Nov 14, 2023
Demand grows for outdoor power equipment market
The global outdoor power equipment (OPE) market is poised to achieve a market value of US$36.41 billion by 2023, exhibiting a robust compound annual growth rate (CAGR) of 6.30 percent through 2027. OPE refers to a category of equipment equipped with small motors or engines primarily used for outdoor tasks. These include devices like brush cutters, edgers, chainsaws, and power rakes.
The market divides into four segments: gas-driven, cordless, parts and attachments, and corded. Gas-driven equipment leads the market due to the presence of renewable fuel gas resources like ethanol fuel, while cordless OPE is gaining popularity for its portability and convenience.
Environmental awareness is driving the adoption of OPE with lithium-ion batteries, which are eco-friendly and cost-effective. The declining prices of these batteries have been instrumental in promoting the growth of battery-powered outdoor power equipment. However, regular maintenance, recalibration, and repair requirements for outdoor power equipment tools increase ownership costs and will impair demand.
The increasing popularity of home improvement projects, including gardening, is also driving the demand for outdoor power equipment. The DIY trend, amplified by online platforms and a surge in stay-at-home activities during the pandemic, presents significant opportunities for OPE retailing.
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