Global Outdoor Power Equipment Market Anticipated to Reach US$ 23820 mn by 2026 as Gardening Activities Gain Popularity- QY Research, Inc.
Industry: Market Research
The Outdoor Power Equipment Market Research Report has incorporated the analysis of different factors that augment the market’s growth. It constitutes trends, restraints, and drivers that transform the market in either a positive or negative manner.
Los Angeles, CA (PRUnderground) January 30th, 2020
In a recent report by QY Research, titled, “Global Outdoor Power Equipment Market Research Report 2020”, analysts have provided an in-depth understanding of the growing outdoor power equipment market. The global outdoor power equipment market was evaluated at US$18850mn in 2020. It is anticipated that the market will rise at a CAGR of 3.4% and will reach US$23820 mn by 2026.
Outdoor power equipment includes various types of mowing machines such as trenchers, vacuums, blowers, grass trimmers, chain saws, generators, water pumps and chippers. This equipment is commonly used for gardening activities and maintaining lawns. The growing trend of gardening to maintain and decorate lawns and yards has widely increased, which has in return increased the market further. Moreover, availability of different types of mowers such as tractors, walk-behind, backpack blowers, robotic, riding and zero turn radius mowers have increased the demand for outdoor power equipment.
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Rapid Urbanisation will increase the Demand for Chainsaws
Chainsaws are mainly used in tree cutting for making wood furniture, crafts, pruning, bucking, and felling amongst others. Electric chainsaws are getting more popular than gas powered chainsaw as they do not emit toxic fumes, making them environment friendly. Chainsaws can be used for both commercial as well as non-commercial purposes. Moreover technological advancements have made them easily operational, safe, and are super lightweight. The increasing demand for decorative wood furniture and wood houses have driven the market, which is expected to increase the market size during forecast period.
Increase in Wood Related Household Applications to Dominate Outdoor Power Equipment Market
Outdoor power equipment is beneficial for both household as well as commercial market. However, residential owners and DIY (do it yourself) enthusiasts have expanded the market more than commercial applications. The factors such as high safety, reliability, and lightweight and easy to use have increased the demand for outdoor power equipment.
North America to Drive the Outdoor Power Equipment due to Growth in Construction Industry
The construction industry in North America is ever-growing as people are investing more in infrastructure and residential markets. Wooden houses are much more affordable and can be constructed faster than brick or cement. Moreover, wooden houses can be more sustainable construction option since North America comes under colder regions, wooded houses can act as insulators keeping it warm in winter and cooler in summer which will drive the outdoor power equipment market. Due to these factors North America will expand the market further.
Global Outdoor Power Equipment Market Competitive Analysis
Amongst the top outdoor power equipment manufacturers, Toro (US) has dominated the market. The company strongly focuses on developing and innovating products and has strong professional networks. On 21 January 2020, Toro announced to have acquired Venture Products, Inc. which will strengthen their product portfolio for landscape, articulating turf and snow equipment. It is expected that Toro will be driving the outdoor power equipment market further during forecast period.
Some of the key players operating in the global outdoor power equipment market are Worx, Husqvarna, Toro, TTI, Stanley Black & Decker, MTD, Craftsman, Snow Joe, MAT, Oregon, McLane, and Earthwise.
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