Outdoor Power Equipment Market Worth $26.1 Billion by 2024 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, May 22, 2019 /PRNewswire/ -- According to the new market research report "Outdoor Power Equipment Market by Equipment Type (Lawn Mower (Lawn Tractor, Zero-turn, Walk-behind, Robotic), Chain Saw, Trimmer & edger), Application (Commercial, Residential), Power Source (Fuel, Electric), and Geography - Global Forecast to 2024", published by MarketsandMarkets(TM), the Outdoor Power Equipment Market is estimated to reach USD 26.1 billion by 2024 from USD 22.3 billion in 2019, at a CAGR of 3.2%.
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"Lawn mowers to lead outdoor power equipment market from 2019 to 2024"
Outdoor power equipment are essential for basic yard maintenance and offer great aid and convenience in garden maintenance. The growing trend toward investing more time in outdoor and gardening-related activities is driving the demand for lawn mowers. Moreover, the rise in residential and commercial construction has led to increased demand for lawn mowers. Lawn mowers are widely used to maintain and decorate lawns, gardens, and yards across the world. With different types of lawn mowers available including walk-behind, riding lawn mowers, tractors, zero-turn-radius mowers, and robotic mowers, end users can maintain various types of landscapes such as small yards and gardens to large parks and farm areas.
"Residential applications to hold the largest market for outdoor power equipment from 2019 to 2024"
Growing per capita income of consumers and increasing disposable income for durable goods boost the demand for outdoor power equipment for residential/DIY applications. Outdoor power equipment are used by DIY consumers for residential refurbishment and improvement projects. Residential and commercial construction applications have started showing signs of recovery across the world. Majority of the residential/DIY end users are populated in North America and Europe. However, the DIY culture is not popular in APAC due to the availability of low-cost labor and high ownership cost of outdoor power equipment. DIY users prefer smaller and lighter outdoor power equipment. Thus, there is a growing tendency for preferring small, ergonomic equipment that are more efficient than traditional outdoor power equipment.
"North America to be largest market for outdoor power equipment during forecast period"
North America is expected to dominate the global outdoor power equipment market during the forecast period. In North America, outdoor power equipment are extensively used for both commercial and residential applications. The DIY trend is already prevalent among consumers in this region and is likely to continue to drive the demand for outdoor power equipment, especially for battery-powered products. The US has a rich culture of gardening and lawn maintenance. Moreover, the US is home to major landscaping and turf maintenance service providers. The outdoor power equipment market in the US is growing at a significant rate as consumers are adopting lawn and garden care equipment as a way to beautify their homes while enhancing their aesthetics.
Browse in-depth TOC on "Outdoor Power Equipment Market"
64 - Tables
55 - Figures
161 - Pages
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Major players in the outdoor power equipment include Husqvarna Group (Sweden), Deere & Company (US), Honda Motor Co., Ltd. (Japan), The Toro Company (US), Andreas Stihl AG & Company KG (Stihl, Germany), MTD Products (US), Ariens Company (US), Yamabiko Corporation (Japan), Stanley Black & Decker Inc. (US), Techtronic Industries (TTI, Hong kong), Briggs & Stratton Corporation (US), STIGA S.p.A. (Italy), AL-KO kober Group (Germany), Robert Bosch (Germany), and Emak S.p.A. (Italy).
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