Northbrook, IL 60062 -- (SBWIRE) -- 06/29/2022 -- The global outdoor power equipment market size is expected to grow from USD 26.4 billion in 2021 to USD 35.8 billion by 2026, at a CAGR of 6.3%.
The growth of the outdoor power equipment market can be attributed to the rising demand for battery-powered outdoor power equipment for maintenance of lawns and other private and public properties. However, high maintenance cost, stringent safety regulations, and strict trade policies are some of the restraints and challenges for the market.
The outdoor power equipment market is witnessing steady growth owing to several factors including government initiatives to undertake several infrastructural development projects which are boosting the demand for outdoor power equipment. Moreover, stringent environmental regulations are fueling the demand for electric powered outdoor power equipment. Increasing number of commercial landscapers and rising demand for rental services of outdoor power equipment are some key factors for growth of the outdoor power equipment market.
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Based on equipment type, the outdoor power equipment market is segregated into lawn mowers, saws, trimmers & edgers, snow throwers, blowers, tillers & cultivators, and others. Lawn mowers held the largest share of the outdoor power equipment market in 2020. Lawn mowers are one of the most widely used outdoor power equipment for trimming grass, maintaining, and decorating lawns and yards, and maintenance of parks and stadiums. Increasing population leading to increasing residential and commercial spaces with affinity for private lawns is fueling the demand for lawn mowers.
Based on application, the outdoor power equipment market is segregated into residential/DIY and commercial. Residential/DIY application held the largest share of the outdoor power equipment market in 2020. Initiation of major infrastructural projects and growing affinity of homeowners for private lawns fuels the demand for outdoor power equipment. Furthermore, increasing consumer disposable income is resulting in higher demand for outdoor power equipment.
Based on power source, the outdoor power equipment market is segregated into fuel-powered and electric-powered. Fuel-powered equipment held larger share of the outdoor power equipment mrket in 2020. Professional landscapers and turf care providers prefer fuel-power equipment for heavy-duty operations, such as large lawns and yards, and stadiums. Increasing affinity for turf sports and growing demand for landscaping services, therefore, are fueling the demand for fuel-powered outdoor power equipment.
The outdoor power equipment market is segmented into four regions, North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2021, Asia Pacific is expected to register the highest growth during the review period. Availability of cheap labor drives many global manufacturers to setup manufacturing units across APAC, thus reducing additional costs and making equipment affordable. Moreover, several governments backed infrastructural projects are being undertaken across Asia Pacific, especially in developing countries like India, which are increasing the adoption of outdoor power equipment.