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Outdoor Power Equipment Market Trends

Report ID: GMI8729
Published Date: Mar 2024
Report Format: PDF

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Outdoor Power Equipment Market Trends

The use of outdoor power tools has surged up in recent times and this comes as a result of preference for robotic lawn mowers. Besides, these robots have come of age due to the enterprising robotics and AI creations giving them enhanced reliability and ease of use. Additionally, there is growing consumer concern for the environment which extends to electric-powered silent lawnmowers with no emission. In August 2023, Kress power equipment company unveiled RTKn Robotic Mower that utilized MAP Technology. These machines are designed for house owners and high-end clientele who prefer opulent yet easy-to-maintain gadgets.

Rental services are increasingly becoming popular in the market. This trend is majorly influenced by many factors, such as growing awareness about the environmental effects of these items along with the escalating cost burdens, encouraging customers and businesses to hire rather than buy outdoor power tools. In addition, renting also enables the cost-effective use of quality equipment for tasks. Moreover, outdoor power equipment often witnesses rapid improvements in technology, making the previous technology obstinate in a short period. Owing to this factor, purchasing this equipment is uneconomical to a firm compared to renting them.

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

Outdoor power equipment market size crossed USD 34 billion in 2023 and is expected to register over 5.5% CAGR from 2024-2032 owing to the increase in demand for landscape and gardening services worldwide.

The lawn mower segment recorded over 36% share in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to having a lower carbon footprint compared to gas-powered ones.

North America outdoor power equipment industry held over 37% share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to rapid urbanization and a mounting trend toward outdoor leisure activities in the region.

Honda Motors Co. Ltd, Husqvarna AB, Makita Corp, Robert Bosch, Techtronic Industries Ltd., Yamabiko Corporation, and AL-KO Kober Group, are some of the major outdoor power equipment companies worldwide.