As rural outdoor power equipment dealers know well, there is high demand for innovative and reliable products employed across residential, commercial, and industrial sectors for activities such as lawn mowing, snow removal, and general garden maintenance. A new report analyzing market growth and trends reveals valuable insights to support dealer awareness and growth.
The Outdoor Power Equipment market is expected to reach a valuation of $42.8 billion by 2034, according to a newly-released report from Wilmington, Del.-based Transparency Market Research. The global market research company provides custom research and consulting services, quantitative forecasting and trends analysis. In the report summary released April 29, the Transparency Market Research analysts also project that the market will grow at a compound annual growth rate (CAGR) of 3.1% from 2024 to 2034.
The market encompasses a range of products, including but not limited to lawn mowers, trimmers, chainsaws, blowers, pressure washers, snow blowers, and hedge trimmers. Residential users, professional landscapers, and municipal authorities rely on equipment with various power sources — gas-powered, electric and battery-operated.
“The outdoor power equipment market is poised for robust growth, driven by technological advancements and rising environmental consciousness,” according to the report’s authors. They further forecast that outdoor power equipment manufacturers will continue to be focused on expanding their product portfolios, while growing investment in research and development, and, in working to maintain a competitive edge, adoption of strategic collaborations.
Developments in OPE market were identified as researchers noted 3 distinct factors, from the launch of robotic lawn mowers with Artificial Intelligence (AI)-driven features emerging onto the market over the past several years, strategic acquisitions by market leaders to expand geographic reach, as well as innovations in lightweight, compact equipment to cater to the residential segment. The research also noted 3 key factors which emerged in the current OPE market. Those include:
- Shift towards electrification and renewable energy solutions in outdoor power equipment;
- Impact of environmental regulations on product design and manufacturing;
- Role of e-commerce in driving sales for residential and professional users.
What’s driving OPE market growth? According to Transparency Market Research, there were 6 key factors in the report:
- Growing popularity of gardening and lawn maintenance as hobbies.
- Rising demand for cordless, battery-operated equipment for convenience and eco-friendliness.
- Increasing urbanization and landscaping activities in residential areas.
- Rising inclination towards eco-friendly and energy-efficient tools.
- Advancements in battery technology, leading to longer runtimes and lower charging times.
- Increase in government initiatives promoting green spaces and urban landscaping.
Challenges and restraints in the OPE market were also identified, and include the high initial cost of advanced outdoor power equipment, as well as seasonal demand fluctuation, with high sales during spring and summer. Notably, intense competition among manufacturers, resulting in price wars, was an issue analysts reported, as was maintenance and operational complexity for gas-powered tools.
Notable market trends identified include the cordless revolution, which continues gaining momentum with high adoption of battery-powered tools for reduced emissions and noise.
Also, smart outdoor power equipment with remote monitoring and automation features is supporting IoT integration. Growth in robotic lawn mowers for convenience and precision was also a significant trend, as was sustainability, with the increasing use of bio-based fuels and recyclable materials.
Transparency Market Research identified following top players in the OPE field, including but not limited to:
- Atlas Copco
- Bosch Limited
- Cub Cadet
- Deere & Company
- Honda
- Husqvarna Group
- Makita
- MTD Products
- Stanley Black & Decker, Inc.
- Stihl
- The Toro Company
- Troy-Bilt LLC
Global Overview
In zeroing in on a regional analysis, the market analysts included an overview of significant growth potential in the OPE sector across the world. It found that North America dominates the market due to a strong preference for DIY gardening and advanced products. In Europe, the Transparency Market Research team further noted the high adoption rate of sustainable and electric-powered tools due to strict environmental regulations. Rapid urbanization, rising disposable incomes, and increasing landscaping activities are primary factors driving growth in the Asia Pacific region. Latin America and the Middle East and Africa (MEA) were found to be emerging markets with expanding gardening activities and awareness about modern tools.
