Outdoor Power Equipment Market Size Worth $28.96 Billion By 2027 | CAGR: 3.4%: Polaris Market Research
NEW YORK, Jan. 12, 2021 /PRNewswire/ -- The global outdoor power equipment market size is expected to reach USD 28.96 billion by 2027 according to a new study conducted by Polaris Market Research the market is anticipated to register a CAGR: 3.4% From 2020 to 2027. Growing demand for landscaping services, increasing consumer spending on durable goods, and a rising trend among homeowners to beautify their gardens are some of the key factors driving the growth of the global market. Increasing concerns for environmental pollution resulting in a growing preference for energy sources to reduce carbon emissions is among one of the major trends augmenting the growth of the outdoor power equipment market. Also, various governments across the globe are undertaking different initiatives to boost the construction industry thus, positively impacting the market. Moreover, increasing technological advancements and rising investment in R&D activities to improve the performance of equipment, attracting consumers for the adoption of this advanced equipment.
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Key Trends and Major Developments in Outdoor Power Equipment Market
Regional Insight & Trend Analysis :
Based on a regional outlook, the Asia Pacific region is predicted to lead the market growth in terms of revenue generation. The regional growth is attributed to the increasing adoption of outdoor power equipment on account of rising development projects across infrastructure and residential markets. In addition to this, growing urbanization and rising concerns related to pollution have resulted in increasing demand for the construction of sustainable buildings, fueling the regional market growth. In North America, there is a huge surge in the adoption of such equipment for residential and commercial applications. Moreover, the growing do-it-yourself trend among the regional populatio is anticipated to boost demand for outdoor power equipment. Europe is also projected to witness steady growth due to increasing the adoption of robotic lawnmowers.
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Market players are looking to accelerate their business by bringing innovative products that cater to emerging needs. They are also looking to strengthen their market position through strategic collaborations, partnerships, and acquisitions. Leading players working in the outdoor power equipment market are Honda Motor Co., Ltd., Makita Corporation, Blount International, Inc., Techtronic Industries Co. Ltd., Husqvarna, STIHL Holding AG & Co. KG, MTD Products, Deere & Company, Emak S.p.A., and The Toro Company.
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Polaris Market Research has segmented the outdoor power equipment market report on the basis of equipment, power source, and region
Outdoor Power Equipment, By Equipment Outlook (Revenue – USD Million, 2016 – 2027)
Outdoor Power Equipment, By Power Source Outlook (Revenue – USD Million, 2016 – 2027)
Outdoor Power Equipment Regional Outlook (Revenue – USD Million, 2016 – 2027)
List of Key Players of Outdoor Power Equipment Market
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