Outdoor Power Equipment Market worth $36.5 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 5, 2024 /PRNewswire/ -- The outdoor power equipment market is expected to grow from USD 31.0 billion in 2024 to USD 36.5 billion by 2029, at a CAGR of 3.3% during the forecast period according to a new report by MarketsandMarkets™. Increasing homeowner interest in gardening, alongside a growing demand for landscaping services, and the rising popularity of battery-powered outdoor equipment for lawn maintenance and gardening tasks, are significant factors driving the outdoor power equipment market. In addition, the development of intelligent and interconnected outdoor power equipment, along with the rising trend of choosing rental services for such equipment, generates opportunities for market growth.

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Browse in-depth TOC on "Outdoor Power Equipment Market" 

213 – Tables
66 – Figures
260 – Pages

Outdoor Power Equipment Market Report Scope:

Saws segment is expected to grow at the highest CAGR during the forecast period.

The saws is expected to grow at the highest CAGR during the forecast period. This growth is primarily driven by the escalating global population, resulting in increased demand for land and subsequent deforestation. With rising needs for wood across various sectors such as construction, furniture, and fuel, the demand for saws is expected to surge. Saws serve not only professional loggers but also residential users for gardening and sculptors for woodwork. These factors collectively contribute to the anticipated rapid growth of the saws in the outdoor power equipment industry.

Commercial segment is expected to grow at the highest CAGR during the forecast period.

Commercial segment is expected to grow at the highest CAGR during the forecast period. This is primarily due to heightened demand across sectors such as landscaping, construction, and agriculture. Businesses are placing greater emphasis on enhancing efficiency and productivity, leading to increased adoption of advanced outdoor equipment for various maintenance and operational tasks. Moreover, global urbanization and ongoing infrastructure development projects are driving this upward trend. As a result, commercial entities are increasingly investing in high-performance equipment to meet evolving project demands, contributing to the projected growth of this segment.

Electric-powered equipment is expected to grow at the highest CAGR during the forecast period.

Electric-powered equipment is expected to grow at the highest CAGR during the forecast period. This growth is driven by the increasing adoption of do-it-yourself (DIY) practices among residential consumers, propelled by advancements in battery technology and a rising interest in gardening activities. Furthermore, the expansion of the electric-powered equipment sector is fueled by ongoing innovations in battery technology, which enhance performance and cater to the evolving needs of both professional and residential users. Additionally, there is a notable shift towards cordless equipment, indicating a broader acceptance of electric-powered solutions in the market.

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Asia Pacific is expected to grow at the highest CAGR during the forecast period.

The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Asia Pacific is expected to grow at a higher CAGR during the forecast period. This surge is driven by several key factors, including rapid urbanization and infrastructure development across emerging economies such as China and India. Additionally, increasing disposable incomes and a growing middle class in the region are boosting demand for outdoor power tools for both residential and commercial applications. Moreover, the presence of dominant global players such as Makita Corporation, Honda Motor Co., Ltd., YAMABIKO Corporation, Techtronic Industries Co. Ltd. and a diverse range of products offered by these companies in the Asia Pacific market contribute to its accelerated expansion. Overall, the region's dynamic economic landscape and evolving consumer preferences position it as the epicenter of growth in the outdoor power equipment sector.

Key players

Major companies operating in the outdoor power equipment companies include Husqvarna Group (Sweden), The Toro Company (US), Deere & Company (US), Stanley Black & Decker, Inc. (US), ANDREAS STIHL AG & Co. KG (STIHL) (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Hondo Motor Co., Ltd. (Japan), YAMABIKO Corporation (Japan), Makita Corporation (Japan), Robert Bosch GmbH (Germany), among others.

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