Sales of outdoor power equipment are anticipated to reach nearly $8.9 billion in 2003, a 1.2% increase from 2002. Yet more than 8% growth was experienced from 1998 to 2000, propelled primarily by a favorable economy and subsequent high consumer spending on home improvement and gardening. Sales declined in 2001, although continued high home sales and aggressive expansion by retailers have helped bolster sales even in a depressed economic climate.
The market is expected to grow slightly each year from 2003 to 2007, driven primarily by the aging Baby Boomer population. Avid gardeners aged 45 to 65 (especially homeowners) make up the primary outdoor power tool consumer group. Growth in the number of households, especially in first-time homeowners, will drive the market forward. As more Baby Boomers age beyond 65, their consumption will drop, although as some move to professional lawn care services, commercial consumption will increase.
Among the key issues covered in this report are the effects of growth and innovation within the home improvement retail industry, important tool ownership factors, and the three tiers of gardeners and tool ownership. Original consumer research examines attitudes and behavior by age, gender, ethnicity and income, and a six-year trend analysis predicts future growth.
Included in this report are power-operated garden tools and equipment. These include mowers, riding mowers, yard/garden tractors, tillers, snow blowers and hand-held powered equipment such as trimmers, chainsaws and leaf blowers. Equipment may be powered by gasoline engines or by electricity, for which both corded and cordless models are available.
Excluded are all other gardening products, such as growing stock, garden chemicals and growing media such as fertilizer, and non-powered hand tools and irrigation equipment.
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