Power Systems Research (PSR) projects the global outdoor power equipment market to grow from $34.01 billion in 2021 to $48.91 billion by 2028, a CAGR of 5.34% over the forecast period. The outdoor power equipment market includes consumer and commercial lawn mowers, chain saws, leaf blowers, and other motorized equipment used in the upkeep of lawn and gardens.
Global trends.North America is expected to dominate the market because of the growth of commercial and residential lawns and parks. The market in North America stood at $13.7 billion in 2021 and is expected to gain a huge portion of the global market share.
In Europe, continued automation in the lawn mower segment will increase demand for automated residential lawn mowers.
In Asia Pacific, growing population and rapid development of the residential and commercial building are expected to increase the demand for outdoor power equipment.
Listed below is the forecasted revenue and CAGR for the global outdoor power equipment market:
Global trends.North America is expected to dominate the market because of the growth of commercial and residential lawns and parks. The market in North America stood at $13.7 billion in 2021 and is expected to gain a huge portion of the global market share.
In Europe, continued automation in the lawn mower segment will increase demand for automated residential lawn mowers.
In Asia Pacific, growing population and rapid development of the residential and commercial building are expected to increase the demand for outdoor power equipment.
Demand Drivers. The market for outdoor power equipment is mature, and its growth is mostly influenced by variables such as population and age distribution, consumer spending, housing and construction, location, and recreational and leisure activities. In addition, technology, price trends, environmental and regulatory challenges, and trade activities all play a part.
Here are some of the leading demand drivers:
- Increasing desire for outdoor power equipment as people seek greater flexibility and portability, especially in battery-powered outdoor power equipment for lawn maintenance and gardening activities.
- Growth of urbanization and home building.
- Increasing disposable income. Homeowners in developed countries are investing more time and money in outdoor and gardening activities.
- Growing demand by homeowners and owners of commercial properties for landscaping services to boost curb appeal and value.
- Expanding infrastructure activities coupled with related demand for landscaping services. A wide range of outdoor power equipment, lawn mowers, hedge trimmers, blowers, and saws, are needed in new landscaping activities.
Product Segmentation. Lawn Mowers are the most used outdoor power equipment. The growing demand for lawn mowers is tied to the increasing demand of residential users for lawn and garden care activities and landscaping services. Other major end users of lawn mowers include municipalities and landscaping service providers
Analysis. The outdoor power equipment market is experiencing a shift toward battery technology and to a lesser extent robotics. The demand for alternative sources of power is gaining market share with many new introductions of equipment. In the US, robotic lawn mowers are slowly gaining market share, while electric lawn mowers are proving to cost-effective and provide the torque for landscaping use. PSR
Mike Aistrup is a Senior Analyst at Power Systems Research
