outdoor power equipment. Outdoor power equipment is also used for designing and maintaining golf courses. The golf industry in North America has witnessed significant growth; 24.8 million people in the US participated in the game in 2020, almost 2% or 500,000 more than 2019. In the coming years, with a growing number of players and new golf courses/clubs, the demand for outdoor power equipment is likely to increase.
RESTRAINT: High maintenance cost and availability of outdoor power equipment on lease
Outdoor power equipment, such as lawn mowers and trimmers, are precision instruments. Lots of parts such as motors, air filters, and fuel filters of these outdoor power equipment require regular maintenance. For precise operations, outdoor power equipment are required to be recalibrated after regular intervals. Regular maintenance includes oiling, sharpening, and replacing parts, and other repairs required for the proper working of tools. Thus, the cost of maintenance of outdoor power equipment is relatively high. Consumers, particularly in developing countries, are unwilling to spend a high amount of money on the maintenance of these equipment as laborers are available at a lower cost. Also, the cost of ownership of outdoor power equipment increases because of these maintenance and repair requirements.
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OPPORTUNITIES: Development of smart and connected outdoor power equipment
With the growing adoption of IoT devices and the increasing popularity of smart and connected products, manufacturers focus on offering connected equipment. Advancements in technologies and adoption of wireless connectivity practices lead to the innovation of smart and connected tools. Leading outdoor power equipment manufacturers are focusing more on the production of smart and connected outdoor power equipment. For instance, John Deere started offering JDLink to customers at zero additional cost, which is a digital platform that collects real-time equipment data and transmits it to John Deere service centers.
CHALLENGES: Safety regulations and strict trade policies
Outdoor power equipment safety and regulatory compliance are critical issues for manufacturers as these tools are supplied worldwide. Domestic and international distribution channels and end users demand safety, reliability, and rigorous compliance with the existing and emerging safety standards. Hence, it is important for tool manufacturers to comply with these safety regulations. In addition to mandatory regulations, manufacturers also must address important concerns of retailers and consumers regarding quality and environmental sustainability. Depending on the specific type of equipment, additional regulations may address physical safety requirements, electromagnetic interference, operating noise levels, and product recycling issues. In addition to mandatory requirements, product testing mandates increase the cost of ownership of outdoor power equipment.
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About the AuthorSteve Stark
Joined: July 13th, 2020
Articles Posted: 230
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