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Outdoor Power Equipment Global Market Report 2023
Major players in the outdoor power equipment market are Briggs & Stratton, Deere & Company, Honda, Husqvarna, Makita, Yamabiko Corporation, STIHL Group, Techtronic Industries, The Toro Company, Andreas Stihl AG & Co.
New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Outdoor Power Equipment Global Market Report 2023" - https://www.reportlinker.com/p06290042/?utm_source=GNW
KG, Ariens Company, Makita, Oregon, Snow Joe, Craftsman, Worx, AL-Ko Kober Group, Excel Industries Inc., Chevron Trading Co Ltd., and Stiga S.p.A.
The global outdoor power equipment market grew from $27.33 billion in 2022 to $28.34 billion in 2023 at a compound annual growth rate (CAGR) of 3.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The outdoor power equipment market is expected to grow to $32.45 billion in 2027 at a CAGR of 3.4%.
The outdoor power equipment market consists of sales of pressure Washers, generators, lawn mowers, riding lawn mowers, leaf blowers and slow removal equipments.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Outdoor power equipment is machinery powered by an engine or electric motor and used for non-agricultural landscaping or land cultivation. These include devices, such as a saw, shovel, or drill, used to perform or facilitate manual or mechanical work.It is used outside for cutting lawns, gardens, golf courses, landscaping, or ground maintenance.
North America was the largest region in the outdoor power equipment market in 2022. The regions covered in the outdoor power equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of outdoor power equipment are trimmers and edgers, lawnmowers, blowers, tillers and cultivators, snow throwers, and others.The trimmers and edgers outdoor power equipment makes the yard and lawn tidier.
Edgers are used to give an edge to the yard, mainly a finishing edge. The various power sources include fuel-powered and electric-powered and are used in several applications such as residential and commercial.
The growth in the construction industry is expected to propel the growth of the outdoor power equipment market going forward.Construction is the process of building, altering, repairing, remodeling, improving, or demolishing any structures.
Outdoor power equipment is used in construction to clear the soil and chop the plants before work begins and for grounds maintenance.For instance, according to the FMI Corporation, a US-based management consulting company, in comparison to 2021, engineering and construction investment will increase by 5% in 2022.
Therefore growth in the construction industry is driving the growth of the outdoor power equipment market.
Technological advancements have emerged as the key trend gaining popularity in the outdoor power equipment market.Major companies operating in the outdoor power equipment sector are focused on developing new technological solutions to sustain their position in the market.
For instance, In February 2022, Stihl, a Germany-based company that manufactures chainsaws and outdoor power equipment, launched a new chain saw called Stihl MSA 300 based on Power Laminate technology. It possessed the most powerful battery-powered chainsaw and an LED display that allowed the user to monitor the saw’s status.
In August 2021, Stanley Black & Decker, a US-based industrial tools and household hardware manufacturer, acquired MTD Holdings Inc for the deal amount of $1.6 billion amount. This acquisition positions Stanley Black & Decker as a global leader in outdoor products with strong brands, including DEWALT, CRAFTSMAN, and BLACK+DECKER. They complement the company’s position as the fastest-growing cordless electric outdoor power equipment provider. MTD holding is a US-based company that manufactures outdoor power equipment.
The countries covered in the outdoor power equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The outdoor power equipment market research report is one of a series of new reports that provides outdoor power equipment market statistics, including outdoor power equipment industry global market size, regional shares, competitors with a outdoor power equipment market share, detailed outdoor power equipment market segments, market trends and opportunities, and any further data you may need to thrive in the outdoor power equipment industry. This outdoor power equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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