According to the report published by Allied Market Research, the global outdoor power equipment market is expected to generate $24.4 billion in 2021, and is projected to reach $41.1 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.
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Outdoor power equipment refers to the equipment that is specifically used for outdoor services. It uses compact engines or small motors for functioning. They have their applications in both commercial as well as residential sectors. Outdoor power equipment is extensively used by end users, such as lawn & plant care providers and landscape service providers, for commercial purposes. The equipment usually includes brush cutters, edgers, chain saws, power rakes, and others.
The major driving factors of the global outdoor power equipment market include remarkable growth in the construction industry. In addition, increase in demand for alternative sources of power and more opitimized equipment is expected to drive the growth of the global outdoor power equipment market. Moreover, increase in focus on the development of full and semi-automatic lawn equipment for both residential and commercial customers, and growing prevalence of smart cities to attract more tourists are expected to create ample opportunities for the industry.
The prevalence of COVID-19 pandemic had a negative impact on the growth of the global outdoor power equipment market, owing to the stringent regulatory mandated imposed by the governments of various countries. Lockdowns resulted in the shutdown of industrial manufacturing, which led to the decline in demand for gas related equipment in most of the countries globally. In addition, decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.
Based on type, the lawn mowers segment held the largest market share in 2021, and is expected to maintain its dominance during the forecast period. This is majorly due to the increase in the development of parks and small-scale gardens in the residential building and in cities to curb the effect of pollution.
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Based on power source, the fuel powered segment held the dominating market share in 2021, and is expected to maintain its dominance during the forecast period. This is due to the increase in demand for power equipment in the gardening and landscaping industry. The presence of renewable fuel gas resources, such as ethanol fuel and other bio fuels has driven the demand for the outdoor power equipment.
Based on region, the market across North America held the largest market share in 2021, and is expected to maintain its dominance during the forecast period. Rise in urbanization and increased consumer expenditure on recreational activities, such as golf and landscaping services, drive the growth of the market in this region.
KEY FINDINGS OF THE STUDY
- Based on type, the lawn mowers segment held the largest market share in 2021, and is expected to maintain this trend during the forecast period.
- Based on power source, the fuel powered segment held the dominating market share in 2021, and is expected to maintain this trend during the forecast period.
- Based on region, the market across North America held the largest market share in 2021, and is expected to maintain this trend during the forecast period.
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