OPEI announces first look at 2020 market forecast
|By edited by Sarah Bunyea|
GDP growth, interest rates and low unemployment levels indicate steady growth.
The Outdoor Power Equipment Institute, Alexandria, Virginia, has released its fall quarterly forecast, predicting a strong finish to 2019 and growth in U.S. shipments of outdoor power equipment in 2020.
“Our forecast indicates that 2019 will finish with moderate year-over-year growth in several key segments, and the industry will post more gains in 2020,” says Kris Kiser, president and CEO of OPEI. “We continue to see advances in commercial-grade mowers used by professionals, and battery/electric equipment continues to pace growth in consumer segments. As an example, 2019 will be the first year of more than 1 million battery/electric walk-behind mower shipments.”
The forecast was released at OPEI’s Market Statistics Forum, an annual gathering open to all association members that fosters discussion and analysis of industry and macroeconomic trends impacting the business. The daylong event is held at OPEI’s headquarters building.
Kiser added that key macroeconomic indicators – GDP growth of 2%, dropping interest rates and historic low levels of unemployment – bode well for another year of steady growth for the outdoor power equipment industry. “As we look to 2020, we’re predicting equipment shipments to post gains of 2%-5%, depending on the category,” says Kiser.
OPEI forecasted projections use as their basis the compiled monthly shipment data reported by OPEI members, constituting more than 90% of all shipments in the U.S. market. OPEI projections reflect shipments of products to include all power sources (e.g., gas, battery, corded, diesel and propane).
Highlights of the fall OPEI forecast include:
OPEI started its shipment data collection in 1953 and has since expanded the program to include more than 30 products across multiple power sources, reflecting the innovation and growth in the U.S. market.
OPEI industry data is collected, compiled and forecasted by contracted third parties, and is accessible only by member companies. All OPEI members that ship the subject products in the U.S. are eligible to participate in this critical program, assuring that OPEI data in most cases constitutes near full market representation. Additionally, all OPEI forecasts are developed through a third-party working in consultation with OPEI member manufacturers.