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The global outdoor power equipment market is estimated to grow from USD 22.3 billion in 2019 to USD 26.1 billion by 2024, at a CAGR of 3.2%

Rising adoption of battery-powered outdoor power equipment for maintaining lawns and gardening activities, growing demand for landscaping services, and increasing interest of homeowners in gardening activities are the key factors driving the growth of the outdoor power equipment market.

New York, Jan. 29, 2020 (GLOBE NEWSWIRE) -- announces the release of the report "Outdoor Power Equipment Market by Equipment, Application, Power Source And Geography - Global Forecast to 2024" -
However, high maintenance cost and availability of outdoor power equipment at lease are likely to hamper the growth of the market. The outdoor power equipment market offers several opportunities for manufacturers to focus on manufacturing smart and connected outdoor power equipment.

Fuel-powered equipment to hold the largest market for outdoor power equipment from 2019 to 2024
Fuel-powered outdoor power equipment is expected to lead the outdoor power equipment market from 2019 to 2024.However, the demand for electric-powered equipment is expected to grow at a higher rate owing to the increasing demand for do-it-yourself (DIY) techniques among household consumers.

The commercial application segment is dominated by fuel-powered equipment; however, manufacturers are introducing battery-operated equipment for commercial applications.Most of the fuel-powered equipment are equipped with small gas engines.

Gas-powered equipment have the power to handle any size of lawn and challenging terrain and conditions, including tall thick grass. Conversely, electric and battery-powered outdoor power equipment such as mowers work best for small, even lawns that are mowed regularly because they do not have the power to handle thick grass.

Market for electric-powered equipment to grow at highest CAGR during forecast period“
Currently, the outdoor power equipment market is dominated by fuel-powered equipment.However, environmental concerns and government regulations for emissions in fuel-powered equipment, along with innovation in battery-operated products, are boosting the demand for electric-powered outdoor equipment, especially for cordless equipment.

Corded electric-powered equipment are plug-n-play tools, whereas cordless tools are easy to operate, efficient, and handy. Due to their ergonomic advantages, end users prefer cordless equipment over conventional fuel-powered equipment.

North America to be largest market for outdoor power equipment during forecast period
North America is expected to lead the outdoor power equipment market, in terms of size, from 2019 to 2024.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.Europe is the second-largest market for outdoor power equipment and is leading in the adoption of robotic lawn mowers and other battery-powered products.

The market in APAC is expected to grow at the highest CAGR from 2019 to 2024 owing to the increasing demand from commercial landscapers in Australia, India, and China.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the outdoor power equipment marketplace.

Profile break-up of primary participants for the report is given below:
• By Company Type – Tier 1 – 57%, Tier 2 – 23%, and Tier 3 – 20%
• By Designation – C-level Executives – 44%, Directors– 38%, and Others – 18%
• By Region – North America - 40%, Europe – 32%, APAC – 18%, and RoW –10%

The key players in the market include Husqvarna Group (Sweden), Deere & Company (US), Honda Motor Co., Ltd. (Japan), The Toro Company (US), Andreas Stihl AG & Company KG (Germany), MTD Products (US), Ariens Company (US), Yamabiko Corporation (Japan), Stanley Black & Decker Inc. (US), Techtronic Industries (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). The study includes an in-depth competitive analysis of these key players in the outdoor power equipment market, with their company profiles, recent developments, and key market strategies.
The global outdoor power equipment market is segmented into equipment type, power source, application, and region.The market based on equipment type is segmented into lawn mowers [riding lawn mowers (rear engine mowers, lawn tractors and garden tractors, zero-turn-radius mowers) and non-riding (walk-behind lawn mowers, robotic lawn mowers)], saws, trimmers & edgers, blowers, tillers & cultivators, snow throwers, and others that include earth/ice augurs, pole pruners, and split boom products.

Based on the power source, the outdoor power equipment market has been split into fuel-powered and electric-powered (corded & cordless).The applications that are included in the study of the outdoor power equipment market include commercial and residential/DIY.

The outdoor power equipment market is segmented into 4 regions, namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).

Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for markets based on equipment type, power source, application, and region have been conducted to give an overall view of the outdoor power equipment market.The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall outdoor power equipment market and the subsegments.

This report will help stakeholders understand the competitive landscape and gain more insights to improve their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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