Outdoor Power Equipment Market to Surpass $63.3 Bn Valuation by 2032: Report

The global outdoor power equipment market size is estimated to grow at a CAGR of 3.9% during the forecast period 2022 to 2032 at a market valuation of USD 44.8 Billion in 2022 and is forecast to surpass USD 63.3 Billion by 2032.

The globe is progressing toward more environmentally friendly technologies as people are shifting to greener energy sources to minimize carbon emissions and improve environmental safety to make pollution-free.

The market for outdoor power equipment is mature, and its growth is mostly influenced by variables such as population and age distribution, consumer spending, housing and other constructions, location, and recreational and leisure activities around the globe that increase the sales by consumers.

However, robotics and battery technology are set to play a significant role for the growth in future of the industry.

The construction industry has shown signs of progress in recent years. The number of people living in a house has a direct impact on the sales of outdoor power equipment.

According to Oxford Economics, the construction developing industry would more than double in size over the next decade, growing at an exponential rate to reach USD 7 trillion in the short term, accounting for 17.2 percent of GDP.